Bitcoin Hashprice Falls 8.7% to $32.86: Miner Margins Shrink
Bitcoin hashprice fell 8.7% in a week to $32.86 per petahash per day, according to the CryptoSlate report on Hashrate Index data. In addition, it was $35.99 a week earlier. Meanwhile, that is the number that decides whether a machine pays for its power.
Why bitcoin hashprice fell
Hashprice is what one petahash per second earns in a day. Overall, it drops when difficulty rises or when bitcoin falls. Likewise, this time both hurt. Also, difficulty climbed from 127.45 trillion before the September 19 adjustment to 148.36 trillion on October 29, a 16.4% rebound, per the same report. In addition, bitcoin also slid, as we covered in our note on the chip rout and midterms.
Hashrate Index’s forward curve is flat. Meanwhile, it implies 1,056 EH/s for November and 1,059 EH/s for December. Overall, the forward hashprice average from November to April is $33.04. CryptoSlate stresses that these are forward-implied levels, not observed hashrate, and that the hedge price is indicative only.
Our number versus theirs
Our live model gives $35.63 per PH/s per day, using the last 144 blocks at $80,310. Likewise, hashrate Index uses its own fee assumption of about 0.02 BTC per block, so the two will not match exactly. Also, the direction is what matters, and both point down.
Miner math: what the lower bitcoin hashprice does to your S19
Here is the live maths on November 4. In addition, bitcoin is $80,310 and the network is 1020 EH/s, so hashprice is about $35.63 per petahash per day. Meanwhile, 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) | -$0.51 | -$2.85 | -$5.97 | 4.3c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.92 | -$0.98 | -$3.52 | 6.5c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.41 | -$0.75 | -$3.64 | 7.0c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $4.13 | $1.60 | -$1.77 | 9.9c |
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 hashprice falls another 8.7% next week: the break-even power price on an S19k Pro falls from 6.5 to 5.9 cents per kilowatt-hour. At 8 cents, daily profit goes from -$0.98 to -$1.34.
The blunt answer
At 8 cents, a used S19k Pro earns -$0.98 a day on our model. Only a rate near or below 6.5 cents breaks even. A flat forward curve means no relief is priced in. CryptoSlate’s own conclusion is that a pause in competition cannot restore dollar earnings, and that margins still depend on power costs and uptime.
So we would not buy machines on the hope that hashprice rebounds. Overall, check the table first. If you need to sell, use we buy used miners. If you clear the maths at a cheap rate, browse miners in stock.
-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.