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Monday Mining Metrics: BTC surges 5% over the weekend
Bitcoin Mining Update - 10/2/2023
Bitcoin on the Rise
Bitcoin is up 5% over the past five days and 7% month-over-month, having now eclipsed the $28,000 mark.
Hashprice appears to have formed a solid floor around the 6-cent level. Miners that are profitable now will likely remain profitable through the remainder of the epoch. Those with the most efficient machines will be able to endure the halving, benefiting from lower difficulty as weaker miners unplug.
The spot Bitcoin ETF remains the elephant in the room. Approval within the next six months appears imminent and would consequently send the price of Bitcoin soaring. This will of course bode incredibly well for Bitcoin miners.
Flat Difficulty Adjustment Projected
Difficulty is expected to adjust down by ~0.14%. This weekend’s rise in the price of Bitcoin not being complimented with an equivalent increase in difficulty will provide a nice boost to miner profitability.
BTC Breakeven Prices
Here’s a breakdown of BTC breakeven prices for various ASIC models (at specified electricity rates) before and after the halving. Included in these charts are the soon-to-be-released Antminer S21s.
We expect Bitcoin mining difficulty to drop by over 20% after the halving as the weakest miners on the network unplug. You can read more about our expectations for the halving by checking out this report.
Spot ASIC Pricing
Below are the lowest current listing prices (asks) on the Blockware Marketplace for a variety of popular ASIC models, including the week-over-week change.
In terms of Bitcoin rig prices are much cheaper now, following the bitcoin price pump. Acquiring rigs for discounted prices is a great way to lower your overall Cap. Ex. cost-basis. You can think of it as effectively “dollar-cost averaging” into ASICs.
Antminer S19j Pro (-16%)
$1,050 (0.03704 BTC)
$10.9 / T
Antminer S19j Pro+ (+2%)
$2,530 (0.089 BTC)
$20.7 / T
Whatsminer M30s++ (+9%)
$1,503 (0.053 BTC)
$13.4 / T
Whatsminer M50 (+0%)
$2,500 (0.0816 BTC)
$20.8 / T
Blockware Direct ASIC Pricing with Hosting
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All content is for informational purposes only. This Blockware Intelligence Newsletter is of general nature and does consider or address any individual circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal, business, financial or regulatory advice. You should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.