A sharp bitcoin pullback has pushed most mining rigs into unprofitability, with only the newest Bitmain Antminer S23 machines still showing healthy returns, according to Antpool data.
Newest Antminers still profitable
Antpool’s feed shows the Antminer S23 Hydro, Antminer U3S23H, and Antminer S23e U2H are currently the only models posting solid profitability.
They are part of the S23 series unveiled last year and began shipping this month.
Antpool data puts daily profit per hashrate for the best-performing units at roughly $0.016/T.
The Antminer S23 Hydro is earning about $18.53 per machine per day.
By contrast, the Antminer S21 is barely in profit at about $0.12 per day.
Whatsminer M63S is losing about $0.47 per day, Antpool data shows.
Price weakness hits miner economics
Bitcoin fell below $75,000 in recent days and was trading around $78,500 on Monday.
Lower prices reduce revenue per unit of energy used to secure the network.
The squeeze comes even as network hashrate dipped recently, a move attributed to a North American cold snap that reportedly forced some miners to curtail or shut down operations.
Hashrate near record highs
Despite the weather-related disruption, bitcoin’s hashrate remains near all-time highs.
The network logged an all-time monthly high of 927.7 EH/s.
Profitability trend and miner stocks
Average monthly miner revenue per TH/s has declined steadily since last August, continuing a longer downtrend that has pushed profitability toward roughly $1 per TH/s since the 2022 market crash.
Some publicly traded miners also fell Monday, including MARA Holdings (down 2.5%), Cleanspark (down 6%), and HIVE Digital (down 10%).
Over recent years, miners have increasingly diversified into HPC and AI services to offset competition in bitcoin mining.
