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Bitcoin continued to remain in the spotlight today. This time however, it grabbed the attention of crypto-paparazzi for the mining rigs used to mine it. According to a report, overall costs including initiation costs and the rental of older mining rigs still makes BTC mining a profitable venture, with the king coin priced at $10,288.59, at press time. At the time of writing, Bitcoin was climbing by 0.18% over the 24-hour cycle, having a market cap of $184.49 billion.
Source: Fundstrat
It is evident from the above graph that older mining rigs such as the Antminer S9 and WhatsMiner M10 are still able to deliver a good percentage of profitable returns. $8,528 and $7,351 are the total costs incurred, resulting from adding cash cost/BTC and depreciation/BTC for both the older rigs, respectively.
With the advent of low electricity consumption and faster mining rigs such as Bitmain Antminer S17 Pro, the profit margins for miners has also increased as they are able to get hands on the digital gold by investing lower amount of capital. The report on mining rigs was shared by Fundstrat’s Thomas Lee over Twitter. He tweeted,
“Latest mining report from our quant team. Using S9 and $0.06/kWh, cash breakeven for $BTC mining is $7.3K vs price of ~$10k. Miners profitable and apparently some older rigs are also profitable. – Their thesis remains if miners making $$$, they are BTC sellers to fund capex”
Recently, Bitmain launched two new S17 miners that are aimed at delivering higher efficiency, more stable operation and more longevity. As the king coin’s bullish momentum continues, the launch of effective and efficient mining rigs will bring more profits for miners.