1/ The Bitmain Antminer S9 (13.5T, 1400W, 2% pool fee, base firmware, adj. block reward of 7.17 BTC including TX fees) has a breakeven energy rate of ~11.2c. It is currently minting 0.00308 BTC per month (~$125 USD).

(Difficulty increased 10.8% today)

2/ This is fascinating as the Bitmain Antminer S9 was first manufactured in 2016, many individuals have been running them for 4+ years. From 2018-2020, Blockware saw S9's funnel from China / North America to Venezuela / South America (where the electricity cost falls in Layer 1)

3/ There is firmware produced by @braiins_systems @janbraiins / @WillHash4Coins that further improves the profitability of the S9's (note there are also other firmware's available for S9's). This will improve the breakeven energy rate.

4/ In 2018-2019, miner capitulation occurred during the bear market, and the weak hands sold their S9's for $15-20 USD with PSU to the strong hands. S9's are currently trading at $150-200 USD. Those who purchased at the S9's at the lows and are mining now made excellent trades.

5/ We expect the S19 (110T, 3400w) to be the next S9 of the world. Bitmain released the S19 in 2019, right after the 2019 halving. It is common for manufacturers to release new (higher Th/s and higher efficiency machines) timed with each halving cycle. (The S9 was timed the same)

6/ The S19 Pro (110T, 3400W, 2% pool fee, adj. block reward of 7.16 BTC including TX fees) has a breakeven energy rate of ~37.5c kWh. It is currently minting 0.023 BTC per month (~$920 USD). We estimate that Bitmain is producing 40,000 S19's per month right now.

7/ We still believe it is an excellent time to enter and continue mining. Satoshi created an ingenious balancing network, where less efficient machines will come offline as new machines come online. As #Bitcoin continues to run in price, it is outpacing the difficulty increases.

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