With bitcoin prices hovering above a certain handle, a large number of old ASIC mining rigs manufactured years ago are starting to return to profitability. Reports indicate that in China, where average electricity costs are about $ 0.06 per kilowatt hour (kWh), miners are starting to use old miners manufactured by Canaan, Bitmain, and others. Chinese bitcoin miners dealing with electronic component price hikes have found outdated platforms such as the Antminer S9 (10-16 TH / s) are now reaping profits again.
In addition, BTC prices rose from a closing price of $ 11,548 on October 13, 2020 and 30 days later, on November 12, the price closed at a high of $ 16,305 per coin increasing 41.19%. Regional reports from China show it to be high BTC prices between $ 12k and $ 16k have urged Chinese miners to return to using old miners.
Financial columnist Vincent He recently discussed the Bitmain S9 series (10-16 TH / s), noting that the mining platform is today pulling in profits for Chinese miners. “The price increase of electronic components at the end of the year led to an improvement in the cost performance of S9,” the author noted on November 11.
Old mining platforms don’t just make a profit these days BTC prices so high, the columnist notes. Vincent also says that many mining companies are located in desert areas with a lot of dust, and some in areas such as Sichuan where the humidity is higher than average.
These effects “shorten the life of the machines,” and mining platforms such as the “S9 have a better stability ratio due to its simple structure and relatively low computing power,” the report said. report. It is estimated that the S9 miner (13 TH / s) was once used as much as these four year old machines 70% of the BTC hashrate.
BTC prices fell on Friday 13 November and are slightly lower than the closing price the day before. But data from Asicminervalue.com indicates that a number of older mining rigs produced by Canaan, Bitmain and others benefit with an electricity tariff of $ 0.06 per kWh. Any Bitmain Antminer S9 with a hashrate between 10 and 16 terahash per second (TH / s) wins today.
Likewise, three old Avalonminers created by Canaan also benefit, except the Avalonminer 821 and 741 series. In addition to the popular S9s and Avalonminers, legacy mining rigs from Bitfury, GMO, Bitfily, Whatsminer, Halong, Ebang, Pantech and other ASICs are also showing gains.
The older mining platforms are also seeing increased prices in second markets in the US and in Europe at marketplaces such as Ebay and Craigslist.
For example, a Whatsminer M3 with 11.5 TH / s is sold on Ebay for $ 500, while old-school Antminer sell S9s $ 100- $ 800 per unit. Not long ago when BTC prices were lower and difficulty was higher, obsolete ASICs sold for $ 50- $ 250 per unit with terahash output between 10-16 TH / s.
Vincent’s report further notes that the next generation of ASIC miners with outputs of 70 to 100 TH / s have a higher number of computer boards than older models. The compact design of older mining rigs such as the S9 series helps miners in China with warehouse space issues and reduces power consumption, the report details said.
What do you think of older generation ASICs like the Antminer S9 making a comeback? Let us know what you think about this topic in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Ebay, Bitmain, Asicminervalue.com, Canaan,
Disclaimer: This article is for informational purposes only. It is not a direct offer or invitation to an offer to buy or sell, or a recommendation or endorsement of products, services, or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.