Bitcoin Mining Profitability Soars as 2023 Nears End: Daily Earnings Hit New Highs

As the year 2023 winds down with just 55 days remaining, bitcoin mining has surged in profitability, with a return of $76 in daily earnings for every petahash per second (PH/s) as of November 5. A mining device capable of 200 terahash per second (TH/s) with electricity expenses at $0.07 per kilowatt-hour (kWh) is poised to net an estimated $14.12 over a full day at prevailing BTC rates.

Bitcoin and Kaspa Mining Profitability Swell as Miners Eye Lucrative Returns

Per the insights from hashrateindex.com, the seven-day average for Bitcoin’s hashrate has soared to 474 exahash per second (EH/s). In a scenario where each miner operates at 200 TH/s, the total would be equivalent to about 2.37 million such devices in operation.

Bitcoin’s network hashrate on November 6, 2023.

It’s important to remember that not all mining rigs maintain a steady 200 TH/s — actual outputs can significantly fluctuate by model, with some yielding much lower and others exceeding 200 TH/s.

Bitcoin’s hash price per petahash per second (PH/s) on November 6, 2023.

Take, for example, the veteran S9 Antminer, which has been in service since its release in May 2016 and operates at 12.93 TH/s. Even with its vintage status, at an electricity cost of $0.07 per kWh, this old-timer can still muster a modest daily profit of $0.91 based on the current BTC exchange rates.

On the other hand, the more advanced and hydro-cooled Microbt M63S, with a range of 360 to 390 TH/s, can generate profits upwards of $25.41 each day on the lower end of its capacity. Unless you’re part of a significant mining enterprise, acquiring the latest Microbt M63S will be off the table until the coming year. In a similar vein, Bitmain’s latest offering, the S21 Hyd, which boasts a hashing power of 335 TH/s, won’t be available until February 2024.

While a 335 TH/s hash rate may yield $23 in daily earnings at present rates, the future profitability by its release date remains uncertain. Meanwhile, two machines have been established in the market for a while: Bitmain’s Antminer S19 XP Hyd, with 255 TH/s, and Microbt’s hydro-cooled M53S++ offering 320 TH/s.

Current figures from minerstat.com show that the S19 XP Hyd can generate a daily profit of $18, whereas the M53S++ can achieve $22.59. Bitcoin miners dedicating their computational power to mining are indeed reaping profits, yet those mining the digital currency kaspa (KAS), utilizing the Kheavyhash algorithm, are topping today’s profitability charts.

The Bitmain kaspa (KAS) ASIC miner with 9.4 TH/s or 9,400,000 MH/s.

A Bitmain Antminer KS3, which has a hashrate of 9.4 TH/s or 9,400,000 megahash per second (MH/s), is estimated to earn an estimated $156 daily in profits. Factoring in an electricity rate of $0.07 per kWh, a miner can expect to earn around $16 per day for every terahash of effort expended.

What do you think about the increase in profitability for Bitcoin’s and Kaspa’s proof-of-work (PoW) networks? Share your thoughts and opinions about this subject in the comments section below.

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