Shifting Sands of Bitcoin Mining: How Hydro-Cooling Tech is Leading the Charge Post-Halving

Now that the halving has occurred and fees are at a six-month low, the profitability of application-specific integrated circuit (ASIC) mining rigs has shifted significantly. It is now essential to ensure electricity is inexpensive and machines are efficient in terms of joules per terahash. The following is an examination of today’s top six ASIC miners in terms of profitability, just over a month after the fourth halving event.

Hydro-Cooling ASICs Dominate the Top 10 Bitcoin Mining Machines

As May draws to a close, Bitcoin’s network hashprice, or the anticipated value of 1 petahash per second (PH/s) of hashing power, is slightly above $53 per petahash. Lately, miners have been earning an average of 3.3022 BTC per block since the halving, which includes the subsidy and fees. On average, bitcoin miners are receiving about 0.1772 BTC in fees. This development has noticeably impacted BTC’s mining profitability, considering that the subsidy alone was 6.25 BTC before Apr. 19.

In essence, with reduced profits, today’s leading mining machines generate significantly less revenue compared to the past. According to data collected on May 24, 2024, at $0.12 per kilowatt hour (kWh), only three ASIC machines are turning a profit. If the operational expenditure (OPEX) drops to $0.04 per kWh, more than three dozen machines can achieve daily profits ranging from $0.20 to nearly $14. Microbt’s Whatsminer M63S can earn approximately $13.83 per day with an OPEX of $0.04 per kWh. The M63S features a hydro cooling system, enhancing energy efficiency and environmental protection through immersion mining.

The M63S delivers an estimated 390 terahash per second (TH/s) with an energy efficiency of around 18.5 joules per terahash (J/T). Following closely on May 24 is Bitmain’s Antminer S21 Hydro, another ASIC miner utilizing a hydro cooling system, generating an estimated $12.69 under current hashprice conditions. It offers a hashrate of around 335 TH/s and a power consumption of approximately 5,360 watts. The Antminer S21 Hydro’s energy efficiency stands at around 16 J/T.

Next is the Microbt Whatsminer M63 hydro-cooled mining rig, providing 334-366 TH/s of hashrate. This machine’s energy efficiency is rated at 19.9 J/T, yielding an estimated $11.40 per day in profit with an OPEX of $0.04 per kWh. Additionally, Microbt’s Whatsminer M66S, another hydro ASIC rig, produces between 298-312 TH/s and earns about $10.57 per day under current hashprice conditions. Rounding out the top five is the Whatsminer M66, which also features a hydro cooling system and delivers an estimated 280 TH/s, resulting in an estimated $9.56 per day in profits.

Bitmain’s Antminer S21 Pro ranks as the sixth most profitable miner at present and is the only air-cooled bitcoin (BTC) miner on the list. This machine generates 234 TH/s with an energy efficiency ratio of 15 J/T, earning an estimated $9.07 per day with the current hashprice of 1 petahash. Other notable rigs in the top ten include the Antminer S19 XP Hydro (255 TH/s), the Antminer T19 Pro Hydro (235 TH/s), Microbt’s Whatsminer M53S (260 TH/s), and the Antminer S21 (200 TH/s).

It is clear that hydro miners are leading the way under current conditions, with Whatsminer and Antminer hydro models dominating the top ten most profitable bitcoin miners. The energy efficiency and cooling systems of these rigs are proving beneficial in terms of profitability. As OPEX continues to be a crucial factor, miners are striving to balance performance and efficiency to sustain viable operations. Moving forward, it will be fascinating to observe how hydro mining technology evolves and shapes the future of bitcoin mining.

What do you think about the top bitcoin miners today? Share your thoughts and opinions about this subject in the comments section below.

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