Challenging Year for Bitcoin Miners as Fewer BTC Mining Rigs Are Profitable at Current Prices

Bitcoin miners person had a challenging twelvemonth arsenic the network’s mining trouble reached an all-time precocious and the spot marketplace terms of bitcoin dropped beneath the outgo of production. Currently, with energy costs astatine $0.07 per kilowatt-hour (kWh), lone 18 application-specific integrated circuit (ASIC) bitcoin mining rigs are capable to crook a nett astatine existent prices.

Current SHA256 ASIC Models Unprofitable astatine $0.12 per kWh, Only Two Devices Profitable astatine $0.10 per kWh

On December 31, 2022, statistics amusement that bitcoin’s hash complaint is hovering supra the 300 exahash per 2nd (EH/s) scope aft reaching a debased connected December 30 astatine 235 EH/s. Additionally, data from macromicro.me indicates that the existent outgo of accumulation ($16,577) is astir adjacent to bitcoin’s existent spot marketplace worth ($16,572).

Currently, the outgo of BTC accumulation according to macromicro.me information shows the existent spot marketplace worth is near-equal.

Macromicro.me calculates the outgo of accumulation by “observing depletion of energy and regular issuance of bitcoin, arsenic provided by Cambridge University.” The Cambridge Bitcoin Electricity Consumption Index (CBECI) shows BTC’s annualized consumption connected Dec. 31, 2022, is 84.74 terawatts per hr (TWh). With the existent mining trouble astatine 35.36 trillion and existent BTC prices astatine $16,572 per unit, a ample fig of ASIC mining machines are not profitable.

At the clip of penning connected Dec. 31, 2022, Bitmain’s Antminer S19 XP Hyd. is the astir profitable bitcoin mining rig. The instrumentality produces 255 terahash per 2nd (TH/s) and astatine $0.08 per kWh, the S19 XP Hyd. tin marque an estimated $5.74 per time successful profits.

For instance, astatine $0.12 per kWh, nary of the existent SHA256 ASIC models are profitable with energy costs astatine that rate. At $0.10 per kWh, 2 ASIC devices are profitable and tin marque $1.14-$2.51 per time successful profits. The apical 2 machines that tin inactive nett astatine $0.10 per kWh see Bitmain’s Antminer S19 XP Hyd. with 255 terahash per 2nd (TH/s) and Bitmain’s Antminer S19 XP with 140 TH/s.

18 ASIC Mining Rigs Profitable astatine $0.07 per kWh, Alternative Consensus Algorithms See Better Profits

At $0.08 per kWh, 13 antithetic ASIC bitcoin mining machines tin seizure profits betwixt $0.13-$5.08 per day. The instrumentality with the lowest profits astatine $0.08 per kWh is Bitmain’s Antminer S19j Pro with 100 TH/s. At $0.07 per kWh, different 5 machines are added to the profitable instrumentality database with a full of 18 ASIC mining rigs successful profit.

At the $0.07 per kWh value, a bitcoin miner tin marque betwixt $0.23 per time to $6.35 per day, depending connected the instrumentality used. Bitmain’s Antminer S19 XP Hyd. with 255 TH/s and $0.07 per kWh successful electrical costs volition nutrient an estimated nett of astir $6.35 each 24 hours.

While SHA256 bitcoin mining machines are seeing less profits than they were six months ago, machines that excavation alternate statement algorithms spot amended profits. The apical 3 statement algorithms today, successful presumption of profit, see Kadena, Eaglesong, Scrypt, and Handshake.

What are your thoughts connected the difficulties that bitcoin miners faced this year? Do you expect that conditions volition amended successful 2023? Share your position successful the comments conception below.

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