Bitcoin Miners in Tough Operational Predicament Amid Soaring Energy Prices
December 1, 2022
Bitcoin miners are suffering as a result of the current exceptionally high difficulty rating and far lower bitcoin pricing than they were one year ago. According to data from macromicro.me, the cost of producing one bitcoin is $19,356, while the spot market price is $16,930 (at the time of writing). This means that bitcoin miners must buy the cheapest electricity they can on Earth and use the most effective bitcoin mining equipment currently available.
According to statistics, the average cost of energy worldwide in 2022 will be $0.143 per kWh. However, in other parts of the world, regular businesses and households can pay as little as $0.01 per kWh.
Bitcoin Miners to Benefit from an Energy Cost Slash
Bitcoin miners can benefit from inexpensive electricity, but they also need the best ASIC mining equipment available. According to statistics, the operation can only be profitable with three ASIC miners at $0.12 per kWh. The Bitmain Antminer S19 XP Hyd., which boasts 255 terahashes per second (TH/s), the Antminer S19 XP (140 TH/s), and the Antminer S19 Pro+ Hyd. (198 TH/s), are the machines that continue to make money at the current electricity cost ($0.12 per kWh).
According to data gathered by asicminervalue.com, 16 different SHA256-compatible ASIC machines will turn a profit if the cost of electricity is reduced to $0.07 per kWh. A Bitmain Antminer S19j (90 TH/s) is predicted to make $0.21 per day in profit at $0.07 per kWh. Furthermore, 43 ASIC bitcoin mining equipment will turn a profit if electricity costs are reduced any further to $0.05 per kWh.
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