Definition. This model estimates the break-even all-in-sustaining-cost ($/kWh) for a set of reference ASIC mining rigs — the effective energy price at which each device's daily revenue exactly covers its running costs. Price is shown in grey.

Technical. Break-even all-in-sustaining-cost (AISC) is calculated as follows:

• (1) Revenue per day ($/day) = Rig Hashpower / Global Hashrate x USD Block Reward

• (2) ASIC Daily Power Consumption (kWh/day) = Rig Power Rating x 24

• Break-Even-AISC ($/kWh) = (1) / (2)

The calculated break-even cost is intended to incorporate all mining costs including CAPEX, OPEX, logistics, and management. The following reference ASIC rig models are considered:

• ⚪ Antminer S9 (13.5 TH/s, 1,323 W, ~98 J/TH, Feb-2017)

• 🔴 Antminer S17 (56 TH/s, 2,520 W, 45 J/TH, Apr-2019)

• 🟡 Antminer S19 Pro (110 TH/s, 3,250 W, 29.5 J/TH, May-2020)

• 🟢 Antminer S19 XP Hyd. (257 TH/s, 5,346 W, 20.8 J/TH, Oct-2022)

• 🔵 Antminer S21 XP (270 TH/s, 3,645 W, 13.5 J/TH, Dec-2024)

• ⚫ Antminer S23 Hyd. (580 TH/s, 5,510 W, 9.5 J/TH, Jan-2026)

Interpretation. Each trace can be read against real-world power and operating costs: a rig remains viable wherever its break-even AISC sits above the operator's actual all-in cost per kWh. The structural downtrend across all generations reflects rising network hash rate and halving-driven revenue compression, while the vertical gap between traces quantifies the efficiency edge of newer hardware. Older generations' break-even thresholds historically fall below typical industrial power prices first, which is the mechanism by which they are retired from the network; fee spikes temporarily lift all thresholds and grant marginal hardware extra breathing room.

Notes. Traces commence at each model's approximate availability month. Built from Hash Rate, Miner Revenue (Total) and price. See also ASIC Fleet Profit per Day and the per-rig scenario charts such as ASIC Rig Profitability (Antminer S19 Pro). Reference models are Bitmain Antminer generation representatives (using the plain S17 56T at 2,520 W, not the S17 Pro); machines from other vendors such as MicroBT and Canaan are not represented. Availability months are the manufacturer's announced shipping windows.