Download XcelPay Wallet and explore XcelPay Merchant POS and XcelPay Payment Gateway.

Xcelpay|3 min read|May 11, 2020

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Let’s see how old ASIC miners become profitable again.

If the current price of bitcoin persists, old miners such as Antminer S9 will be able to make a profit even after halving. Newer devices like the Antminer S17 and S19 or WhatsMiner M20 and M30 can generate more than 60% profit, even with average energy costs of $ 0.05 per kWh.

Over the past several days, there has been much debate within cryptocurrency circles about a series of videos and images allegedly showing Chinese crypto mining firms dumping bitcoin miners on the street.

Buterin found an application for ASIC miners in Ethereum 2.0

According to the miners’ profitability index, tracked by PoolIn and F2Pool mining pools, older equipment like Antminer S9 from Bitmain or Avalon A851 from Canaan show gross margins of 10–20% at an average cost of electricity of $ 0.05 per kWh .

Miner owners can gain even greater profit growth by taking measures to increase the efficiency of their devices, for example, by combining two S9 miners or by reducing voltage.

Profitability may increase as a result of the upcoming rainy season in China, as electricity prices could fall due to excess hydroelectricity.

If miners were dumping ASICs on the street, it not only meant that the bitcoin price had reached their “shutdown-mark,” the point at which miners can no longer turn a profit running the machines, but also that they didn’t think these devices would ever be profitable again.

Speaking in an interview with Asia Crypto Today, Hu Jie of Si Hua Mining — a local ASIC supplier — said that the pictures appeared to be genuine but depicted miners dumping older-generation devices such as the Antminer S7 and V9. When ASIC rigs become obsolete, he explained, it is common for large Chinese mining farms to sell them as scrap metal.

That’s one downside to ASIC mining. Unlike GPU chips, which can be repurposed when mining ceases to be profitable, ASIC chips are programmed exclusively for a single application. Consequently, they are rendered obsolete much more quickly, and once that happens, their use cases become more or less limited to expensive doorstop or oversized paperweight.



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