Let us assume you’ve gone ahead and bought a few Bitcoins of your own, and are now waiting for the price to jump up some substantial number of dollars, before you race ahead and sell them, possibly reaping heavy profits in the process. If you’re doing any of that, you’re not alone. With the unprecedented global rage that Bitcoins have become, millions of people around the world have currently enrolled themselves in Bitcoin trading and marketing. And since the phenomenon is showing no signs at all of slowing down, it is highly speculated that the number of traders involved is only going to double or triple in the near future.
But is there more to Bitcoin trading than meets the eye? Are there processes going on, behind the curtains which could very well lead to even greater profits and higher revenues? As it turns out, there are.
So What Exactly is Bitcoin Mining?
Bitcoin mining is a lesser known form of Bitcoin operations that is solely responsible for handling, managing and even creating new Bitcoins. The process is fairly complicated for most to understand, but if given the right amount of time and energy, one can make a fairly profitable venture out of it.
Mining is the process through which the millions of Bitcoin transactions around the world are kept track of. Bitcoins, after all, are a decentralized currency. They aren’t owned by a particular state government, which can be held accountable for overseeing all its operations, and making sure that everything happens legally and transactions remain hassle-free. This is the reason why Bitcoin miners are appointed the task of adding any and all transactions conducted anywhere in the world to the public ledger. This prevents people from actually using the same coins over and over again for different transactions.
Additionally, and interestingly, mining is also the process responsible for introducing new Bitcoins into the world. To keep it short and simple, miners are basically given some really complicated computational tasks and mathematical problems which they need to solve using their enhanced computers and computational devices, and whichever miner gets to the correct solution first is given the prestigious reward of a few Bitcoins.
Granted, it is a complicated process and takes a precious amount of time and energy, but once mastered, it can actually propel you to substantial success, which is why we bring to an all-encompassing review of the fantastic Spondoolies-Tech SP20 Jackson. Spondoolies-Tech SP20 Jackson is a Bitcoin miner that has been hitting all the right notes and making all the right noises lately.
This little winner from Spondoolies Tech is a bit of a detour from their usual lineup. It is fairly small in size and comes with an impressive hashing power of 1.7 TH/s. Looking at the earlier performance of Spondoolies, we find that their previous models, namely the SP10 and SP30, were although powerful but also too loud for home usage. The excessive amount of ruckus they created made it impossible to use them in a residential area, but with the introduction of the SP20, all that is about to change. This latest model has noise levels as low as 51 dB at a distance of 4 feet, making it an optimal choice for home usage.
If there’s one thing that’s common across all kinds of electronic devices, requiring even the most basic singular input, it is that they all need a well planned and executed UI system. Without a good UI to support the hardware and software, the entire system, no matter how advanced it is, looks bleak and uninteresting. Fortunately, the SP20 comes with an intuitive UI that is not just simple enough to use but also ensures that your screen stays uncluttered and uncomplicated. The main panel displays all of your stats, in an organized fashion, whereas the settings screen is where you get to play around with all the options such as voltage and performance preferences. Then there’s the ASIC stats screen, which lets you view all your chips and their performance and even lets you disable one if so you desire.
All the Good Stuff
The 1.7 TH/s hashrate it is certainly one of the most appealing features of this miner because it gives the SP20 the much-needed edge over its closest rival, which happens to be the AntMiner S5. Factor in the easy availability and you’ve got yourself a winner. Finally, the fact that it is so quiet lends great support to its cause. With a noise level of approximately 52 dB at a distance of 4 feet, sometimes you won’t even notice it is there.
Some of the Bad Stuff
If there’s one thing that seems sort of dicey about the purchase of the SP20, it is that Spondoolies Co. has officially closed down, which means you probably won’t get much customer support and help from the company itself. Another thing to watch out for is that the device tends to get really hot when running at higher speeds. Finally, it is outperformed in the efficiency department by none other than the S5, which runs at 0.25W/GH in comparison to the S20’s 0.9W/GH.
Talking of profitability, the news is not good. It actually seems quite far-fetched to imagine that you will ever be able to earn back the money you used upon the purchase, from actually using the SP20 to mine Bitcoins. This is because the SP20 uses up a lot of your electricity, which means if you’re using it to mine less than even a single BTC in a year, then you’re most probably at a loss from the energy bills you’ll be receiving.
At the peak of its reign, the SP20 was certainly a formidable device which deserved all of the attention it was receiving. However, going by current trends, it is no more than a waste of your money. With a performance that is severely marred by the low energy efficiency problems, it seems the AntMiner S5 is a much better option if you’re planning to buy a miner. While you may try and spruce it up with some piece of hardware mod, we’re afraid it still won’t cover the costs you’d end up investing in it.