The Pain Ranking of BTC Miners Post-Halving

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On April 20, 2024, we experienced Bitcoin’s fourth halving, reducing the block reward to 3.125 BTC. Despite the surge in transaction gas fees for engraved BTC thanks to the runes protocol, creating the most profitable halving day for miners ever, as people’s fervor for runes returns to rationality and the major bull market fails to materialize, miners still face the pain of halving.


We observed that after the halving, the BTC network hash rate remained around 600E, indicating that many miners continued to operate even if they reached shutdown price. However, the pain of mining at a loss is evident, as evidenced by the gradual decline in the network hash rate. At this point, the Bitcoin hash price has fallen below $50/PH/s.


Here, SC MINER has compiled a chart of the cost situation for various models of miners. Light blue represents safety, while red indicates a less ideal situation. For instance, at a power cost of $0.07/kWh, a miner operator will incur a daily fleet hashcost of $49.56 for running each PH/s of S19 Pros on average. This cost is already higher than bitcoin’s current hashprice, implying a negative gross margin. And this calculation does not even include other applicable corporate or financial hashcosts.


(In the table below, the daily costs of various models of miners after the fourth halving under different electricity costs are shown.)


On the ASIC mining profitability rankings, BTC ASICs have dropped out of the top 30. Currently, the only BTC miners with positive gross margins are almost exclusively the ANTMINER S21 series.



The ANTMINER S21 PRO, released in July 2024, has an efficiency ratio of 15J/TH , the ANTMINER S21Hyd, released in August 2023, has an efficiency ratio of approximately 16J/TH , and the ANTMINER S21, released in August 2023, has an efficiency ratio of approximately 17.5J/TH .


If waiting for the eve of a major bull market is like waiting for dawn in the darkness, then having reliable partners like the S21 series by the side of mining friends is the hope.


Finally, SC MINER would like to remind everyone that all investments come with risks, so decisions should be made cautiously.


Stay tuned to SC MINER for more information on mining rigs and crypto currency. SC MINER is the world’s most renowned mining equipment trader and a major agent for manufacturers such as Bitmain and Goldshell. SC MINER’s sales team has been serving miners in dozens of countries since 2017, with ample experience and outstanding integrity to help you maximize your wealth!

SCminer Marina

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