After halving, 45 bitcoin miners have become unprofitable

On May 11, the Bitcoin network experienced the third block reward halving. After the incident, 12.5 bitcoins were reduced to 6.25 bitcoins. One week has passed. Data from the Bitcoin mining profit website shows that at today’s bitcoin exchange rate, there are currently more than 45 older bitcoin mining equipment that are not profitable, and face fate.

The latest research analysis of Babbit and F2pool shows that since the Bitcoin mining reward has been halved, there are about 45 older Bitcoin mining equipment that shut down overnight. Statistics from the web portal also show that the electricity price of these 45 miners is 0.36 RMB or 0.05 USD per kilowatt hour (kWh).

In this article, we used data from and the mining equipment reports of Yuchi and Babbitt. Using, we estimated the profitability of these machines at today ’s exchange rates and two different electricity costs ($ 0.02 and $ 0.05 per kWh, respectively).

Among the entire “unprofitable” mining equipment, the most advanced mining equipment is Bitmain ’s ant mining machine S11 (20.5 TH / s), which still loses 6 cents a day at an electricity price of 0.36 yuan / kWh . Other machines that cannot profit at this rate include Bitfury Tardis, Antminer S9 SE, GMO Miner B2, Core T2 Turbo, Bitfily Snow Panther B1, Avalon Miner 921 and the popular Antminer S9. The data shows that Bitfury’s B8 suffered a serious loss of more than 18 yuan per day at 49 TH / s at 0.36 yuan / kWh in 2017.

1589808499468583 statistics show that on May 15, 2020, the entire Bitcoin network has a hash rate of about 100 exahash per second (EH / s).

According to Babbitt ’s report, “Even if the electricity cost per kWh is 0.3 yuan, the S9 electricity bill still accounts for as much as 140%.” At the same time, Yuchi F2pool pointed out:

Now, only when the price of bitcoin rises to $ 15,000 can the ant mining machine S9 be turned on normally. In the past, even if there was a mining disaster and a decline in mining machine prices, some people would still buy S9. Most recipients are owners of large mines. When the price of Bitcoin recovers, they can mine or sell it to others to earn the difference.


The picture above shows the old mining equipment that is not profitable at today’s currency price and 0.36 yuan / kWh. Statistics from show that there are 45 machines belonging to the non-profit category, and the current price of Bitcoin is $ 9,700. The former classic model Antminer S9 series has become difficult after halving.

On May 11, the entire Bitcoin network has a hash rate of 121 exahash (EH / s) per second. By May 15, 2020, the overall hash rate is about 110 EH / s. However, statistics from’s 12-hour interval indicate that Bitcoin’s overall network computing power may even continue to decline. The latest data shows that it has fallen to around 95 EH. These statistics indicate that many mines that use older generation mining equipment may have been closed.

In areas such as Central Asia and Iran, some miners can get free electricity, or only pay 0.15 yuan per kilowatt-hour. Therefore, changed the electricity fee to 0.15 yuan / kWh, indicating that under this electricity fee, only eight mining machines are unprofitable, and mining equipment that cannot be profited at such a low price includes Shenma M3X, Ava Long 741, Shenma M3, Ant S7-LN, Ant S3, Ant V9, Ant S7 and Ant S5. Based on the current bitcoin price, these eight machines lost between 0.7 yuan and 1.6 yuan each day.


The value of the most classic ant mining machine S9 in the trading market also fell almost overnight. Caiyun Bit Mall, one of the earliest bitcoin mining machine malls in China, has also halved this miner, while the older generation ant mining machine S9 is priced at 100 yuan ). A few years ago, S9 with a speed of 13 TH or higher per second accounted for more than 70% of the computing power (hash rate) of the entire network. According to Babbitt’s report, about 7 days before the halving event, a mine owner in Sichuan Province has already sold 8,000 s9 mining machines and 6 transformers. The buyer is reluctant to purchase his previous generation ant mining machine S9, Avalon 741 and Xindong t2.


If the energy efficiency ratio is between 53-110 W / TH and the electricity price is 0.36 yuan, then there are many new generation miners that can still make a profit at today’s currency price. These include Ant Miner S19 Pro (110 TH / s), Ant Miner S19 (95 TH / s), Shenma Miner M30S (86 TH / s), Ant Miner S17 (73 TH / s) and Shenma Miner M31S (70 TH / s). The daily income of all these mining equipment is between 6-15 US dollars, depending on the computing power output by the machine per second.

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