cryptomining

The recent decline in Bitcoin (BTC) price has pushed the majority of Bitcoin mining machines into unprofitable territory, according to data from Antpool. Nearly all Antminer models, except the newest generation, are now operating at or below break-even levels.
Based on Antpool’s profitability data, only three models — Antminer S23 Hydro, Antminer U3S23H, and Antminer S23e U2H — remain consistently profitable. These machines belong to Bitmain’s S23 series, launched last year and only began shipping this month. Even so, their profit margins are modest, averaging around $0.016 per terahash (TH/s) per day.
In contrast, many widely used models — including older Antminer units, Whatsminer M6 series, and several lesser-known brands — are now running at a loss. Even the Antminer S21, once considered a high-efficiency flagship, is reported to be barely profitable. Antpool and Antminer are both closely affiliated with Bitmain, one of the world’s largest mining hardware manufacturers.
Falling BTC Price Meets Rising Competition
Bitcoin recently fell below $75,000 before rebounding slightly toward the $78,500 region. This decline has reduced mining rewards relative to electricity costs, tightening margins across the industry. The pressure has intensified despite a temporary decline in network hashrate, partly caused by severe cold weather in parts of North America that forced some mining facilities to scale back or shut down operations.
However, the broader trend remains highly competitive. Bitcoin’s total hashrate is still hovering near record highs, with a new monthly average peak of 927.7 EH/s. While short-term drops in hashrate can slightly improve rewards per active machine, this effect has not been enough to offset the impact of lower prices and rising operational costs.
Profitability Gap Widens Across Hardware
Among current devices, Antminer S23 Hydro leads in efficiency, generating approximately $18.53 per day per unit. Meanwhile, the Antminer S21 earns only about $0.12 per day, and the Whatsminer M63S is estimated to be losing around $0.47 per day per machine.
Longer-term data paints an even more challenging picture. Average monthly mining revenue per TH/s has been declining steadily since August last year, with profitability trending toward the $1 per TH/s threshold. This continues a broader downturn that began after the 2022 market collapse — and notably, miners faced a “profitability crisis” even during Bitcoin’s record-high prices last year.
Miners Look Beyond Bitcoin
In response, many large mining companies have begun diversifying into high-performance computing (HPC) and AI services, aiming to reduce dependence on increasingly competitive Bitcoin mining operations.
Reflecting these pressures, shares of several publicly listed Bitcoin mining firms fell early this week, including MARA Holdings (-2.5%), Cleanspark (-6%), and HIVE Digital (-10%).
This article is provided for informational purposes only and reflects personal research. It does not constitute investment advice. Readers should conduct their own due diligence, and the author assumes no responsibility for any investment decisions.
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This is an open-source operating system that helps miners run their equipment more easily. It is made to work for anyone from home miners to large industrial operations. The goal is to make mining simpler and reduce the need to depend on software from specific companies.
MiningOS uses a peer-to-peer system. This means miners can manage their machines without relying on a central service. They can control and monitor mining activity on their own. The system can grow with the size of the operation. A person can use it at home or a company can use it in many locations around the world.
The system is open and transparent. It does not lock miners into using certain hardware or software. This makes it different from many mining setups that are tied to one company. Tether says MiningOS is modular and flexible. Users can adjust settings based on how much power or output they need.
MiningOS is built on Holepunch peer-to-peer protocols. It is released under the Apache 2.0 license. This allows miners to use and modify the software freely. It is designed to work with many types of mining hardware. The system is self-hosted and does not rely on third-party vendors. This gives miners more control and freedom over their operations.
The CEO of Tether said MiningOS is a complete platform for managing bitcoin mining. It can scale from small setups to large industrial sites. The system aims to remove the black box nature of many mining operations. Miners now have more visibility and can collaborate openly with other users.
Tether first shared plans for this system last year. They said new miners should be able to compete without needing expensive software from other companies. This move puts Tether alongside other groups that are supporting open-source tools for mining. The company hopes MiningOS will bring transparency openness and collaboration into bitcoin mining.
MiningOS allows miners to monitor their operations on a single platform. They can make changes to settings depending on the size of their operation and the results they want. The system can work across multiple locations and manage many machines at the same time. This makes it easier for large operations to stay organized.
Overall MiningOS is designed to make bitcoin mining more open and accessible. It gives miners control over their equipment and software. It can grow with the size of the operation. By being open-source and modular it helps remove barriers for new miners and makes the bitcoin network stronger.
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Several major mining rigs, including Antminer S19 XP+ Hyd, Whatsminer M60S, and Avalon A1466I, are now operating at their shutdown price under current network difficulty and electricity costs of $0.08/kWh.
The pressure is rising for newer models too. The Antminer S21 series (S21, S21+, S21 Hyd.) is approaching a critical range, with shutdown prices estimated between $69K–$74K.
Even top-tier machines aren’t immune. High-performance rigs like the Antminer U3S23H and S23 Hyd face shutdown thresholds above $44K.
👉 What this means: inefficient miners are being squeezed out, network efficiency tightens, and long-term miners with cheap power gain the edge. This phase often reshapes the mining landscape, quietly but decisively.
$BTC
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