Challenging Year for Bitcoin Miners as Fewer BTC Mining Rigs Are Profitable at Current Prices
31 December 2022 19:40, UTC
Studying time: ~3 m
Bitcoin miners have had a difficult 12 months because the community’s mining problem reached an all-time excessive and the spot market worth of bitcoin dropped beneath the price of manufacturing. Presently, with electrical energy prices at $0.07 per kilowatt-hour (kWh), solely 18 application-specific built-in circuit (ASIC) bitcoin mining rigs are in a position to flip a revenue at present costs.
Present SHA256 ASIC Fashions Unprofitable at $0.12 per kWh, Solely Two Units Worthwhile at $0.10 per kWh
On December 31, 2022, statistics present that bitcoin’s hash charge is hovering above the 300 exahash per second (EH/s) vary after reaching a low on December 30 at 235 EH/s. Moreover, knowledge from macromicro.me signifies that the present value of manufacturing ($16,577) is sort of equal to bitcoin’s present spot market worth ($16,572).
Presently, the price of BTC manufacturing in response to macromicro.me knowledge exhibits the present spot market worth is near-equal.
Macromicro.me calculates the price of manufacturing by “observing consumption of electrical energy and every day issuance of bitcoin, as supplied by Cambridge College.” The Cambridge Bitcoin Electrical energy Consumption Index (CBECI) exhibits BTC’s annualized consumption on Dec. 31, 2022, is 84.74 terawatts per hour (TWh). With the present mining problem at 35.36 trillion and present BTC costs at $16,572 per unit, numerous ASIC mining machines aren’t worthwhile.
On the time of writing on Dec. 31, 2022, Bitmain’s Antminer S19 XP Hyd. is probably the most worthwhile bitcoin mining rig. The machine produces 255 terahash per second (TH/s) and at $0.08 per kWh, the S19 XP Hyd. could make an estimated $5.74 per day in income.
For example, at $0.12 per kWh, none of the present SHA256 ASIC fashions are worthwhile with electrical energy prices at that charge. At $0.10 per kWh, two ASIC gadgets are worthwhile and may make $1.14-$2.51 per day in income. The highest two machines that may nonetheless revenue at $0.10 per kWh embrace Bitmain’s Antminer S19 XP Hyd. with 255 terahash per second (TH/s) and Bitmain’s Antminer S19 XP with 140 TH/s.
18 ASIC Mining Rigs Worthwhile at $0.07 per kWh, Different Consensus Algorithms See Higher Earnings
At $0.08 per kWh, 13 completely different ASIC bitcoin mining machines can seize income between $0.13-$5.08 per day. The machine with the bottom income at $0.08 per kWh is Bitmain’s Antminer S19j Professional with 100 TH/s. At $0.07 per kWh, one other 5 machines are added to the worthwhile machine listing with a complete of 18 ASIC mining rigs in revenue.
On the $0.07 per kWh worth, a bitcoin miner could make between $0.23 per day to $6.35 per day, relying on the machine used. Bitmain’s Antminer S19 XP Hyd. with 255 TH/s and $0.07 per kWh in electrical prices will produce an estimated revenue of round $6.35 each 24 hours.
Whereas SHA256 bitcoin mining machines are seeing fewer income than they have been six months in the past, machines that mine different consensus algorithms see higher income. The highest three consensus algorithms right now, when it comes to revenue, embrace Kadena, Eaglesong, Scrypt, and Handshake.