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.
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.
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.
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.