The Best Bitcoin Mining Machines in July 2024

Zac McClure
ByZac McClure, MBAReviewed byArthur Teller, CPAUpdated on July 1, 2024 · minute read
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TokenTax content follows strict guidelines for editorial accuracy and integrity. We do not accept money from third party sites, so we can give you the most unbiased and accurate information possible.

  • Our crypto tax professionals researched and selected Bitmain Antminer S19 XP Hydro (255Th), AntMiner S19 Pro, and MicroBT as the best Bitcoin mining machines available.

  • When comparing crypto mining machines, important factors include price related to efficiency, the impact of hash rate on performance, energy efficiency against potential profitability, power costs, and your unique requirements and goals. Always do your own research before undertaking any activity in crypto, including mining.

What’s the best Bitcoin mining hardware in 2024?

Our crypto tax experts have curated a list of the leading Bitcoin mining hardware, including top-performing models such as the Bitmain Antminer S19 XP Hydro (255Th), AntMiner S19 Pro, and MicroBT. Whether you are an experienced miner aiming for maximum efficiency, seeking a balance between hash rate and cost, or a newcomer searching for a straightforward entry into crypto mining, our recommendations are tailored to meet diverse objectives.

It is crucial to undertake comprehensive research and understand the risks before diving into new Bitcoin mining projects.

Bitmain Antminer S19 XP Hydro (255Th)

Bitmain Antminer S19 XP Hydro (255Th)

Best Bitcoin miner for serious investors

Canaan Avalon Made A1366

Canaan Avalon Made A1366

Best Bitcoin miner for high-performance mining

MicroBT Whatsminer M50S

MicroBT Whatsminer M50S

Best Bitcoin miner for beginners

Best Bitcoin miner in 2024

Here are our experts’ selections of the best Bitcoin miners available. The crypto mining space moves quickly, and profitability varies depending on various factors including the price of electricity and market conditions, so always do your own thorough research before making an investment in crypto mining machines.

Bitmain Antminer S19 XP Hydro (255Th)

Best Bitcoin miner for serious investors

The Bitmain Antminer S19 XP Hydro (255Th) emerged as a trailblazer in the world of Bitcoin mining. Officially launched on March 12, 2022, this mining machine garnered attention for its incorporation of liquid cooling technology, setting new standards for effective virtual coin mining and hashing speed.

-  Pros & Cons

Pros

  • Impressive computing power of 255 TH/s with power efficiency at 20.8 J/TH

  • The per-unit cost remains under $7,000

  • Exceptional power efficiency compared to previous models and rival devices

  • Modified hydro-cooling rigs enhance heat dissipation using liquid coolant

  • Unveiled ANTSPACE HK3 container can accommodate 210 machines, consuming 1 MW of power

Cons

  • High upfront cost might deter some potential buyers and beginners

-  Why our experts picked it

The Bitmain Antminer S19 XP Hydro (255Th) offers remarkable power efficiency and liquid cooling technology. The integration of advanced cooling methods showcases the company's dedication to optimizing operations.

  • Exceptional power efficiency of 20.8 J/TH

  • Incorporation of liquid cooling for enhanced performance and heat dissipation

Bitmain AntMiner S19 Pro

Best Bitcoin miner for hash rate v. cost

The Bitmain Antminer S19 Pro stands as a top choice in the Bitcoin mining market. Noted for its remarkable hash rate of 110 Th/s, this machine is positioned as a leader in its category.

-  Pros & Cons

Pros

  • Impressive hash rate of 110 Th/s for high-performance mining

  • Offers a substantial annual return percentage of 195% with a profit ratio of 137%

  • Comes with an integrated power supply, streamlining setup

  • Available on Sesterce mining platform, allowing users easy access

  • Professional maintenance services provided by Sesterce, minimizing operational concerns

Cons

  • Higher initial cost compared to other options in its category

-  Why our experts picked it

The Bitmain AntMiner S19 Pro stands out for its outstanding hash rate, leading potentially to high profitability. With the convenience of an integrated power supply and Sesterce's professional maintenance services, this crypto machine can mine efficiently.

  • Remarkable hash rate of 110 Th/s for robust mining capabilities

  • Integration of a power supply and professional maintenance services by Sesterce, minimizing hassle

Canaan Avalon Made A1366

Best Bitcoin miner for high-performance mining

The Canaan Avalon Made A1366, an upgrade to the popular A10 model, shines as a high-performance Bitcoin mining rig. Chinese manufacturer Canaan released this machine in November 2022, offering a hash rate of 130 terahashes per second. With its user-friendly interface and robust configuration options, this miner targets efficiency and performance.

-  Pros & Cons

Pros

  • Hash rate of 130 TH/s for efficient mining operations

  • User-friendly interface simplifies device configuration and monitoring

  • Equipped with 6 fans for effective cooling, preventing overheating

  • Released as a notable update to the well-received A10 model

  • Employs an Ethernet interface for seamless connectivity

Cons

  • Considerable noise level of 75 decibels

-  Why our experts picked it

The Canaan Avalon Made A1366 continues the legacy of its predecessor by delivering enhanced performance and a user-friendly experience. With powerful hashing capabilities, efficient cooling mechanisms, and Canaan's reputation as a manufacturer, this rig holds promise for miners who want to optimize their operations.

  • Hash rate of 130 TH/s for robust and efficient mining

  • User-friendly interface aids in hassle-free configuration and monitoring

Dragonmint T1

Best Bitcoin miner for low power consumption

The Dragonmint T1, crafted by Halong Mining, presents an enticing solution for energy-efficient Bitcoin mining. Boasting an impressive hash rate of 16 TH/s, this ASIC model excels in both performance and power efficiency, with a power consumption of only 1480 watts.

-  Pros & Cons

Pros

  • Powerful hash rate of 16 TH/s for efficient mining capabilities

  • Remarkably low power consumption at 1480 watts, contributing to cost savings

  • Manufactured by Halong Mining, known for quality mining hardware

  • Used Dragonmint T1 sell for as low as $1,295 on Amazon

Cons

  • Availability limited to used models

-  Why our experts picked it

The Dragonmint T1 stands out as a compelling option for miners who prioritize both performance and energy efficiency. Its combination of a strong hash rate and low power draw makes this an appealing choice.

  • Hash rate of 16 TH/s for efficient mining with energy-conscious operation

  • Competitive pricing for a used Dragonmint T1 on Amazon

Ebang Ebit E11++

Best Bitcoin miner for a balance of hash rate and power

The Ebang Ebit E11++ stands out as an efficient choice for miners. Despite its power consumption of 1980 watts, it offers a hash rate of 44 TH/s, striking a balance between performance and energy efficiency.

-  Pros & Cons

Pros

  • Hash rate of 44 TH/s for solid mining capabilities

  • Efficient power consumption at 1980 watts, reducing energy costs

  • Opportunity to acquire a used Ebang Ebit E11++ for $350 on platforms such as eBay

Cons

  • High noise levels may not be suitable for home mining setups.

-  Why our experts picked it

The Ebang Ebit E11++ features a blend of hash rate and power consumption. While its energy efficiency adds appeal, its affordability and potential for reduced energy costs make it an appealing option for miners looking to maximize returns.

  • Hash rate of 44 TH/s, offering competitive mining performance

  • Strong balance of hash rate and energy efficiency

MicroBT Whatsminer M50S

Best Bitcoin miner for beginners

China-based MicroBT offers the Whatsminer M50S as a budget-friendly option without compromising on quality. Launched in July 2022, this machine offers a hash rate of 126 terahashes per second at a lower cost compared to some competitors. Its cost-effectiveness makes it an attractive choice for miners looking to maximize profit without substantial upfront investment.

-  Pros & Cons

Pros

  • Competitive hash rate of 126 TH/s at an affordable price point

  • Lower price starting from $2,999, ideal for budget-conscious miners

  • Utilizes two fans and maintains a noise level of 75 decibels

  • Built by MicroBT, a reputable manufacturer known for quality mining hardware

  • Ethernet interface ensures smooth connectivity

Cons

  • Relatively higher power consumption of 3276 watts

-  Why our experts picked it

The MicroBT Whatsminer M50S balances affordability and performance. Its cost-effective nature makes it an appealing choice for miners seeking quality without breaking the bank. With the backing of MicroBT's reputation and competitive hash rate, the M50S is a compelling option for those entering the mining arena.

  • Competitive hash rate of 126 TH/s at a budget-friendly price

  • MicroBT's reliability adds assurance to the quality of the machine

MicroBT WhatsMiner M56S

Best Bitcoin miner for quiet operation

The MicroBT WhatsMiner M56S presents a powerful Bitcoin mining solution designed for performance and reduced noise. Released in January 2023, this machine boasts an impressive hash rate of 212 terahashes per second. Its notable feature is water cooling, allowing quieter operation at around 45 decibels, enhancing the overall mining experience.

-  Pros & Cons

Pros

  • High hash rate of 212 TH/s for top-tier mining capabilities

  • Water cooling mechanism reduces noise, operating at around 45 decibels

  • Backed by MicroBT's reputation for producing quality mining hardware

  • Employs an Ethernet interface for seamless connectivity

Cons

  • Power consumption of 5550 watts requires careful consideration of electricity costs

-  Why our experts picked it

The MicroBT WhatsMiner M56S strikes a remarkable balance between power, performance, and reduced noise levels. The integration of water cooling showcases innovative design to enhance the overall mining environment. With MicroBT's track record and advanced features, the M56S offers miners a strong option for efficient and quieter operations.

  • Impressive hash rate of 212 TH/s for top-tier performance

  • Water cooling technology reduces noise, providing a quieter mining experience

How to compare crypto mining machines

There are several key factors to consider when comparing crypto mining machines. When reviewing crypto mining machines, consider the following:

  • Price: Cheapest isn't always best. Lower-priced hardware typically means less efficiency and profits. One piece of information to look out for is the payback period, or rough average time of when a piece of crypto mining hardware might pay for itself from mining returns.

  • Hash rate: Higher hash rate means better performance, but often comes at a higher price.

  • Efficiency: Focus on energy efficiency as it's crucial for profitability.

  • Situation: Regional power costs, specific needs, and noise considerations matter.

Note that crypto mining technology evolves rapidly, so newer models may outperform older ones and further research might be needed to find the best crypto miner for your goals and the current market conditions.

Is crypto mining taxable?

Yes, crypto mining is subject to taxation. Miners need to consider the tax implications on both the income earned from mining rewards and the capital gains realized upon selling the mined cryptocurrencies. The tax treatment varies depending on factors such as location, mining as a hobby or business, and the disposal of mined coins.

How TokenTax can help

TokenTax offers comprehensive support for navigating crypto mining taxes. Our platform provides accurate calculations of crypto profits, losses, and income, ensuring compliance with tax regulations. 

We assist in determining the appropriate tax treatment for your mining activities, whether conducted as a hobby or a business. With integration for every exchange, wallet, and platform, TokenTax simplifies the process of reporting crypto mining on your tax return.

Schedule a FREE crypto tax consultation

Best Bitcoin mining hardware FAQs

Here are answers to common questions about crypto mining machines, the best crypto miner, and the best Bitcoin miner.

What is mining?

Crypto mining is the process of verifying new blockchain transactions and generating cryptocurrencies like Bitcoin. This involves networks of computers working to secure and validate blockchain transactions.

Miners contribute processing power and, in return, receive new tokens as rewards. These tokens are used to maintain and secure the blockchain.

Which Bitcoin mining hardware has the highest hash rate?

The Antminer S19 XP Hyd, a cutting-edge Bitcoin mining device developed by Bitmain, boasts a remarkable hash rate of 255 terahashes per second (TH/s) using the SHA-256 algorithm. This high hash rate positions it as a leader in mining performance.

Which Bitcoin miner is the most profitable?

Bitcoin miner profitability varies over time and can be monitored. At time of writing, the most profitable Bitcoin miner is the Bitmain Antminer S19 XP Hydro (255Th).

Released by Bitmain on March 12, 2022, this mining machine offers a remarkable hash rate of 255Th/s using the SHA-256 algorithm, all while consuming 5304W of power.

With a power efficiency of 20.8 J/TH, it outperforms its predecessors in terms of both speed and energy consumption.

Can crypto mining be profitable in 2024?

Yes, crypto mining can still be profitable in 2024. The profitability of crypto mining in 2024 will depend, of course, on factors including the price of cryptocurrencies, mining difficulty, and electricity costs. 

As the crypto market is notably volatile, it's crucial to conduct a thorough cost-benefit analysis before investing in mining hardware. Stay informed about market trends and continually reassess the profitability of crypto mining to help make informed decisions.

What is the most efficient Bitcoin miner?

The Dragonmint T1, developed by Halong Mining, is one of the most efficient Bitcoin miners. Boasting a hash rate of 16 TH/s and a power consumption of only 1480 watts, the Dragonmint T1 stands out for its impressive performance and energy efficiency. Crypto miners seeking an efficient solution for Bitcoin mining may find this ASIC model to be an appealing choice.

What is the most powerful machine to mine Bitcoin?

The Antminer S19 XP Hydro, a cutting-edge Bitcoin mining device by Bitmain, is one of the most powerful machines to mine Bitcoin. With an outstanding hash rate of 255 terahashes per second (TH/s) using the SHA-256 algorithm, this machine sets a high standard for mining performance. Serious investors and miners looking for top-tier power and speed may find the Antminer S19 XP Hydro to be a formidable choice.

Which Bitcoin mining app is legit?

While there are various mining apps available, it's crucial to exercise caution and thoroughly research before choosing one. Legitimacy can vary, and users should be wary of potential scams.

Among Bitcoin mining apps, NiceHash Miner may be a reliable choice, especially for beginners. With a user-friendly interface and simplified setup, NiceHash Miner makes it easy for individuals to lend their hardware's processing power to the Bitcoin network and earn a passive income.

What is the most effective miner?

The Bitmain Antminer S19 XP Hydro (255Th) is widely regarded as one of the most effective miners in the market. Combining serious hashing power with liquid cooling technology, this mining machine redefines effectiveness in virtual coin mining. Released on March 12, 2022, it remains at the forefront of mining efficiency, offering a balance of high hash rate and energy efficiency that appeals to serious investors seeking optimal performance from their mining activities.

What factors should you consider when choosing Bitcoin mining hardware?

When choosing Bitcoin mining hardware, several key factors can help you make an informed decision. First, consider the price of the hardware. While cheaper options might seem attractive, they often have lower efficiency and profitability. Evaluate the hash rate, as a higher hash rate means better performance and the ability to mine more bitcoins. However, this usually comes at a higher price.

Next, focus on energy efficiency. Mining crypto can consume a substantial amount of electricity, so choosing hardware that offers high efficiency can help maximize your profitability. Assess the situation, including your regional power costs, noise considerations, and specific needs.

To stay up to date on the latest, follow TokenTax on Twitter @tokentax.

TokenTax reviews take an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission but that in no way affects our editorial independence.

Zac McClure
Zac McClureCo-Founder & CEO at TokenTax
Zac co-founded TokenTax after his career in international finance and accounting at JPMorgan, Imprint Capital and Bain. He has worked in more than half-dozen countries and received his MBA from the UPenn Wharton School.
Arthur Teller
Reviewed byArthur TellerCOO (Former) at TokenTax
Arthur came to TokenTax after 12 years at KPMG. A specialist in partnership taxation and enterprise tax software, he is a licensed CPA in both California and Illinois and a member of the AICPA.

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