The Most Profitable Bitcoin Mining Rig Generates $8-9 Per Day Despite Costing Over $2,000, And Only If It Has The Lowest Possible Power Costs, Revealing How Squeezed Miners Are Right Now

May 21, 2020 / by Crypto.IQ

Bitmain and MicroBT are both crypto mining rig manufacturing giants based in China and are completely dominating the industry in terms of mining rig efficiency and profitability. However, mining revenue has plummeted due to the block halving combined with a stagnant Bitcoin (BTC) price, so now even the most profitable mining rigs only make a little bit of money each day.

For example, MicroBT’s Whatsminer M30S++ is the world’s most profitable mining rig at this point, and has a hash rate of 112 TH/s and costs over $2,000. However, this rig only makes $8.53 per day, which is the same amount of money that anyone can earn for working an hour at minimum wage.

Bitmain’s Antminer S19 Pro follows closely behind the Whatsminer M30S++, with a hash rate of 110 TH/s and daily profits of $8.49.

However, these profit per day figures that are being quoted assume a Bitcoin (BTC) price of $9,700, and an electricity cost of $0.03 per kWh.

The average electricity cost in the United States is actually $0.13 per kWh, and this wipes out the entire profit margin of the Whatsminer M30S++ for anyone who is paying regular consumer electricity rates.

Essentially, not only are the most powerful mining rigs making less than $9 a day each, but to even eke out that profit the mining farm has to either own the power plant or be in an area with a massive amount of surplus energy, like near the hydroelectric dams of China.

Thus, if you’re thinking of buying some rigs and mining Bitcoin (BTC), it is probably a much better idea to just use that money to buy Bitcoin (BTC).

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