Fidelity’s Timmer Still Prefers Bitcoin to Gold: Miner Math
Fidelity Timmer bitcoin comments came on November 7: Jurrien Timmer, Fidelity’s director of global macro, still prefers bitcoin to gold. U.Today quotes his X post, and Crypto Briefing reports the same view. His reason is simple. Both assets sold off, but bitcoin’s price in gold has held up.
What Fidelity’s Timmer said about bitcoin and gold
U.Today quotes Timmer: “I still prefer Bitcoin over gold for the time being, and its relative price is holding up even as both assets have sold off.” In a separate post he said both assets are “60-70% correlated to the SPX right now.” In plain words, both have moved with stocks lately. That cuts against the idea of either one as a safe haven this week.
Crypto Briefing adds a ratio. It says one bitcoin bought about 12 ounces of gold at its low point in this cycle and now buys roughly 21 ounces. It gives no dates for either figure, and only that outlet reports it. We could not verify it, so please treat it as a reported figure.
The flows behind the Timmer bitcoin view
Crypto Briefing also says spot bitcoin ETFs took in nearly $55 billion since 2024, against around $29 billion for gold and silver funds. It cites no source for either number. Even so, the recent week ran the other way. Our report on the $1.28 billion ETF outflow week shows how fast that inflow lead can shrink.
Timmer calls this a preference “for the time being.” It is a tactical tilt, not a call that gold has no place. Meanwhile bitcoin trades near $75,830 per CoinGecko, a long way under the roughly $126,000 peak Crypto Briefing cites for 2025.
Miner math: what bitcoin’s price does to your S19
Here is the live maths on November 8. Bitcoin is $75,830 and the network is 983 EH/s, so hashprice is about $34.94 per petahash per day. That is what one PH/s of hashing earns before power.
| Machine | 5c/kWh | 8c/kWh | 12c/kWh | Break-even |
|---|---|---|---|---|
| Antminer S19 (95 TH/s, 3250 W) | -$0.58 | -$2.92 | -$6.04 | 4.3c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.84 | -$1.06 | -$3.60 | 6.3c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.31 | -$0.85 | -$3.74 | 6.8c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $3.96 | $1.44 | -$1.93 | 9.7c |
Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. See what these machines really sold for in our used ASIC miner price index. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.
If bitcoin falls another 10%: the break-even power price on an S19k Pro falls from 6.3 to 5.7 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.06 to -$1.46.
What we would do as miners
Gold does not pay your power bill, so the gold ratio matters less to us than the hashprice above. Therefore we watch the break-even column. If your power costs more than it, a stronger bitcoin against gold does not fix the maths. For the network side, hashrate sits near 983 EH/s per mempool.space.
Work out your own margin in our mining economics guides. Then compare all miners, or see our Bitcoin price prediction for the ranges our model expects.
-Nick
ING Mining
This is general information, not financial advice. Crypto is volatile, and exchanges can fail. Please do your own research.
How this story was made: drafted with the help of AI tools from public sources, then edited by Nick Squires. See our editorial policy. Spot an error? Email ns@ingmining.com.