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Over the past seven days, the price of bitcoin has fallen 4.8% from a high of $ 9,700 on June 24, to a low of $ 8,965 on June 27. Since then the price has risen and the price per bitcoin has returned above the $ 9k zone but much lower than before. The lower price impacted the profits of miners who hashed to find blocks on the network. Since they lost 50% of the block reward on May 11, reaping profits has been difficult for miners with bitcoin prices at these levels.
Bitcoin mining is an extremely competitive industry and after the BTC reward halved on May 11, 2020, it has been much more difficult to mine the rare digital currency. At the time of publication, the price of a single BTC has fluctuated between $ 9,050 and $ 9,250 in the past few days.
This gave the crypto asset an overall market valuation of between $ 165 billion and $ 170 billion over the course of the week. The price is more than 4.8% lower than on June 24, when BTC prices hovered around $ 9,700 last Wednesday.
Of course, the price of BTC directly affects miners and the tens of thousands of ASIC mining rigs housed in warehouses around the world. An example of this trend is how Bitmain Antminer S19 Pro (110TH / s) is the only profitable machine if a mining operation pays $ 0.12 per kilowatt hour (kWh).
With this electric cost, the Antminer S19 Pro would only earn $ 0.97 per day, while a number of other miners would be mining at a loss. Now we all know that in places like China and other regions of the world, such operations pay far less than $ 0.12 per kWh.
At today’s BTC exchange rates and a much lower rate of $ 0.04 per kWh, far more SHA256 miners would be profitable. At $ 0.04 per kWh, a total of 49 SHA256 ASIC mining rigs are profitable at today’s spot market price.
The top five mining rigs that make the most profit at the electricity rate of $ 0.04 per kWh, include Bitmain Antminer S19 Pro (110TH / s), Bitmain Antminer S19 (95TH / s), MicroBT Whatsminer M30S (86TH / s), Bitmain Antminer T19 (84TH / s) and Bitmain Antminer S17 + (73TH / s).
The machines that are making the worst profits at $ 0.04 per kWh and the current BTC exchange rate include miners like GMO miner B2 (24TH / s), Innosilicon T2 Turbo (24TH / s), Bitmain Antminer S9 SE ( 16TH / s), Bitfily Snow Panther B1 + (25.5TH / s) and Canaan AvalonMiner 921 (20TH / s).
Miners mining BTC at a loss at $ 0.04 per kWh include Bitfily Snow Panther B1 (16TH / s), Aladdin Miner (16TH / s) and Ebang Ebit E10 (18TH / s). ASIC mining rigs that offer terahash below the 20TH / s level are likely not to make a profit unless they pay less than $ 0.04 per kWh. Many of these older generation mines would have to pay around $ 0.01 per kWh or get electricity for free.
Just as blockchain analytics provider Tradeblock wrote in a report in February, the company said it estimated the cost to mine BTC should be more than $ 12,500 after the halving.
“The [data] suggests that miners likely expect the price of bitcoin to rise to higher levels (over $ 12,000-15,000 per BTC) around the halving, allowing them to continue to generate a profit, “Tradeblock wrote at the time.” Or they will likely seek to reduce resources after halving resulting in a decrease in the hash rate as profitability decreases, “the company added.
The price of BTC has yet to hold the $ 10,000 zone for a long time and each time it does, it has been pushed back below the psychological region. If the price of BTC actually jumps above $ 12,000-15,000 per BTC as suggested by the Tradeblock report, miners would obviously do much better.
At $ 12,000-15,000 per bitcoin, older generation miners processing hashpower below the 20 terahash per second level would likely be reactivated. Many older generation miners with low terahash levels are likely to be sitting and waiting to do just that.
What do you think about the profitability of ASIC mining rigs at today’s exchange rates? Let us know what you think in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Asicminervalue.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, nor a recommendation or endorsement of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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