This metric calculates the theoretical BTC revenue earned per day for various ASIC rig models. The calculation does not account for any costs such as power or ASIC CAPEX, and thus reflects only the BTC revenue earned per day, per rig (assuming 100% uptime).

Revenue per day = ASIC Th / Hashrate * Block Reward (incl Fees)

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.

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.