For several weeks now, the price of bitcoin has been hovering between $9,000 and $11,000 but, despite this, the race for bitcoin mining continues to be more intense than ever, especially considering the hashrate which has risen continuously since the first months of the year. But how much does it cost to mine a bitcoin? What is the profit margin of miners?
According to a recent study, the price of bitcoin in recent weeks allows most miners to generate substantial profits, given that the real cost of mining a bitcoin has been estimated at between 5100 and 8500 dollars, which is well below the current 10 thousand dollars per BTC.
This cost obviously depends on the equipment used for BTC mining, as there are different solutions with different degrees of efficiency. Another important factor is certainly the cost for energy, which in the study was set at 0.06 dollars per kWh, a rather realistic figure in Eastern Europe, Asia, South America and elsewhere, but not in Western Europe.
How much does it cost to mine a bitcoin? Comparison of the main ASICs
The most expensive solution in terms of electricity costs is certainly the old Bitmain Antminer S9. It has been estimated, in fact, that mining a bitcoin with such a device costs more than 7 thousand dollars in electricity, assuming a cost of 0.06 dollars per kWh.
As reported by those who carried out this study, the estimate is based on the use of a single ASIC for the mining of a BTC, an operation that, depending on the model, could require up to two years. The devaluation costs of the device over a 24-month lifespan are also taken into consideration, so as to obtain an even more realistic estimate.
By opting for more modern products, thus more efficient and with higher hashrates, the cost of mining a bitcoin naturally drops considerably, but the one relative to the devaluation of the device increases. After all, today the old Antminer S9 devices are sold for less than 300 dollars, while the latest high-efficiency ASICs are close to 2500-3000 dollars.
However, considering the reduced energy consumption with the same number of hashrates, the cost in terms of electricity falls significantly, falling below 3 thousand dollars for the most recent and efficient models.
As a result, the total cost necessary for bitcoin mining decreases, which can easily reach only 5100 dollars.
This study is obviously only an estimate. There are in fact too many factors to consider, including the cost of electricity, which in many parts of the world is much higher than that analysed (0.06 dollars per kWh). While in countries such as China, South America and many other Asian locations, electricity can cost even less than 2-3 cents per kWh, significantly raising profits for the miners.
Finally, the study takes into consideration that the ROI, i.e. the return on investment for the purchase of ASICs, has already taken place, when in fact it takes several months to recover the initial investment.