Which Bitcoin Mining Rig Is Most Profitable?
When it comes to mining Bitcoin, we all want to make a profit. Sure, helping secure the Bitcoin network is gratifying, but securing it while making a nice profit is even better.
With mining profitability there’s no exact science, but Mining Pool Poolin has devised a mining profit calculator that helps give a good idea whether a mining rig will be profitable or not.
An important factor to consider when buying an ASICs mining rig is your break even price. This is the value of Bitcoin that has to be produced to cover the cost of your mining rig.
For example, the most expensive and most powerful Bitcoin mining rig, the Antminer S19 Pro costs about $2640. And with a daily profit of $7.78, it would take 340 days to break even, at today’s price of $11,347 per Bitcoin.
Many might automatically think that the mining rig with the most powerful hashrate is the most profitable, but this is not always the case.
Electricity costs is a huge factor, and it varies widely around the world. The average cost of electricity is about $0.14 KW/h, but for anyone living in Germany, the cost is way above average at $0.35, whereas in Russia, it’s only $0.06 KW/h.
So, a mining rig with a high hashrate but one that uses more electricity might not be as profitable in Germany than a mining rig that uses less power and has a less hashrate.
If you’re a solo miner, you should also look into which Mining Pool best suits your mining set up. They all have different fees and costs for certain factors, and what suits somebody with an S19 Pro might not suit somebody with an S17 even. So, doing some research on Mining Pool fees is also necessary.
Estimating Mining Profits With The Poolin Mining Calculator
The Poolin mining calculator allows users to get a decent estimate into how much profit they can potentially make, but with prices rising and falling this can always change pretty quickly.
Poolin say their mining profitability calculator uses daily updated data, and the tool allows users to change the electricity and Bitcoin price settings to determine a more accurate potential profit.
It covers all the leading ASICs mining rigs, and users can easily configure the data to see what suits them best for their costs.
If we go by the price of electricity in Russia: $0.06, we can see in the image above that the Antminer S19 Pro is just slightly the most profitable mining rig, securing $5.44 a day in Bitcoin profits.
However, if we change the electricity costs to the average price, we can see in the image below that all mining rigs are running at a loss, at today’s price of $11,347. And we can see that the Antminer S19 Pro is losing $0.80 a day, and the break even cost is $12,240.78.
If we stick with the same electricity cost, but we compare what mining profits would be if we were to reach another all time high of $20,000, we can see in the image below that the S19 Pro is again the most profitable miner, making $6.92 a day.
It might seem that the Bitmain Antminer S19 Pro is the most profitable mining rig on the market and the data is pretty accurate.
However, if we look into the not so distant future and let’s say the Stock-to-Flow ratio is bang on and Bitcoin reaches $288,000, then we can see in the image below that the Whatsminer M30S++ actually becomes the most profitable mining rig, earning its savvy investor a whopping $242.66 a day.
No doubt $288,000 isn’t a reality right now, but Bitcoin only needs to reach $46,000 for the Whatsminer M30S++ to become the most profitable mining rig.
Which Mining Rig Is The Best For Me?
As we know, Bitcoin mining profitability really depends on a few factors, and unless you’re living in a country with below average electricity costs, then you probably won’t make a profit right now.
However, most people can stomach an 80c loss per day, especially if you have confidence in Bitcoin long term.
And the latest mining rigs: S19 Pro and Whatsminer M30S++ are difficult to get hold of, so unless you’re prepared to wait a few months, you might have to go for an older generation ASICs rig.
That said, if you believe Bitcoin is going to grow, and a small loss is digestible for a while, then all ASICs miners, even the oldest will be mining at a profit when Bitcoin is around $17,000.
Author: Tommy Limpitlaw