Skip to main content

Higher Bitcoin Prices Create Resurrection of Old Mining Rigs, Outdated Miners See New Life

Higher Bitcoin Prices Create Resurrection of Old Mining Rigs, Outdated Miners See New Life

The price of bitcoin has dipped a hair in value this past week, but the crypto asset is still up 14.4% over the course of the last month. Statistics show that Bitcoin’s hashrate has seen a resurgence and because bitcoin’s price has increased, mining profitability and hashrate has followed suit. Today’s top bitcoin mining rig is Microbt’s Whatsminer M30S++ (112 TH/s) but with higher bitcoin profits, older machines like Bitmain’s Antminer S9 have seen a revival as every S9 model is profitable today.

New Generation Models Rake in $20 to $29 per Day

The end of August is approaching and over the last month, bitcoin (BTC) prices have increased a great deal. Currently, BTC is over 14% higher in value than it was 30 days ago and this has elevated mining rig profitability.

At the time of writing, there’s 124 exahash per second (EH/s) of SHA256 hashrate dedicated to the BTC chain. BTC’s hashrate has risen dramatically after sliding to a low of 69 EH/s on June 28, 2021. Today’s BTC prices mean that a great majority of mining rigs are showing profits even after subtracting the cost of electricity and dealing with today’s mining difficulty.

Higher Bitcoin Prices Create Resurrection of Old Mining Rigs, Outdated Miners See New Life
Statistics via asicminervalue.com on Monday, August 30, 2021.

As mentioned above, the 112 terahash per second (TH/s) model crafted by Microbt, the Whatsminer M30S++, is currently profiting by $28.77 with an electrical cost of around $0.12 per kilowatt hour (kWh). Most bitcoin miners today spend much less than $0.12 per kWh if they are located in regions with cheap power.

The second most profitable mining machine today is Bitmain’s Antminer S19 Pro (110TH/s) as the mining rig can get up to $28.72 per day in profits using the same electrical cost rate. Microbt and Bitmain manufacture the most profitable bitcoin miners on the market today, and the firm Canaan’s products follow behind the two manufacturing giants.

Old Miners Become Profitable Again

Of course, new generation application-specific integrated circuit (ASIC) models with the latest semiconductors can see daily profits mining BTC between $10 to $25 per day if they are using 100 TH/s units down to 50 TH/s units. If the $0.12 per kWh is cut in half to $0.06 then a great number of rigs can make close to double these rates.

It also means older ASIC machines are profitable today as machines that process less than 50 terahash can pull in small fractions of daily BTC. For instance, the Innosilicon T2 Turbo with 25 TH/s can get around $3 per day using today’s BTC exchange rates and $0.12 per kWh.

Higher Bitcoin Prices Create Resurrection of Old Mining Rigs, Outdated Miners See New Life
Bitmain S9 statistics via asicminervalue.com on Monday, August 30, 2021.

The old GMO B2 miner that launched in 2018 with 24 TH/s can make around $2.69 per day in profits. At $0.12 per kWh, the Canaan Avalonminer 921 processes around 20 TH/s, and an owner of this rig can get $2.03 per day. Bitmain’s popular mining rig the S9 at one time was estimated to power around 70% of the BTC hashrate.

Bitmain’s S9 models saw a resurrection in November 2020 and this month, all S9 models are once again profitable. In fact, they are more profitable than they were back in November 2020, when S9 models made between $0.10 to $0.59 per day in profits.

On August 30, 2021, using today’s BTC exchange rate and electrical consumption of around $0.12 per kWh, S9 models between 11.5 TH/s to 16 TH/s can get around $0.74 to $1.85 per day. Of course, the 16-terahash Bitmain Antminer S9 SE is the most profitable S9 model. Other older mining models produced by companies like Bitfury, Bitfily, Ebang, Halong, and more, are seeing profits at today’s BTC prices.

Higher Bitcoin Prices Create Resurrection of Old Mining Rigs, Outdated Miners See New Life
Bitcoin Cash (BCH) block statistics via Coin Dance on Monday, August 30, 2021.

Moreover, one would think that the best SHA256 coin to mine is BTC but on Monday, SHA256 blockchains such as Bitcoin Cash (BCH), Bitcoinsv (BSV), and Ecash (XEC) are seeing higher mining profits. Coin Dance statistics show that it is currently 2.9% more profitable to mine bitcoin cash (BCH) today, and 11.3% more profitable to mine on the Bitcoinsv (BSV) blockchain. Ecash (formally BCHA or Bitcoin ABC) is 10.7% more profitable to mine than bitcoin (BTC) on Monday.

What do you think about the resurgence of profitability with older bitcoin miners? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/3BDW2n9

Comments

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...