According to Binance News released on April 29, 2024, with a electricity cost of $0.06 per kWh, mining rigs such as ANTMINER S19/T19, Whatsminer M33S+/M30S+, etc., are barely making any profits after the halving. The electricity cost ratio of current top-performing BTC miners is also around 50% (with BTC price at approximately $62,000 on April 29, 2024, ).
(Data as of April 29, 2024: With BTC price around $62,000 and electricity cost at $0.06, the electricity cost ratio of ANTMINER S21 Hyd 335T (16J/T) is approximately 48%, with a static income of $8.89/day.)
Observing the total network hash rate, it is still around 556E. Numerically, it remains relatively within the normal fluctuation range, slightly lower than before. Therefore, we can conclude that there are still many mining rigs running even the current price of BTC is not enough to cover their electricity bills. Why do so many miners persist in mining even at the risk of losses on electricity costs?
SC MINER believes that the most important reason is perhaps the widespread belief that a major bull market is on the horizon. The current electricity losses are considered insignificant compared to the potential gains in the coming months. Instead of worrying about these minor electricity costs, miners prefer to focus their efforts on mining more coins ahead of others. After all, among various mainstream opinions, the lowest price expected for BTC is around $100,000 by the second half of 2024.
Secondly, after the halving, due to the surge in enthusiasm for runes, traders have been offering high prices for BTC engraved with runes. There have even been instances where the gas fees exceeded the value of the purchased BTC itself, highlighting the frenzy surrounding runes. However, people’s obsession with runes is subject to change, and it is uncertain whether similar projects will emerge in the future to drive up gas fees again. In any case, gas fees fluctuate with market sentiment, and the volatility can be significant.
Finally, let’s take a look at those mining rigs that do not need to mine at a loss! After all, a more efficient and longer-lasting machine not only means avoiding immediate losses but also facilitates miners in planning for the long term. Here SCMINER recommends the ANTMINER S21 series, including the ANTMINER S21 Hyd 335T (16J/T) /S21 PRO 234T(15J/T) /S21 200T(17.5J/T) . For better planning in the bull market, the ANTMINER S21 series may be the most reassuring choice for your mining needs.
Lastly, SC MINER would like to remind everyone that all investments come with risks, so your decisions should be made with caution.
All information above about the ANTMINER S21 series has been compiled by SC MINER for our mining fellows. SC MINER is the world’s most renowned international mining equipment trader and a core agent for manufacturers such as Bitmain and Goldshell, with the advantage of priority sales. SCMINER’s sales team has been serving miners in dozens of countries globally since 2017, with ample experience and outstanding integrity to maximize your value!
