Fun

Higher Bitcoin Prices Create Resurrection of Old Mining Rigs, Outdated Miners See New Life

News Feed - 2021-08-31 01:08:58

Higher Bitcoin Prices Create Resurrection of Old Mining Rigs, Outdated Miners See New Life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. 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. 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. 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. Mining Hardware Thief Gets 3-Year Sentence in Russia MINING | 11 hours ago Lukashenko Urges Belarusians to Mine Cryptocurrency Rather Than Pick Strawberries Abroad MINING | 1 day ago Tags in this story $0.12 per kWh, ASIC miners, ASICs, Bitcoin Miners, Bitfily, BitFury, Bitmain, Canaan, Ebang, electrical consumption, Electricity, Exahash, gmo, Halong, Hashpower, Hashrate, Innosilicon, Microbt, mining, mining bitcoin, mining rigs, New Miners, old miners, Profitability, Profitibilty, profits, S9, SHA256, Terahash


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Cathie Wood’s Bitcoin ETF hits daily inflow record as BTC retests $72K
Ciaran Lyons5 hours agoCathie Wood’s Bitcoin ETF hits daily inflow record as BTC retests $72KThe ARK 21Shares Bitcoin ETF saw a massive $201.8 million in inflows, almost a four-fold increase from its daily average of $
XRP Price Reversal Toward $3.5 In The Works With Short And Long-Term Targets Revealed
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Russian Crypto Scammers Go Offline, Open Offices, Central Bank Worried About Trend
Russian Crypto Scammers Go Offline, Open Offices, Central Bank Worried About Trend An increasing number of financial and crypto pyramids targeting Russian investors have been openi
XRP Price Targets $13 After Completing Highest Candle Body Close In History – Details
Este artículo también está disponible en español. The XRP price ended the month of December at around $2.08 after a period of back and forth between gains and declines. A
Paraguay’s proposed Bitcoin mining ban could cost it $200M a year
Brayden Lindrea4 hours agoParaguay’s proposed Bitcoin mining ban could cost it $200M a yearBitcoin mining has provided a “positive contribution to Paraguay’s trade balance,” and a ban could dent the economy, argu
Reports of ‘bleached’ counterfeit bills crop up across North America
Martin Young3 hours agoReports of ‘bleached’ counterfeit bills crop up across North AmericaDodgy dollars are appearing everywhere, from Texas to Hawaii to Canada, as fiat counterfeiting is seemingly making a comeback
Dvision Network 2nd LAND Sale to Be Held on OpenSea and Their Native Marketplace
Dvision Network 2nd LAND Sale to Be Held on OpenSea and Their Native Marketplace press release PRESS RELEASE. Not too long ago, Dvision Network had successfully initiated their LAND
Defi Protocol Founder Tricked, Hacked for $8 Million in Personal Funds
Defi Protocol Founder Tricked, Hacked for $8 Million in Personal Funds Nexus Mutual founder and chief executive officer Hugh Karp’s personal wallet address
JPMorgan Chase CEO Jamie Dimon Likens Crypto to Pet Rocks — Calls for More Regulation
JPMorgan Chase CEO Jamie Dimon Likens Crypto to Pet Rocks — Calls for More Regulation JPMorgan Chase CEO Jamie Dimon says crypto tokens are like pet rocks. The executive also bel
Time To Sell XRP? Price Completes Head And Shoulder Pattern, Suggesting Crash To $2.2 Is Imminent
Este artículo también está disponible en español. Crypto analyst TradinSides has suggested that it might be time for investors to start closing their XRP long positions.
‘Persistent inflation’ will be key in Bitcoin’s run to $200K — Crypto fund manager
Ivan Zhelev5 hours ago‘Persistent inflation’ will be key in Bitcoin’s run to $200K — Crypto fund manager“Unsustainable budget deficits” and “persistent inflation” have HashKey Capital analysts predicting
Bitcoin Must Close Above $107,000 To Confirm Breakout Or Risk Dropping To $98K
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu