Which Bitcoin Mining Rig Is Most Profitable?
When you’re looking into Bitcoin mining rigs, you really want to know which is the most profitable.
Sure, helping secure the Bitcoin network is gratifying, but securing it with a profitable Bitcoin miner is even more gratifying.
With mining profitability there’s no exact science, but Mining Pool Poolin has devised a mining profit calculator that makes it easier to determine whether a Bitcoin mining rig will be profitable or not.
Working Out The Costs For The Most Profitable Bitcoin Miner
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 Bitcoin miner 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 a great deal 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 Bitcoin miner 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 Bitcoin Miner. 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 Bitcoin 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 Bitcoin 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 Bitcoin mining rig, securing $5.44 a day in BTC profits.
However, if we change the electricity costs to the average price, we can see in the image below that all Bitcoin 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, with a break even cost of $12,240.78.
Now let’s see what mining profits we would get if we were to reach a new all-time high of Bitcoin to USD $20,000.
If we stick with the same electricity cost, we can see in the image below that the S19 Pro is again the most profitable Bitcoin miner, making $6.92 a day.
It might seem that the Bitmain Antminer S19 Pro is the most profitable Bitcoin 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 Bitcoin miner, earning its savvy investor a whopping $242.66 a day.
No doubt $288,000 isn’t a reality right now, but BTC only needs to reach $46,000 for the Whatsminer M30S++ to become the most profitable Bitcoin mining rig.
Which Bitcoin 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 mining 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.
There is no exact science for the cost of mining a bitcoin, because the price will change every two weeks maximum. This is because there’s a Difficulty Adjustment that ensures it takes about 10 minutes to mine a block. And with other costs, such as your mining equipment, electricity, and other costs, it’s estimated that the average price to mine a bitcoin is around $12,500.
On average, the time it takes for miners to mine BTC is 10 minutes. But they don’t just mine 1 BTC. Mined Bitcoins are created with every new block and these produce the Bitcoin block reward which at the moment is 6.25 BTC, so you could say it takes less than 2 minutes to mine each Bitcoin.
Bitcoin is a decentralized money. A money that nobody can control or manipulate, and a money that nobody can print and devalue. It’s also not necessary for any third party to verify transactions, so it makes it much faster and cheaper to send value. It’s also money built on the Internet: a society of almost 5 billion people.
Yes. Every Bitcoin can broken down into 100 million bits. They are known as satoshis, after the pseudonymous creator Satoshi Nakamoto. And some companies will let you buy as little as $1 worth of Bitcoin, which at time of writing is worth about 11,000 satoshis. There are many companies that have a system for dollar cost averaging (DCA). This is a great way to buy Bitcoin, and is known in the space as ‘Stacking Sats’. Basically, what you do is set up small automatic, recurring payments to buy Bitcoin (or sats), and you DCA over time.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.