Based on current Bitcoin (BTC) mining difficulty and electricity costs of $0.08 per kilowatt hour, many ASIC devices are approaching critical “shutdown price” levels, according to Antpool data.
At the time of writing, Bitcoin is trading at $78,997, severely impacting profitability, especially for low-performance or older generation devices.
Looking at prominent models, devices such as Antminer S19 XP+ Hydro, WhatsMiner M60S, and Avalon A1466I seem to be operating at prices very close to shutdown costs in the current situation. This increases the risk that miners operating in areas with relatively high electricity prices will cease operations.
Meanwhile, the closing price of the new generation Antminer S21 series is estimated to be in the range of $69,000 to $74,000. For example, the Antminer S21 model has a closing price of approximately $76,353, while for variants such as the S21e Hyd and S21+, this threshold is approximately $74,000. This indicates that a significant portion of the S21 series could move into unprofitable territory if Bitcoin prices are likely to fall.
However, there is still a margin of safety for models with higher hashing power and better energy efficiency. The closing price of the 1160 TH/s Antminer U3S23H and the 580 TH/s S23 Hydro is approximately $41,448. Similarly, the S23e U2H model costs about $43,630. As long as the Bitcoin price remains above $44,000, these devices appear to continue to be operationally profitable.
One of the weakest links in the graph is the Whatsminer M63S model with a throughput of 360 TH/s. The calculated closing price for this device is approximately $80,716. Considering the current Bitcoin price of $78,997, this model appears to be operating in the red and entering negative profit territory.
*This is not investment advice.
