November Miner Margin Report: Hashprice Down 9.3% This Week
This is the November miner margin report, our weekly look at what bitcoin does to your machine. Hashprice fell 9.3% this week, from $36.28 to $32.91 per petahash per day. As a result, only the S21 Pro still makes money at 8 cents power, while the S19, S19k Pro and S19 XP lose money there. Also, we rebuild these numbers every Sunday from live network data, so you can see your margin move.
The November miner margin report: price, hashrate and hashprice
| Measure | A week ago | Now | Change |
|---|---|---|---|
| Bitcoin price | $80,811 | $77,765 | -3.8% |
| Network hashrate | 1007 EH/s | 1068 EH/s | +6.1% |
| Difficulty | 140.6 T | 148.4 T | +5.54% |
| Hashprice ($/PH/day) | $36.28 | $32.91 | -9.3% |
In short, bitcoin moved -3.8% and the network hashrate moved +6.1%. Hashprice is bitcoin earned per day times price, divided by hashrate. Therefore both numbers matter. Also, block fees count, and the data comes from mempool.space.
Difficulty change this week
Difficulty adjusted +5.54% on October 29. For now, it sits at 148.4 trillion. That change lands directly on your margin. In other words, the same hashrate now earns less.
Meanwhile, the next adjustment is at block 975,744, about 11 days away. Right now it is estimated at -0.38%, according to mempool.space. However, that estimate moves with block times.
First, a higher difficulty cuts hashprice. Second, a lower one raises it. Finally, the bitcoin price works in the same way, so watch all three.
Miner margin report: break-even shift, machine by machine
| Machine | Break-even a week ago | Break-even now | Shift | Daily profit at 8c, then | Daily profit at 8c, now |
|---|---|---|---|---|---|
| Antminer S19 | 4.4c | 4.0c | -0.4c | -$2.79 | -$3.11 |
| Antminer S19k Pro | 6.6c | 6.0c | -0.6c | -$0.91 | -$1.29 |
| Antminer S19 XP | 7.1c | 6.4c | -0.7c | -$0.66 | -$1.14 |
| Antminer S21 Pro | 10.1c | 9.1c | -0.9c | $1.75 | $0.96 |
In other words, break-even is the most you can pay per kilowatt-hour before the machine loses money. First, the Antminer S19 held up best, with a shift of -0.4 cents. Next, the Antminer S21 Pro shifted most, at -0.9 cents. Overall, only the S21 Pro still makes money at 8 cents power, while the S19, S19k Pro and S19 XP lose money there.
The live Miner Math table for this Sunday
Here is the live maths on November 1. Bitcoin is $77,765 and the network is 1068 EH/s, so hashprice is about $32.91 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) | -$0.77 | -$3.11 | -$6.23 | 4.0c |
| Antminer S19k Pro (115 TH/s, 2645 W) | $0.61 | -$1.29 | -$3.83 | 6.0c |
| Antminer S19 XP (141 TH/s, 3010 W) | $1.03 | -$1.14 | -$4.03 | 6.4c |
| Antminer S21 Pro (234 TH/s, 3510 W) | $3.49 | $0.96 | -$2.41 | 9.1c |
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. 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.
The three biggest mining stories of the week
Here are the stories that mattered most to miners this week. Also, each one has its own Miner Math section, so you can see what it did to your margin.
1. Binance Pool Shutdown on November 10: What Bitcoin Miners Need to Do. The Binance Pool shutdown is November 10 at 07:00 UTC. The deadlines, how small the pool is now, and how to move your miners in time.
2. IREN AI Revenue Passes Bitcoin Mining: What It Means for ASIC Owners. IREN AI revenue passed its bitcoin mining revenue for the first time: $70.5 million to $66.7 million. The numbers, the caveats, and what it means for ASIC owners.
3. Sazmining Now Sells Proto Hashboards to Individuals: Is It Worth It? Sazmining now sells Block’s Proto hashboards to individuals for $4,187. The fees, live payback maths, and how they compare with a used Antminer.
What next week’s calendar means for miner margins
In this miner margin report, here is what is on the calendar for the coming week, and what each date could do to the S19k Pro break-even. We use a 5% bitcoin move as the yardstick, because that is a normal reaction to a big date. After that, we show the effect of a 5% fall and a 5% rise.
Monday, Nov 2: Cipher Mining (CIFR) Q3 results. Cipher is an AI/HPC pivot name. First, watch how bitcoin reacts, because the price drives hashprice.
Tuesday, Nov 3: US midterm elections. The vote decides control of Congress and therefore the path of crypto market-structure law. CLARITY is stalled after the 49-50 failure. Second, watch how bitcoin reacts, because the price drives hashprice. Source.
Wednesday, Nov 4: public miner earnings cluster (RIOT, HUT, CORZ, IREN; MARA est.). This is the first quarter since hashprice fell into the low $30s and difficulty climbed above 148T. Watch the hodl-vs-sell decisions, AI/HPC pivot revenue, fleet efficiency (J/TH) and capex guidance on new ASIC orders. Third, watch how bitcoin reacts, because the price drives hashprice. Source.
Thursday, Nov 5: Zcash NU7 network upgrade, block 3,543,405. Block time drops from 75 seconds to 25 seconds. 60% of fees are temporarily removed from circulation, to be paid back to miners from about 2031. Finally, watch how bitcoin reacts, because the price drives hashprice. Source.
If a big date knocks bitcoin down 5%: the break-even power price on an S19k Pro falls from 6.0 to 5.7 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.29 to -$1.48.
On the other side, if bitcoin rises 5%: the break-even power price on an S19k Pro rises from 6.0 to 6.3 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.29 to -$1.10.
Our read of the miner margin report
In this November miner margin report, margins got thinner this week. Today, only the S21 Pro still makes money at 8 cents power, while the S19, S19k Pro and S19 XP lose money there. So the rule is simple: if your power costs more than the break-even column, the machine loses money. For help, our ASIC miner electricity rate guide shows how to read your bill. Besides this, we track the same numbers daily on bitcoin mining profitability today. In addition, the mining economics guides work through payback on real machines. If the maths says it is time to get out, we also buy used miners.
-Nick
ING Mining
This is general information, not financial advice. Crypto is volatile, and you can lose money. Please do your own research.