Mining industry is back! Crypto Spring brings huge mining benefits to new and old miners

The price of second-hand mining machines has doubled, and the mining industry has returned to a profitable era. In areas with cheap hydropower such as Sichuan, the profits are even more considerable.

The recent recovery of the crypto market has caused miners' profits to soar. Blockchain.com data shows that miners' profits have exceeded US$16 million, the highest since August last year.

(Figure: Total value of coinbase block rewards and transaction fees paid to miners)

Data shows that most miners are starting to make a profit:

• Based on an average of $0.1 per kilowatt-hour, the top ten most profitable SHA256 algorithm mining machines can make a profit of $10 to $15 (about 70 to 105 yuan) per day.

• The new generation of SHA-256 algorithm mining machines can make a profit of 15 to 21 US dollars (about 105 to 147 yuan) per day. If it is in areas with cheap electricity prices such as Sichuan, China, it can make a profit of more than 25 US dollars (about 175 yuan);

• Obelisk and Cuckatoo31+ algorithm miners can earn a profit of $30 to $50 (about RMB 210 to RMB 450) per day.

• It is said that the new generation of Obelisk and Cuckatoo algorithm mining machines can generate profits of US$50 to US$250 (about RMB 450 to RMB 1,750) per day.

“Classic” SHA256 algorithm mining machine begins to counterattack

Last December, Bitcoin.com reported that only five SHA256 miners were profitable, but the trend has changed. Data shows that most SHA-256 mining machines are able to turn a profit.

Xiaocong Note: SHA-256 algorithm mining machine is a mining machine used to mine SHA-256 digital currencies, namely Bitcoin and Bitcoin Cash. SHA-256 algorithm mining machine is a relatively classic mining machine. In addition to the SHA-256 algorithm, the current market also has emerging Obelisk and Cuckatoo algorithm mining machines, which are used to mine sia and grin digital currencies.

Based on an average price of $0.1 per kilowatt-hour, the top ten most profitable SHA256 algorithm mining machines can make a profit of $10 to $15 per day.

(The top 10 SHA-256 miners and their daily profits in 2019. The electricity cost is assumed to be $0.1 per kWh)

If miners are mining in mainland China with an electricity cost of $0.04 per kWh and using a new generation SHA-256 algorithm mining machine, they can earn $15 to $21 per mining machine per day. With the arrival of China's rainy season, electricity costs in Sichuan can be as low as 0.08 yuan ($0.01), meaning that a mining pool with high-performance mining machines can earn more than $25 per mining machine per day.

According to statistics, China is one of the cheapest places in the world to mine SHA-256 digital currencies such as BCH and BTC in 2019. It is followed by India, Canada, and Russia; the worst regions include Germany, Denmark, Belgium, and Italy, where electricity costs are about $0.15 to $0.3 per kilowatt-hour.

In areas like China where electricity is cheap, second-hand mining machine vendors are selling a lot of old equipment. In the United States, there are also many second-hand ASIC mining machines for sale on sites like Craigslist and Ebay.

Zhang Xilin, a mining equipment supplier in Huaqiang North, detailed last week that "the price of second-hand mining equipment has doubled. Data shows that if mining is carried out in Sichuan, the profit of these second-hand mining machines will be far more than two-thirds of the global average.

Obelisk and Cuckatoo31+ algorithm miners are grabbing the market

Miners using the SHA256 algorithm for processing Bitcoin or Bitcoin Cash are not the most profitable. In the past month, miners for cryptocurrencies like Sia and Grin have been competing for more profits in the market. For example, miners using Obelisk and Cuckatoo31+ algorithm miners can make $30 to $50 per miner per day.

(Some of the most profitable Obelisk and Cuckatoo31+ algorithm miners, the electricity cost is set at $0.1 per kWh)

The next generation of Obelisk and Cuckatoo algorithm miners have been announced but not yet in production, and are said to be able to make a profit of $50 to $250 per miner per day. This includes devices such as the Obelisk GRN1 Immersion (October 2019) and the Innosilicon G32-1800 (August 2019).

X11 algorithm mining machines such as Strong-U, STU-U6, etc. will go on sale in July. It is said that they can provide a speed of 660 GH/s, with an electricity cost of about US$0.1, and the daily income of each mining machine is close to US$40.

(Bitcoin Cash (BCH) hashrate May 15, 2019)

According to today's market conditions, 112 types of mining equipment for various types of encrypted digital currencies available to miners can make at least $0.1 per day when the electricity cost is $0.1. This includes mining machines from Avalon, Ant, GMO, Bitfury, Innosilicon and Ebang. Compared with the bleak mining market in November and December last year, the situation has changed a lot.

Currently, the hashrate of the two top SHA-256 cryptocurrencies, Bitcoin and Bitcoin Cash, has risen significantly, most likely due to a significant increase in mining revenue.

The article is translated by Xiaocong APP. Please indicate the source when reprinting.

Original title: Crypto Spring Brings Strong Profits to Next-Generation and Older Mining Rigs (Crypto Spring brings strong mining profits to new and old miners), author: Jamie Redman.