Best Bitcoin Miners for Mining Bitcoin in 2022

A seemingly simple question that is important for both retail and institutional miners alike: What is the best bitcoin miner?

This may appear relatively easy to answer, but just like most questions related to bitcoin mining, it does not have an all-encompassing answer and requires some discussion.

If you are a large public miner that can afford to purchase large batches of equipment, then the newly released Antminer S19 XP could be one of the best options. If you are a mid-sized miner looking to expand, then other Antminers in the S19 series or Whatsminers in the Whatsminer M30 series are some of the most efficient options. Hobby and home miners on a budget may choose the Antminer S9 series for a reliable starter machine, the Antminer S17 series, or the Whatsminer M10 / Whatsminer M20 series.

In this piece, we provide background on various bitcoin miner models, the specs of specific machines, and the daily profit of each bitcoin miner under current market conditions. All daily revenue calculations below are based on a $0.20/TH/day hashprice.

Best Bitcoin Miners 2022: Bitmain Antminer S19 Series

Bitmain is  a titan in the ASIC industry, rising to become the most prominent bitcoin miner manufacturer since its founding in 2013. The three most popular Bitmain machine series are the S19, S17, and S9 series, with the S19 series being the newest, the most powerful, and the most efficient.

The original S19 was released in 2020 with an incredible electricity efficiency of ~34 J/TH. The S19j pro series machines were released in 2021 with an even higher hashrate potential and an improved efficiency of 29.5 J/TH. The S19 and S19j pro have had few reported issues so far, and the machine is a popular option for both bitcoin miners both large and small.

The Antminer S19 XP, unveiled at Bitmain’s November 2021 summit in Dubai, boasts an incredible efficiency of 21.5 W/TH, the highest of any fan-cooled ASIC on the market. The machine has only been sold directly to large miners with massive MOQ requirements (brokers and resellers, like Luxor’s Trading Desk, are starting to get them into inventory, as well).

Unfortunately, some miners have reported issues with the fact that the S19 XP’s operating temperate significantly reduces its efficiency. The jury is still out on the continual performance of the machine (we’ll need some a year at least to evaluate its longevity) but the specs are fantastic relative to other machines currently on the market.

• Antminer S19 (Model Release Date: April 2020)
• Specs: 95 TH/s / 3250 Watts / 34.2 W/TH
• Daily revenue (at $0.20/TH/day hashprice): $19

• Antminer S19j Pro (Model Release Date: July 2021)
• Specs: 104TH/s / 3068 Watts / 29.5 W/TH
• Daily revenue (at $0.20/TH/day hashprice): $20.80

• Antminer S19 XP (Model Release Date: November 2021)
• Specs: 140TH/s / 3010 Watts / 21.5 W/TH
• Daily Profit (at $0.20/TH/day hashprice): $28

Best Bitcoin Miners 2022: Antminer S19 XP Hydro and S19 Pro Hydro

The miners in the section above are air cooled with built-in fans. Bitmain also manufactures water-cooled models in its hydro series, the latest of which are the S19 XP Hyrdo and the S19 Pro Hydro.

Thanks to this liquid cooling, these miners produce more hashrate than their air-cooled counterparts.

• Antminer S19 XP Hydro (Model Release Date: February 2022)
• Specs: 255 TH/s | 5304 W | 20.8 J/TH
• Daily revenue (at $0.20/TH/day hashprice): $51

• Antminer S19 Pro Hydro (Model Release Date: January 2022)
• Specs: 198 TH/s | 5445 | 27.5 J/TH
• Daily revenue (at $0.20/TH/day hashprice): $39.60

Best Bitcoin Miners 2022: MicroBT Whatsminer M30 Series

Established in 2016 by former Bitmain employees, MicroBT is the second most prevalent bitcoin mining ASIC manufacturer on the market. The company is the only one so far to challenge Bitmain’s market dominance (though this may soon change as Intel and Block enter the game).

In 2020, MicroBT brought to market its most efficient model yet with the release of the M30 series. In fact, the M30s++ was the most powerful machine on the market prior to the release of the S19 XP, but the only blemish on the M30/M31/M32 series’ record is that they are less efficient than Bitmain’s competing S19 series.

• Whatsminer M30 (Model Release Date: December 2020)
• Specs: 86TH/s / 3268 Watts / 38.0 W/TH
• Daily revenue (at $0.20/TH/day hashprice): $17.20

• Whatsminer M30s++ (Model Release Date: September 2020)
• Specs: 112TH/s / 3472 Watts / 31.0 W/TH
• Daily revenue (at $0.20/TH/day hashprice): $22.40
  

Best Bitcoin Miners 2022: MicroBT Whatsminer M20 Series

The Whatsminer M20 is to the M30 what the S17 is to the S19…if you follow. It was released a year after the S17 with better specs, and it’s generally a more reliable series.

• MicroBT M20 (Model Release Date: July 2020)
• Specs: 68TH/s / 3360 Watts / 49.4 W/TH
• Daily revenue (at $0.20/TH/day hashprice): $13.60
  

Best Bitcoin Miners 2022: Antminer S9 and Antminer S17 (For Bitcoin Miners on a Budget)

Bitmain released the Antminer S9, a.k.a. the Toyota Camry of bitcoin miners, in 2016. At the time of release, the S9 clocked in at a record 11-18TH/s and an efficiency of ~98 J/TH. The S9 is most commonly used by home miners and in regions with incredibly cheap electricity such as Venezuela, since the machines still run well but have been largely pushed out of industrial-scale operations by more efficient machines.

The Antminer S17 followed the S9 series. With the machine hashing around 56TH/s and an efficiency of 45.0 W/TH, it is still profitable for many home miners or those with higher power costs. But the series has had numerous issues. The main issue for a specific batch manufactured in Malaysia stems from the fact that the heat sinks on the miner loosen or detach when it the miner gets too hot (the thermal glue used to piece them together melts). This can cause the chips to overheat or hashboards to fall off of the machine. As such, S17s usually require significant attention from owners and many mining facilities refuse to host them.

• Antminer S9 (Model Release Date: January 2016)
• Specs: 12TH/s / 1225 Watts / 98.0 W/TH
• Daily revenue (at $0.20/TH/day hashprice): $2.40

• Antminer S17 (Model Release Date: March 2019)
• Specs: 56TH/s / 2520 Watts / 45.0 W/TH
• Daily revenue (at $0.20/TH/day hashprice): $11.20

New Bitcoin Miners to Look For in 2022

MicroBT will be introducing its latest series, the Whastminer M55, at Bitcoin 2022 this year, a hydro cooled model which should compete with Bitmain’s Antminer S19 Pro Hydro and S9 XP Hydro.

2022 will see the introduction of new entrants to the ASIC manufacturing field. Principally, Intel’s Bonanza Mine 2 should hit racks in Q3 or Q4 of this year, supply chain snafus notwithstanding. Additionally, Blockstream is primed to release a Bitcoin mining ASIC this year or next, as is Block (formerly Square), Jack Dosey’s fintech and payments company which has made a serious Bitcoin pivot as of late.