Definition. This chart estimates the USD-denominated profit earned per rig-day for the reference device models in the ASIC fleet, assuming 100% uptime and an all-in-sustaining-cost of $0.05/kWh applied to each device's rated power draw. Total miner revenue is shown as faint grey columns, with price in light grey.

Technical. Profit is revenue attributable to one rig minus its daily energy-cost allowance:

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

• (2) All-in-Cost per day = Rig Power (kW) x 24h x $0.05/kWh

• Profit per Day = (1) - (2)

The all-in-sustaining-cost is intended to incorporate all mining costs including CAPEX, OPEX, logistics, and management; analysts can adjust the assumption ($/kWh) via the Workbench formula f5, which will subtract the USD-denominated value of costs from earned revenue. 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. A trace above zero means a rig of that generation, operated at the assumed cost, was profitable on that day. As a generation's trace compresses toward zero, its operators face margin exhaustion — conditions that have historically accompanied hash rate declines and miner capitulation during deep bear markets and post-halving squeezes. The vertical spread between traces quantifies the margin cushion afforded by hardware efficiency: newer generations remain profitable under conditions that force older rigs off the network.

Notes. Traces below zero mark days on which a rig of that generation ran at a loss under the assumed cost. Traces commence at each model's approximate availability month. Built from Hash Rate and Miner Revenue (Total). See also ASIC Fleet Revenue per Day, ASIC Fleet Break-Even-Cost, and the per-rig scenario charts such as ASIC Rig Profitability (Antminer S9). 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.