This metric estimates the USD denominated profit earned per rig day for the reference device models in the ASIC fleet. Here we subtract an all-in-sustaining-cost of $0.05/kWh, which is multiplied by the manufacturers device power rating. The model assumes 100% uptime.

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

(2) All-in-Cost per day = (Rig Power * 24 * $0.05/kWh)

Profit per Day = (1) - (2)

Note: This chart is presented in log scale, and thus points where rigs become unprofitable will show up as null values.

Analysts can adjust the all-in-sustaining-cost assumption ($/kWh) by adjusting the Workbench formula f5, which will subtract the USD denominated value of costs from earned revenue.

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)

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