The third Bitcoin (BTC) halving in history was recently completed. Now that the block rewards for bitcoin miners are halved, some miners might have to start looking for new ways to maximize their mining profits. In this blog post we will discuss a recent research report that was published by The Block.
Miner profitability
In the history of Bitcoin there have been many ways to mine bitcoin. In the absolute beginning of its existence, people were able to mine bitcoin with their basic laptop or computer. Later on, people started to use GPU’s as they were much better in performing the task of encrypting transaction data.
The most profitable way nowadays, however, is using a so-called ASIC miner. These machines are designed to perform a specific task, in this case mining bitcoin. As ASIC miners don’t need to perform a broad set of tasks, like GPU’s do, they are much more efficient. For that reason they have been the go-to bitcoin miners for a long time.
The ever-evolving ASIC miner
There are a couple of big manufacturers in the world that develop and produce bitcoin ASIC miners. The biggest ones are Bitmain and MicroBT. Manufacturers are constantly developing their rigs with the goal of realizing better efficiency and performance. Now that the halving is completed, performance has become an even bigger factor in the profitability of a miner.
According to research done by crypto news website The Block, the most profitable miners were developed by MicroBT, with Bitmain following closely in second place. Here is a list of the most profitable miners of this moment.
The most profitable bitcoin miners
According to The Block, the MicroBT Whatsminer M30S++ is the most profitable. The mining rig produces a hash rate of 112 terahashes per second (TH/s). With this hash rate it manages to generate an average daily profit of $12,31. The profit that miners generate, however, is highly dependent on your location. Electricity prices differ from country to country, and even from region to region. Aside from the electricity price, also the bitcoin price is of course an important factor.
Closely following in second place is the Bitmain Antminer S19 Pro. It produces a hash rate of 110 TH/s and is a fierce competitor of the Whashtminer M30S++. According to The Block it generates a daily profit of $11,37.
Older miners still profitable?
Do you have an older bitcoin miner? Don’t throw them out just yet. As the bitcoin network is dynamic, the situation sometimes changes in favor of these older rigs. Recently the difficulty of the network decreased by 6%, which is positive for older miners or miners that have a lower hash rate than the above-mentioned miners.
On top of that, miners got creative and managed to make their older miners generate a lower hash rate, but with higher efficiency. This could extend the life-time fo older miners just a little bit longer before they must be replaced.
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