Since our last article on the cost to mine a bitcoin the BTC price and earnings/TH have nearly doubled. And, thanks to BTC price increases more older generation machines have joined the network. Therefore we assume that the average cost to mine a bitcoin at 5.5¢ electricity is 20% more expensive than in January. Also, we consider that machine prices have risen by at least 2x due to BTC increases and manufacturing bottlenecks in the past months.
Here we update our findings on the current base production price of a bitcoin. We will analyze additional machines like the new Antminer S19j Pro, some Ebit machines, and additional Whatsminer and AvalonMiner models. Also, we consider both 5.5¢ and 3.5¢ per kWh costs.
Background
This methodology takes a few shortcuts and has its limitations. See our original post for assumptions and calculations.
Initial Values
On today’s date, the following stands true:
- BTC price is ~ $56,000
- Earnings are ~ $0.38/TH
- Hashrate is ~ 167 EH/s
The hashing power to mine a bitcoin is ~ 148,150 TH/s.
Lastly, we assume the following market share per bitcoin mining machine manufacturer. This estimated value is reflected in the amount of machines that make up the total network hashrate, and by how many models per manufacturer we will analyze.
- Antminer 46%
- WhatsMiner 25%
- AvalonMiner 13%
- Innosilicon 8%
- Ebit 8%
Production Cost of 1 BTC per ASIC model
This is the base production cost to mine a bitcoin using the watt and terahash specifications per ASIC miner model. See our previous article for calculations.
| ASIC Model | # machines to mine 1 BTC | base 24h cost @ 5.5¢/kWh | base 24h cost @ 3.5¢/kWh |
| Antminer S19j Pro, 100T | 1,482 | $5,965 | $3,796 |
| Antminer S19j, 90T | 1,646 | $6,736 | $4,286 |
| Antminer S19 Pro, 110T | 1,347 | $5,778 | $3,677 |
| Antminer S19, 95T | 1,559 | $6,690 | $4,257 |
| Antminer T19, 84T | 1,764 | $7,333 | $4,667 |
| Antminer S17+, 73T | 2,029 | $7,822 | $4,978 |
| Antminer S17 Pro, 53T | 2,795 | $7,726 | $4,917 |
| Antminer T17, 40T | 3,704 | $10,756 | $6,845 |
| Antminer S15, 28T | 5,291 | $11,147 | $7,093 |
| Antminer S9, 13.5T | 10,974 | $19,165 | $12,196 |
| Antminer S7, 4.7T | 31,521 | $53,799 | $34,236 |
| Whatsminer M30S++, 112T | 1,323 | $6,062 | $3,858 |
| Whatsminer M30S+, 100T | 1,482 | $6,649 | $4,231 |
| Whatsminer M30S, 88T | 1,684 | $7,431 | $4,729 |
| Whatsminer M31S+, 80T | 1,852 | $8,155 | $5,189 |
| Whatsminer M31S, 74T | 2,002 | $8,753 | $5,570 |
| Whatsminer M20S, 68T | 2,179 | $9,525 | $6,061 |
| Avalon 1246, 90T | 1,646 | $7,431 | $4,729 |
| Avalon 1166 Pro, 81T | 1,829 | $8,209 | $5,224 |
| Avalon 1066 Pro, 55T | 2,694 | $11,556 | $7,354 |
| Innosilicon T3+, 57T | 2,599 | $11,322 | $7,205 |
| Innosilicon T2T, 30T | 4,938 | $14,341 | $9,126 |
| Ebit 12, 44T | 3,367 | $11,147 | $7,093 |
| Ebit 10.6, 16T | 9,259 | $21,511 | $13,689 |
| Averages: | 4,207 | $11,459 | $7,292 |
Cost to Mine 1 Bitcoin with 1 ASIC
This last part is perhaps confusing and not very informative. But, here goes anyways.
We assume a machine lasts four years, and on average it takes about four years to mine one bitcoin with that machine. Thus the lifetime cost is: the buy price of the hardware, plus the estimated kWh cost to mine a bitcoin with that hardware. Yet, many unknowns can happen in such a long time period.
| ASIC Model | Est. Unit Buy Price | Lifetime Cost to Mine 1 BTC @ 5.5¢/kWh | Lifetime Cost to Mine 1 BTC @ 3.5¢/kWh |
| Antminer S19j Pro, 100T | $14,000 | $19,965 | $17,796 |
| Antminer S19j, 90T | $11,000 | $17,736 | $15,286 |
| Antminer S19 Pro, 110T | $16,000 | $21,778 | $19,677 |
| Antminer S19, 95T | $12,000 | $18,690 | $16,257 |
| Antminer T19, 84T | $11,000 | $18,333 | $15,667 |
| Antminer S17+, 73T | $10,000 | $17,822 | $14,978 |
| Antminer S17 Pro, 53T | $7,000 | $14,726 | $11,917 |
| Antminer T17, 40T | $3,000 | $13,756 | $9,845 |
| Antminer S15, 28T | $2,000 | $13,147 | $9,093 |
| Antminer S9, 13.5T | $700 | $19,865 | $12,896 |
| Antminer S7, 4.7T | $400 | $54,199 | $34,636 |
| Whatsminer M30S++, 112T | $17,000 | $23,062 | $20,858 |
| Whatsminer M30S+, 100T | $14,000 | $20,649 | $18,231 |
| M30S, 88T | $11,000 | $18,431 | $15,729 |
| Whatsminer M31S+, 80T | $9,000 | $17,155 | $14,189 |
| M31S, 74T | $8,000 | $16,753 | $13,570 |
| Whatsminer M20S, 68T | $6,000 | $15,525 | $12,061 |
| Avalon 1246, 90T | $10,000 | $17,431 | $14,729 |
| Avalon 1166 Pro, 81T | $9,000 | $17,209 | $14,224 |
| Avalon 1066 Pro, 55T | $7,000 | $18,556 | $14,354 |
| Innosilicon T3+, 57T | $7,000 | $18,322 | $14,205 |
| Innosilicon T2T, 30T | $3,000 | $17,341 | $12,126 |
| Ebit 10.6, 16T | $600 | $22,111 | $14,289 |
| Ebit 12, 44T | $2,000 | $13,147 | $9,093 |
| $7,946 | $19,404 | $15,238 |
Summary
In summary, it currently costs between $7,000-$11,000 USD to mine a bitcoin. The lifetime cost of an ASIC miner to mine one bitcoin is on average $15,000-$19,000 USD. As the price of BTC is $56,000, it remains very profitable to mine bitcoin. Although, the entry price for miners has risen considerably the past few months because hardware prices have doubled.
See our previous article for bitcoin mining machine manufacturer updates, including information on which institutional miners are waiting for machines and what ASIC models are available.
Like this article? Be sure to check out How Much Power does it take to Mine a Bitcoin?
