Bitcoin’s price increase has boosted many other cryptocurrencies. With new crypto mining options coming out, it’s important to know what’s worth your money. Let’s look at the Elphapex DG2, a new Dogecoin miner, and see if it’s a good investment.
What is the Elphapex DG2?
The Elphapex DG2 is made by Elphapex, a company that only makes Dogecoin miners. This miner offers a lot of hashing power for the price. The updated model has 18 gigahash per second but uses 3,960 watts of electricity. This high power usage can be dangerous depending on your electrical setup.
Is the DG2 a Good Deal?
At first glance, the Elphapex DG2 and DG2 Plus seem like good deals. However, there are some things to consider before buying.
Price and Fees
The DG2 costs $7,560. Keep in mind that shipping and tariffs will add to the cost. You’ll also need to complete KYC (Know Your Customer) verification.
ASIC Marketplace may offer a similar price without needing KYC. However, the shipping time for the DG2 might be long. It could take over 200 days to arrive.
Alternatives
A better option might be the Bitmain Antminer L9. It mines Dogecoin and Litecoin and is available right away. After electricity costs, it can make about $15 per day.
If you can get the Antminer L9 about a month earlier than the DG2, it would be a better deal.
Dogecoin Mining vs. Bitcoin Mining
It might be better to invest in Bitcoin miners instead of Dogecoin miners. Why spend $5,000 to $10,000 to make $10 to $20 a day mining Dogecoin? You could buy a Bitcoin miner for $3,000 to $8,000 and make the same amount mining Bitcoin. Bitcoin is more stable and has more long-term potential than Dogecoin.
Power Consumption Concerns
The DG2 uses a lot of power. The older power supply style and cables aren’t designed for this much power. This can be a fire hazard. The DG2 Plus has a newer power supply, but the DG2 still uses the older, less safe one.
Important: The DG2 can use over 4,000 watts, which is more than 16 amps of current. This can be dangerous, especially in hot areas.
New power consumption levels are causing companies to make better PDUs (Power Distribution Units) with safer plug connections.
The Problem with New Miners
New miner models are often overpriced. It’s risky to spend tens of thousands of dollars on a machine. In the past, miners cost much less and made more money. Now, everything is more expensive, and you mine fewer coins.
Manufacturers want to make money selling miners, but they don’t always care if you make your money back.
Final Thoughts
Avoid deals that seem too good to be true. Research before you buy.
If you want a Dogecoin miner, consider the Bitmain Antminer L9. But if you have $8,000, it might be better to buy Bitcoin miners instead. For example, you could buy one Bit Deer Seal Miner A2 and one S21 XP, or three Bit Deer Seal Miner A2s. This would give you more Bitcoin mining power and a more stable income.
Do your research and choose wisely!
