Definition. This chart estimates the USD-denominated profit earned per rig-day for an Antminer S9 ASIC rig (13.5 Th, 1323W, Feb-2017) under a range of all-in-sustaining-cost (AISC) assumptions ($/kWh), shown as colored columns alongside the rig's estimated break-even AISC 🔵 and price (black).

Technical. The profitability of the rig is calculated as follows:

• (1) Revenue per day = 13.5 Th / Global Hashrate x USD Block Reward

• (2) All-in-sustaining-cost per day = 1.323kW x 24hr x Input All-in-sustaining-cost ($/kWh)

• Profit per day = (1) - (2)

Each trace reflects a different all-in-sustaining-cost ($/kWh) assumption:

• 🔴 $0.025/kWh (Most profitable)

• 🟠 $0.050/kWh

• 🟡 $0.075/kWh

• 🟢 $0.100/kWh

• 🟣 $0.125/kWh (Least profitable)

An additional trace is shown 🔵 for the estimated break-even all-in-sustaining-cost ($/kWh) for this rig.

Interpretation. Each column above zero means a S9 operated at that energy cost was profitable on that day, so the fan of scenarios maps the range of real-world operator outcomes, from well-capitalized industrial miners with cheap power to marginal operators. The break-even trace 🔵 expresses the same information as a threshold: it is the maximum all-in cost per kWh at which the rig remains viable, and can be compared directly against actual electricity prices. Profitability compresses structurally as network hash rate grows and halvings cut issuance, and periods where even low-cost scenarios approach zero have historically coincided with miner capitulation and hash rate declines. Comparing this chart with the other rig generations shows how hardware efficiency extends a device's profitable lifespan.

Notes. Profitability traces begin at the rig's February 2017 release; columns below zero mark days on which the rig ran at a loss under that energy cost. Built from Hash Rate and Miner Revenue (Total). See also ASIC Rig Profitability (Antminer S19 Pro) and ASIC Rig Profitability (Antminer S19 XP Hyd) and the fleet-wide views ASIC Fleet Profit per Day and ASIC Fleet Break-Even-Cost.