Recently there has been increasing activity to build dedicated Ising Machines to accelerate the solution of combinatorial optimization problems by expressing these problems as a ground-state search of the Ising model. A common theme of such Ising Machines is to tailor the physics of underlying hardware to the mathematics of the Ising model to improve some aspect of performance that is measured in speed to solution, energy consumption per solution or area footprint of the adopted hardware. One such approach to build an Ising spin, or a binary stochastic neuron (BSN), is a compact mixed-signal unit based on a low-barrier nanomagnet based design that uses a single magnetic tunnel junction (MTJ) and three transistors (3T-1MTJ) where the MTJ functions as a stochastic resistor (1SR). Such a compact unit can drastically reduce the area footprint of BSNs while promising massive scalability by leveraging the existing Magnetic RAM (MRAM) technology that has integrated 1T-1MTJ cells in ∼ Gbit densities. The 3T-1SR design however can be realized using different materials or devices that provide naturally fluctuating resistances. Extending previous work, we evaluate hardware BSNs from this general perspective by classifying necessary and sufficient conditions to design a fast and energy-efficient BSN that can be used in scaled Ising Machine implementations. We connect our device analysis to systems-level metrics by emphasizing hardware-independent figures-of-merit such as flips per second and dissipated energy per random bit that can be used to classify any Ising Machine.