Bitcoin Mining Profitability Surges in 2023
As the year 2023 comes to a close, bitcoin mining has become highly profitable. According to recent data, miners can earn $76 in daily earnings for every petahash per second (PH/s) of mining power. For example, a mining device with a capacity of 200 terahash per second (TH/s) and electricity expenses of $0.07 per kilowatt-hour (kWh) can make an estimated $14.12 in profits per day.
Bitcoin’s Hashrate Soars
The seven-day average for Bitcoin’s hashrate has reached 474 exahash per second (EH/s). If each miner operates at 200 TH/s, there would be approximately 2.37 million mining devices in operation.
Different Mining Rigs Yield Different Outputs
Mining rigs vary in their performance, with some operating at lower capacities and others exceeding 200 TH/s. For instance, the S9 Antminer, which has been around since May 2016, operates at 12.93 TH/s and can still generate a daily profit of $0.91.
On the other hand, more advanced rigs like the Microbt M63S can generate profits ranging from $25.41 to $37.55 per day depending on their capacity.
Future Releases and Profitability
Upcoming mining machines like Bitmain’s S21 Hyd and Microbt’s M53S++ are expected to offer higher hash rates and profitability. However, they won’t be available until early 2024.
Kaspa Mining Dominates Profitability
While bitcoin mining is profitable, kaspa (KAS) mining using the Kheavyhash algorithm is currently more lucrative. A Bitmain Antminer KS3, with a hashrate of 9.4 TH/s, can earn an estimated $156 in daily profits.
Hot Take: Bitcoin Mining Remains Lucrative
In 2023, bitcoin mining continues to be highly profitable, with miners earning significant returns on their investments. With the increasing hashrate and advancements in mining rigs, there are ample opportunities to generate daily profits. However, it’s important to consider factors such as electricity costs and the availability of newer mining machines. While bitcoin mining remains a lucrative venture, kaspa mining using the Kheavyhash algorithm offers even higher profitability. As we approach the end of the year, miners should continue to explore different mining options to maximize their earnings.
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