This post will discuss how much can you make mining Bitcoin with MicroBT Whatsminer, and if Bitcoin mining is still profitable today.
Bitcoin adoption is more widespread than ever before, and that means more people are becoming curious about Bitcoin mining. But in a volatile market, some wonder if they’re too late.
There are many different Bitcoin mining rig on the market today. These devices have evolved through a highly competitive Bitcoin mining arms race — the Bitcoin blockchain uses vast amounts of processing power in order to solve extremely complex math problems and secure its network, forcing hardware to become progressively more powerful.
As the latest series miner of MircoBT Whatsminer, the M50 series stands out among many miners. However, before you purchase your own Whatsminer, you may want to know how much can you make mining Bitcoin in 2023?
The truth is, your success with Bitcoin mining hinges on many different factors. But if you do your research, you stand a good chance of drawing some solid revenue.
How Much Can You Make Mining Bitcoin with Whatsminer
There was a time just a few years ago that Bitmain completely dominated the ASIC hardware market. Then, around 2019, a company called MicroBT made a huge push to gain market share with the release of their M20S series of miners, rivaling and even out-performing the Antminer S9.
In general, you can expect to make between $30 and $450 per mining device per month if you choose to mine Bitcoin at home. Your hashrate, or the rate at which you process data, determines how much money you can make mining Bitcoin. computing power), the amount of energy you’re consuming, and your cost of electricity.
The more recent M30S series is unquestionably the way to go today if your objective is to profit the most from bitcoin mining in 2023. Consider the Whatsminer M30S+, a device that, in terms of ASIC performance, is most comparable to the Antminer S19.
For more information on various Whatsminer models, go to our MicroBT Whatsminer page.
The MicroBT miners are also well-known for their durability and solid performance even in higher temperatures, making them a solid choice for DIY home miners looking to graduate from S9’s into the big leagues.
Is Bitcoin Mining Still Profitable In 2023?
Yes, bitcoin mining with ASICs can still be a source of significant profit in 2022. The amount you make will depend on your hardware and the cost of electricity where you live, but ASIC miners are still your best option to reach Bitcoin mining success.
If you mine one Bitcoin today – valued at a price of [46,688] – but it costs you $50,000 in electrical bills to do it, that would not be ideal. Although there are some exceptions around the US and Canada, typical residential electricity rates are simply too expensive to mine profitably. However, this is why we offer services like Managed Mining which allow you to take advantage of our cheap electricity and operational expertise by hosting your bitcoin miners with us.
Ultimately, whether you prefer being a DIY home miner or using our white glove hosting service, you’ll need to understand which ASIC miner is right for you to achieve the best ratio of hashrate to electrical cost.
How Has Bitcoin Mining Profitability Changed Over Time?
Aspects of the Bitcoin mining business are similar to mining physical assets, like gold or silver. The higher asset prices rise, the more profitable mining becomes and the less efficient miners need to be to make money.
However, Chris Kline, co-founder and chief operating officer of Bitcoin IRA, notes that there are several factors to consider when it comes to Bitcoin mining profitability other than the price of Bitcoin itself.
“Alongside price, crypto mining profitability can be determined by a few different factors, notably rising electricity rates and increasing gas and energy prices, coupled with rising transactional prices,” Kline says.
Bitcoin mining requires nearly 139 terawatt-hours (TWh) of electricity per year, which is more than the annual energy consumption of Norway.
The more expensive that electricity gets, the fewer profits miners can make. Rising oil and natural gas prices have increased U.S. electricity prices by about 12.6% on average in the past year.
Despite the pressures of rising electricity prices and falling Bitcoin prices, there are at least a couple of trends that are moving in the right direction for Bitcoin miners.
Bitcoin Mining Equipment
The price of Bitcoin mining equipment is a major factor in profitability. The prices of top and mid-tier application-specific integrated circuit (ASIC) miners, the specialized chips made for Bitcoin mining, are reportedly down roughly 70% from their all-time highs in 2022 when units sold for around $10,000 to $18,000.
“GPU costs are rapidly decreasing, which translates to higher mining profitability,” Kline says.
In addition, Andy Long, CEO of cryptocurrency miner White Rock Management, says lower Bitcoin prices result in less efficient miners shutting down operations as they start to lose money. On the flip side, fewer total miners mean more efficient miners begin to earn more Bitcoin as prices fall.
“The genius of the system is the difficulty mechanism automatically keeps block production running, with a new block every 10 minutes on average. So at lower prices, some miners will throw in the towel. But there will always be efficient miners with high-performance equipment that will keep securing the network,” Long says.
MicroBT Whatsminer with the high hash rate and performance is a good choice to mine bitcoin.
Bitcoin Network Hashrate
To mine Bitcoins, all the computers connected to the Bitcoin network are making millions of attempts at completing hashes every second of the day. A hashrate measures how many calculations can be performed per second, and this measurement can be by the billions, trillions, quadrillions, and even quintillions. One terahash, for instance, equals 1 trillion hashes per second.
The profitability of Bitcoin mining is quantified as hashprice, measured in dollars per terahash (TH) per second in the last 24 hours. If you string that all together, the acronym for that measurement is USD/TH per second per day.
The calculation of hashprice includes variables such as network difficulty, Bitcoin’s price, Bitcoin’s block subsidy and transaction fees.
Bitcoin’s profitability peaked at around $3.39/TH per second during the crypto market boom in December 2017.
Bitcoin’s hashprice was as high as $0.412/TH per second in late October 2021. Today, it’s down to just $0.104/TH per second.
While the profitability of Bitcoin mining has dropped, total mining activity remains near all-time highs.
The network’s hashrate is currently around 202.3 million TH per second, up from 72.9 million TH per second a year ago and 6.5 million TH per second in early August 2017.
How Many Bitcoins Will Be Mined in 2023?
There are about 900 new Bitcoins being mined every day. Assuming that rate held up during the entirety of 2022, then about 328,500 Bitcoin would’ve been mined in total. That should hold true during 2023, too. Roughly speaking, the amount of Bitcoin remaining to be mined totals around 2 million.
The interesting thing to note is that more people mining Bitcoin does not lead to an increase in the number of coins being mined. The block reward is currently set at 6.25 (this will remain true until the next Bitcoin halving), and one block gets mined roughly every 10 minutes. Increased competition for blocks leads to a higher hash rate, but the number of new coins being minted remains the same.
Summary
In the end, the real income of MicroBT Whatsminer is according to the current BTC price and many other factors. However, Whatsminer series miners are still one of the most profitable miners in the market.
