This model estimates the break-even all-in-sustaining-cost ($/kWh) for a set of reference ASIC mining rigs. The calculated break-even cost is intended to incorporate all mining cost including CAPEX, OPEX, logistics, and management.

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

(1) Revenue per day ($/day) = ASIC Th / Global Hashrate * USD Block Reward

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

Break-Even-AISC ($/kWh) = (1) / (2)

The following reference ASIC rig models are considered:

• 🟣 S9 Antminer (13.5 Th, 1323W, Feb-2017)
• 🔵 S17 Antminer (56 Th, 2520W, Apr-2019)
• 🟡 S19 Pro Antminer (110 Th, 3250W, May 2020)
• 🔴 S19 XP Hyd Antminer (255 Th, 5304W, Oct 2022)

Note: Traces are shown for all history for comparative purposes. Analysts should consider the ASIC launch dates listed above.