Cybersecurity analyst Matt C highlighted the growing pressure of modern mining rigs against previous-generation miners as hashing costs reach $0.07/kwh.
#bitcoin Profitability of mining @ Luxor Tech Team say it all..
Antminer S19 XP is over 3x better than the previous generation 💰
2022 Miners have difficulty breaking through the roof while trying to put their competition out of business. pic.twitter.com/g5akp0RXjf
— Matt C⚡️ (@mithcoons) November 23, 2022
Comparing the eight miners shown in Matt’s tweet, it’s clear that the difference in performance between the latest 2022 generation rigs and previous generation rigs is huge.
While the old model mining becomes less profitable and even has negative figures, the 2022 model and beyond has become so difficult that it completely eliminates competitors from the Bitcoin mining business.
GM Minor! 🌞
Bitcoin’s difficulty jumped nearly 1% yesterday to a new all-time high, and bitcoin’s price fell earlier in the week.
— Hashrate Index (@hashrateindex) November 21, 2022
Bitcoin (BTC) mining data analysis provided by Luxor Mining details a 0.96% increase in mining difficulty in the November 21st snapshot. The team later corrected this value in the comment below, stating “The last difficulty adjustment he had was 0.51% instead of 0.96%.”
A clear message in the displayed snapshot indicated that the hash price had started to fall as a result of the increasing difficulty and falling BTC price, even though it needed to be fixed.
At the time of writing, the hash price has risen since the November 21st snapshot and stands at around $58.07/PH per day.