Definition. This chart calculates the theoretical BTC revenue earned per day, per rig, for various reference ASIC rig models, assuming 100% uptime. Total daily miner revenue is shown as faint grey columns, with price in light grey.

Technical. Each trace scales total daily miner revenue (block subsidy plus fees) by the rig's share of network hash rate:

• Revenue per day (BTC) = Rig Hashpower / Network Hash Rate x Total Miner Revenue (BTC)

An adjustable all-in-sustaining-cost input (Workbench formula f5, in $/kWh, default $0.00) is subtracted as Rig Power (kW) x 24h x AISC / Price, converting costs into BTC terms. At the default setting the traces therefore reflect gross BTC revenue only, with no power or ASIC CAPEX costs accounted for. 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. Revenue per rig-day declines structurally over time as network hash rate grows and halvings cut issuance — the same device earns an ever-smaller share of a shrinking block reward. Comparing the traces quantifies the revenue advantage of newer, higher-hashpower hardware, and why older generations are progressively squeezed toward unprofitability. Analysts can account for an all-in-sustaining-cost ($/kWh) by adjusting the Workbench formula f5, which will subtract the BTC-denominated value of costs from earned revenue.

Notes. Traces commence at each model's approximate availability month. Built from Hash Rate and Miner Revenue (Total). See also the USD profit view ASIC Fleet Profit per Day and ASIC Fleet Break-Even-Cost. 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.