Simon Ng With the close of 2023 approaching and only a handful of weeks left, the realm of bitcoin mining is witnessing a significant rise in profitability. Reports from November 5 indicate that the daily income per petahash per second (PH/s) has hit a remarkable $76. Miners employing a 200 terahash per second (TH/s) device, with energy costs pegged at $0.07 per kilowatt-hour (kWh), are looking at a potential profit of approximately $14.12 for each day at the current BTC value.
Heightened Profitability in Bitcoin and Kaspa Mining Attracts Investor Attention
Data gleaned from hashrateindex.com reveals that the seven-day rolling average of Bitcoin’s hashrate has escalated to an impressive 474 exahash per second (EH/s). To put this into perspective, this means roughly 2.37 million mining units, each with a 200 TH/s capability, are concurrently operational.
Bitcoin Network’s Hashrate as of November 6, 2023.
It is critical to note the variability in performance across different mining equipment; not all sustain a constant 200 TH/s rate, with some registering significantly below or above this threshold.
Bitcoin Hash Price Per Petahash per Second (PH/s) on November 6, 2023.
For instance, consider the long-standing S9 Antminer, which debuted in May 2016 and functions at 12.93 TH/s. Despite its age, it can still eke out a daily profit of $0.91 with electricity priced at $0.07 per kWh, according to current BTC prices.
Conversely, the more contemporary, water-cooled Microbt M63S, capable of a hash rate between 360 to 390 TH/s, stands to earn a minimum of $25.41 per day. However, for those outside of the large mining conglomerates, acquiring the Microbt M63S is a prospect that lies in the next calendar year. Similarly, Bitmain’s upcoming S21 Hyd model, with a formidable 335 TH/s capacity, will not hit the shelves until February 2024.
Even though a 335 TH/s rate may currently offer $23 in daily income, forecasting its profitability at the time of release is not feasible. Notably, two models have already cemented their presence in the market: Bitmain’s Antminer S19 XP Hyd at 255 TH/s, and Microbt’s water-cooled M53S++ with 320 TH/s.
As per the latest data from minerstat.com, the S19 XP Hyd could yield daily earnings of $18, while the M53S++ might bring in $22.59. These numbers reflect the considerable gains for miners who commit their processing capacity to Bitcoin. Yet, it is those engaged in mining kaspa (KAS), utilizing the Kheavyhash algorithm, who are leading in profitability at present.
The Bitmain Kaspa (KAS) ASIC Miner at 9.4 TH/s or 9,400,000 MH/s.
A Bitmain Antminer KS3, clocking in at 9.4 TH/s or 9,400,000 megahash per second (MH/s), could generate an impressive $156 daily in profits. With an electricity cost of $0.07 per kWh, the earnings expected per terahash of mining power stands at around $16 per day.
The uptick in profitability for both Bitcoin’s and Kaspa’s proof-of-work (PoW) networks marks a notable period in cryptocurrency mining. We welcome your insights and perspectives on these developments within the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Bitcoin mining profitability
What has been the profitability of Bitcoin mining as of November 2023?
As of November 5, 2023, the daily earnings for Bitcoin mining have reached $76 per petahash per second (PH/s), signaling a significant increase in profitability as the year nears its end.
How much can a 200 TH/s mining device earn daily?
A mining device with a capacity of 200 terahash per second (TH/s), operating at an electricity cost of $0.07 per kWh, can net an estimated profit of $14.12 per day based on the prevailing Bitcoin rates.
What is the current Bitcoin network hashrate?
The seven-day average for Bitcoin’s network hashrate has climbed to 474 exahash per second (EH/s) as reported in early November 2023.
Can older mining models still be profitable?
Yes, older mining models like the S9 Antminer, despite being released in May 2016, can still achieve a modest profit. With an electricity cost of $0.07 per kWh, it can earn about $0.91 per day at current BTC exchange rates.
What are the potential daily earnings for the latest mining machines?
The latest mining machines like the Microbt M63S, with a capacity of 360 to 390 TH/s, can yield profits of at least $25.41 per day, while the upcoming Bitmain S21 Hyd with 335 TH/s could earn $23 per day based on current rates.
How does Kaspa mining profitability compare to Bitcoin mining?
Kaspa mining, using the Kheavyhash algorithm, is currently more profitable than Bitcoin mining. For instance, a Bitmain Antminer KS3 with a hashrate of 9.4 TH/s can earn an estimated $156 daily in profits, given the electricity cost remains at $0.07 per kWh.
More about Bitcoin mining profitability
- Bitcoin Mining Profitability Report
- Current BTC Hashrate
- Mining Device Earnings
- Historical Data on Bitcoin Mining
- Kaspa Mining Overview
- ASIC Miner Value
6 comments
wow just saw this, bitcoin mining is booming again huh? its like 2017 all over again, lets gooooo
missed out on the bitcoin mining train, but kaspa seems like the next big thing. anyone got tips on how to start with KAS mining?
just read the article, some serious gains for those who invested early in mining tech, the new machines like Microbt M63S are killing it. cant wait to see what feb 2024 brings with the new Bitmain release
guys we should also think about the environmental impact here, I mean it’s great we’re making money but at what cost to the planet? just saying we need greener options
not convinced, all this talk about profitability but what about when the reward halves again? or the energy costs, they’re not dropping are they, the bubble’s gonna pop i’m tellin ya
can anyone tell me if its still worth to get into mining right now? electricity aint cheap and i dont wanna sink costs into something if its gonna bust like before