What is the most profitable bitcoin mining machine? An expert answers
While the price of Bitcoin is growing very slowly during the crypto winter, predicting and cheering on the rate of return on investment (RIO) of a new mining rig will be like shooting in the dark. However, a mining expert has explained that with the introduction of the most profitable Bitcoin mining machine, there may be hope for miners to return to the cycle.
To Report Kevin Telegraph, Phil Harvey, CEO of Sabre56 digital currency consulting firm, said that various factors should be considered when considering the possible profitability of mining machines. These factors include the technical specifications of the miner, the costs, the actual rate of return on investment and the economics of mining digital currencies over time.
Harvey, who has reviewed Bitmain’s new device, the Antminer S19 XP, believes that this device is the most profitable miner on the market considering the technical specifications. This mining expert has emphasized that in terms of cost, the current cost of miner devices has decreased significantly compared to the previous months.
He estimates that the price of each S19 XP device could come down to around $5,600, especially if purchased directly from the manufacturer. It should be mentioned that currently, the price of each Antminer S19 XP device on the Bitmain website for small quantity purchases is $11,620.
The CEO of Saber56 explained about the real rate of return on mining investment that the indicators show that big miners can recover the cost of buying their mining devices with this device after about 11 months of operation. This index, obtained from the company’s database, examines the earnings of miners since the launch of the first ASIC (ASIC) miner.
For more review: Cryptocurrency Mining Calculator; Calculation of mining profitability
Taking into account the electricity costs of micro-miners, it will probably take 15 months for them to break even after recouping their initial costs, says Harvey.
He also explained:
These calculations do not take into account possible leverage (equipment purchase loan). In other words, miners who double their money [برای خرید دستگاه] spend, they have to go through an equally long payment period.
The CEO of this company has said about the lifespan of the new Antminer series model that these types of mining devices can last at least 36 months depending on the conditions they are in.
When asked if Bitcoin mining can be profitable in the long run, Harvey explained that mining revenue estimates don’t always match what happens on paper. He recalled that in 2013 and 2014, the average estimated income for Bitcoin mining had increased to $4,711.28; While the real income of the miners during these years was only 1,047.33 dollars.
He added:
Basing a single metric such as Dollars per TeraHash on mining economics cannot provide an accurate picture of the cryptocurrency mining industry, investment opportunities, or the market as a whole.
Harvey emphasized that the data predicts a decrease in miners’ earnings per hash and a possible collapse of the cryptocurrency mining industry. However, he argues that the amount of revenue per mining device is a marginal issue and that the industry has shown stability over time.
Read more: Is the Bitcoin Mining Industry Collapsing?