Computing power competition intensifies: With the dramatic fluctuations of Bitcoin at the end of January, mining is undergoing a new round of 'de-leveraging' reshuffling.
Shutdown wave erupts: Under the electricity cost benchmark of $0.08/kWh, mainstream models such as S19 XP+ Hyd, M60S, A1466I for 2024-2025 have fallen below the cost line. Due to the recent high mining difficulty, these models no longer generate daily net income.
S21 series on the brink: As the backbone of the current market, the shutdown coin price of the Antminer S21 series mainly ranges between $69,000 and $74,000. With today's BTC price hovering around $68,000 - $70,000, a large number of S21 miners have entered a state of 'loss-making mining' or 'temporary shutdown'.
High-efficiency flagship: S23 Hyd (580 TH/s) and U3S23H, with a top energy efficiency ratio of 9.5 J/TH, still maintain a shutdown coin price above $44,000, making them the only two models capable of sustaining stable positive profits in the current extreme market.
Industry impact: Miner sell-off significantly increased at the end of January to hedge against electricity costs. If BTC cannot recover the $75,000 ground in the first week of February, the hashrate is expected to see a seasonal adjustment of 5%-8%.
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