New-Gen Miners Stand Alone as Profitability Vanishes
A sharp decline in Bitcoin prices is squeezing miners across the globe, pushing nearly all but the newest mining rigs into unprofitable territory. According to fresh data from Antpool, only a handful of next-generation machines are currently operating in the green.
Specifically, just three models from the recently unveiled S23 lineup - the Antminer S23 Hydro, Antminer U3S23H, and Antminer S23e U2H - are generating healthy returns. These units, which began shipping this month, are earning roughly $0.016 per terahash (TH) per day, a level most older hardware can no longer reach.
By contrast, widely deployed rigs such as older Antminer models, Whatsminer units, and smaller-brand ASICs are either operating at a loss or hovering dangerously close to breakeven, highlighting how unforgiving the current mining environment has become.
Falling Bitcoin Price Hits Mining Economics Hard
The pressure stems from Bitcoin’s recent price slide, which saw the asset dip below $75,000 before stabilizing around $78,500. For miners, lower prices translate directly into reduced revenue per unit of energy consumed, compressing margins across the board.
This downturn has arrived despite a temporary dip in network hashrate caused by severe cold weather across North America, which reportedly forced some mining operations to curtail or shut down. While reduced hashrate can briefly improve rewards for miners who stay online, the relief has proven short-lived.
Even with these disruptions, Bitcoin’s hashrate remains near record levels, recently setting an all-time monthly high of 927.7 exahashes per second (EH/s). That intense competition continues to dilute block rewards, keeping profitability under strain.
Only the Latest ASICs Still Make Sense
Among all machines tracked, the Antminer S23 Hydro currently leads performance charts, earning approximately $18.53 per day per unit, based on Antpool data. In stark contrast, the still-operational Antminer S21 generates just $0.12 per day, leaving little room for rising power costs or downtime.
The situation is even bleaker for rival hardware. The Whatsminer M63S, for example, is estimated to be losing around $0.47 per day per machine, underscoring how quickly profitability evaporates once hardware falls behind the efficiency curve.
Antpool and the Antminer product line are both affiliated with Bitmain, whose dominance in the ASIC market gives it a front-row view into the economics miners are facing.
Long-Term Profitability Trend Remains Negative
Beyond short-term price moves, the broader trend is worrying. Average monthly miner revenue per TH/s has been steadily declining since August, continuing a downtrend that began after the 2022 market crash. Even during last year’s price highs, miners faced what many described as a profitability crisis, as soaring hashrate offset gains from higher BTC prices.
This structural pressure has pushed miners to rethink their business models. Over the past few years, many large operators have diversified into high-performance computing (HPC) and AI infrastructure, seeking steadier revenue streams outside the increasingly cutthroat Bitcoin mining sector.
Mining Enters a Survival Phase
With Bitcoin prices under pressure, energy costs volatile, and competition near all-time highs, the current environment favors only the most efficient, capital-intensive operators. Older rigs are being phased out rapidly, and miners lacking access to cheap power or cutting-edge hardware are being forced offline.
Unless Bitcoin stages a sustained recovery or energy costs fall meaningfully, the mining industry appears set to remain in survival mode, accelerating consolidation and pushing the sector further toward industrial-scale operations.
