Having raised about $5million in its series B Venture capital funding, Spondoolies (an Israel based company) decided that it was time to give its loyal clients something they would live to remember, and that’s how the Spondoolies SP20 came to be. Since it was released into the market, no one expected the hardware to beat its competitors and do so well, but it took the Bitcoin mining market by surprise!
With a team of expert engineers, Guy Corem (the then CEO of Spondoolies) worked to make sure that miners all over the world got their money's worth with a mining hardware that racks in great profits. Unfortunately, the company didn’t run for long. It was shut down on May 4, 2016, while it still had plans of working on a new line of miners that would take advantage of FinFET transistors in addition to its ASIC roadmap.
To its fans, even though the manufacturer isn’t available, the affordability and ease of use of its products still have a tight hold in the cryptocurrency space. There is still a high volume of hobbyist miners who are still hashing away with its products such as the SP20, SP35 and even the SP10. The reputation that was built by Spondoolies is still very much alive today all because its hardware was designed with original quality that lasts.
This time we are going to look at the SP20, going into details about its benefits and getting answers to some of the questions most users ask.
Top 5 Benefits of the SP20
1. Quiet operation
It’s no news that most hardware miners get noisy while in operation, but you will love to hear that the SP20 (when used in the right environmental temperature or cooling conditions) is actually quieter than its rivals. Yes, that’s true – and if you go ahead and adjust the hash rate on its control panel, you can reduce the noise even further.
2. Ideal for beginners
Any beginner starting out in the cryptocurrency space will appreciate the simplicity of setting up the SP20 miner since it's pretty straightforward. It is a quick way for beginner miners to understand how cryptocurrency and Bitcoin mining works without the hurdles of complex technical jargon.
At a price tag of just $110 on eBay or Amazon, the SP20 is one of the cheapest miners you can land your hands on today. Although its price has fallen due to the release of other more powerful mining hardware, its low price can be an advantage if combined with low electricity costs.
4. Quality casing
One of the things that stand out with the SP20 miner is its compact and solid metal housing. This makes it easy to cool, store and maintain, not to mention the durability aspect.
5. Easy setup
With an easy to use interface and a straightforward setup, the SP20 presents an easy way for anyone who is not tech savvy to assemble and start mining. It comes with a graphic user interface that lets you get access to all the necessary information such as the current mining hash rate, as well as the temperature of your miner. Furthermore, its simple GUI lets you adjust the voltage on the board to achieve maximum results easily.
Top 10 Questions About the SP20
When it was first released, the SP20 from Spondoolies was considered one of the most powerful Bitcoin mining devices during its reign in 2014. Even with the introduction of miners with more power efficiency and higher hash rates, the SP20 is still a valuable mining device to those that want to get into Bitcoin mining at a low price point.
1. What do I need to get started with the SP20?
Great question! Once you get your hands on this hardware, you will want to first make sure that the fans that push out the hot air are not blocked by any object so as to prevent overheating. To get started mining, all you need is a power supply unit with its cables and an internet connection for the setup and Voila!
2. How do I set it up?
This here is an easy one since the SP20 comes with a setup process that is plain and simple. Here’s what you need to do:
- Start by connecting the power cable and the Ethernet cable to the miner with the guide of the manual
- The yellow LED light next to the Ethernet port on the miner will blink twice to show that the miner is booting
- Once it has finished booting, visit myminer.io page on your browser and locate the IP address of your miner.
- Then head on to the settings page to configure your miner the way you want. Here you can change the speed of the fans, the starting voltage as well as the hash rate of your miner
- After you are done with that, you can now go to the pool page and select a pool you would like to mine with. Keep in mind that each pool comes with certain pool fees that may affect your projected profits.
- At this point, you are done and are ready to start mining.
Also, remember that once the miner starts mining the green LED light next to the Ethernet cable will stop blinking and become steady. We told you – it's really that simple!
3. What is its hash rate?
Even though new hashing standards have been introduced into the Bitcoin mining space in response to the difficulty of mining Bitcoins, the SP20 is still a mining hardware to reckon with. At its current low price, the SP20 Jackson claims a hash rate of 1.7 TH/s making it a respectable miner to use even by today's standards.
4. Is it still profitable?
When it comes to the profitability of the SP20, the truth of the matter is that making huge profits especially for industrial miners with huge mining firms is highly unlikely. Gone are the days when hash rates of 1.7TH/s would bring in fat revenues to miners. Nowadays with manufacturers competing to beat the rising difficulty of mining, miners such as the SP20 have been bypassed but can still be useful for home mining. With a low electricity cost, this miner can still be valuable to anyone who wants get into cryptocurrency mining.
5. What power supply is recommended?
This here is a great question since a good power supply is essential for any mining activity. Luckily the SP20 is flexible when it comes to choosing the right PSU. As long as it's an APX PSU with a 1200W capacity or even a lower 750W capacity the SP20 will work with zero problems.
6. What is the best environmental temperature that supports mining with the SP20?
Well, since the SP20 heats up pretty fast, it is recommended to mine with it in a cool area with temperatures below 350C.
7. Where can I buy?
If you want to get your feet wet with Bitcoin mining using the SP20, you can easily buy it from eBay, Amazon or any other online retail store at affordable prices.
8. How much noise does it produce?
Surprisingly, when compared to its main rival (the Antminer S5) the SP20 comes out at the top with noise levels of only 52dB. If this is too much and tends to irritate you, you can simply adjust the speed of the fans or turn down its hash rate to reduce the noise.
9. How many Bitcoins does it mine?
At the current difficulty of mining Bitcoins, the SP20 can barely manage to mine one bitcoin per month. Fortunately, the exchange rate of Bitcoin has constantly been on the rise and any home miner with access to cheap electricity can still make a profit even with the SP20’s low hashing rates.
10. Can I mine for other cryptocurrencies apart from Bitcoin?
Unfortunately, with the SP20 you can only mine Bitcoins. But if you are interested in getting other cryptocurrencies such as Etherium, Litecoin or Dash, you can easily use an exchanger to turn your bitcoins into the currency you want.