What machines actually produce at our own sites, computed from daily bitcoin price and network hashprice rather than a projection. Nobody pays us to write any of it.
News
Bitcoin today: $3.6 billion leaves Binance as it reopens, bitcoin ETFs' worst day since June — News, Nov 2, 2026. Binance began paying out again on Sunday and $3.64 billion net left in under ten hours, 2.1% of its assets. Bitcoin funds took their largest one-day outflow since June on Friday, $643 million. Bitcoin held near $78,000, and a petahash earns the fewest coins since December.
Bitcoin today: FBI names North Korea for the Binance hack, Binance says 90% is replaced — News, Nov 1, 2026. The FBI, Secret Service and IRS have named North Korea's TraderTraitor group for the $6.3 billion Binance theft, and Binance says it has replaced 90% of what was taken. Bitcoin held near $77,800, and a coin still costs about a quarter of that to make.
Bitcoin today: Fed holds with two votes to raise, Thailand rules bitcoin is property — News, Oct 29, 2026. The Fed held at 3.75% to 4% on Wednesday with two members voting to raise, and bitcoin closed at $80,809 before slipping under $80,000. Thailand's Supreme Court ruled bitcoin is property, and 26 US companies have objected to tokenized trading of their shares. A coin still costs under a quarter of its price to make.
Bitcoin today: near $81,000 before the Fed, Datavault AI can't reach its bitcoin — News, Oct 28, 2026. Bitcoin rose almost 2% to just under $81,000 on Wednesday morning as the Fed prepared to decide, and US ETFs took in $110 million on Monday. A listed treasury firm said it cannot withdraw coins from an exchange, and Luxor raised $16 million for AI brokerage. A coin still costs under a quarter of its price to make.
Bitcoin today: near $80,000 before the Fed, ETFs lose $772 million, AI-cloud stocks slide — News, Oct 27, 2026. Bitcoin held near $80,400 on Monday as oil retreated, with the Fed deciding on Wednesday. US spot ETFs lost $772 million in two days, and Elon Musk's warning on AI-cloud credit hit the listed miners that host AI. A coin still costs under a quarter of its price to make.
Bitcoin today: back under $80,000 before the Fed decision, Brent eases to $114 — News, Oct 26, 2026. Bitcoin slipped under $80,000 on Monday morning in Asia, after closing Sunday at $80,772, as traders wait for Wednesday's Fed decision. Brent crude eased from a six-month high, Elon Musk warned of a shakeout among AI data-centre companies, and a coin still costs under a quarter of its price to make.
Bitcoin today: under $80,000, ETFs lose over $770 million in two days, Fed meets Tuesday — News, Oct 25, 2026. Bitcoin touched $79,146 on Saturday, its lowest in more than a month, as long positions were force-closed and the US spot ETFs lost money for a second day. It was back near $80,800 on Sunday. A petahash earns what it did last week, and a coin still costs under a quarter of its price to make.
Bitcoin today: ETFs lose $636 million and bitcoin slips to $81,000 as the 10-year yield falls — News, Oct 24, 2026. US spot bitcoin ETFs gave back more than the previous day's inflows, bitcoin closed at its lowest in 30 days, and the 10-year Treasury yield had its biggest one-day fall since August 2024. Here is what happened in the last 24 hours, and what it does for a miner.
Bitcoin today: back above $82,000 after a quiet weekend, and China grows 4.5% — News, Oct 19, 2026. Bitcoin closed the weekend at $82,002, 0.6% above Friday, and traded at $82,769 on Monday. China reported 4.5% growth for the third quarter, the spot ETFs lost another $228 million in the week to Friday, and the Fed meets in eight days.
Bitcoin today: difficulty up 5.9%, Schwab opens crypto to all clients, Brent at $110 — News, Oct 17, 2026. Mining difficulty rose 5.92% on 16 October, the third-largest increase of 2026, and every machine now earns about 5.6% fewer coins. Schwab opened bitcoin trading to all its eligible US clients, and oil closed at its highest since May.
Bitcoin today: under $81,000 as hot inflation revives Fed hike bets and the Kospi falls 8% — News, Oct 15, 2026. Consumer prices rose 3.7% in September, above forecasts, and bitcoin fell under $81,000 on our daily series, the lowest since 18 September, as Asian stocks fell hard. Longs paid for it. What it means for anyone running machines, and why the coins a petahash earns did not move.
Binance is closing its mining pool on 10 November. It found 1.1% of blocks last month — News, Oct 14, 2026. Binance will cut every connection to Binance Pool at 07:00 UTC on 10 November, along with cloud mining and Pool Savings. Machines still pointed at it have to move first. It found 48 of the last month's blocks, about one in a hundred.
Bitcoin today: back near $84,000 as Strive buys 3,311, and Binance closes its pool — News, Oct 14, 2026. Bitcoin dipped to about $81,000 on Tuesday and recovered to just under $84,000 after a Fed signal on 2027. Strive bought 3,311 coins, a UK court ruled on 61,000 seized bitcoin, and Binance said it will close its mining pool. What it means for anyone running machines.
Bitcoin today: under $82,000 as $770 million of longs go, and Strategy adds 250 more — News, Oct 13, 2026. Bitcoin dropped below $82,000 on Monday evening as long positions were force-closed, a week after the ETFs' worst outflows since June, with a Korean stock rout adding to the pressure. Strategy still bought, and difficulty is on course to rise again. What it means for anyone running machines.
Bitcoin today: back to $84,000 as oil falls, after the ETFs' worst week since June — News, Oct 12, 2026. The US spot ETFs lost $681 million last week, their biggest weekly outflow since June, and bitcoin still climbed back to about $84,000 as oil fell. Trump declared an energy ceasefire that Ukraine says it was not consulted on, and the next difficulty adjustment is four and a half days away.
CleanSpark, Riot and MARA now report production quarterly. Hashprice still updates daily. — News, Oct 12, 2026. CleanSpark’s 9 October update was its last monthly one, after Riot and MARA had gone quarterly. Twelve listed miners mined about a third of the second quarter’s bitcoin, so the gap matters. What replaces their calendar is hashprice in bitcoin, which matched CleanSpark’s September to within half a percent.
Bitcoin today: CleanSpark ends monthly mining reports, and ETFs take in $21 million — News, Oct 11, 2026. CleanSpark mined 529 bitcoin in September, sold 702, and will stop publishing monthly updates. The US spot ETFs took in $21 million on Friday after $731 million left in two days, and Ledger confirmed a hardware implant in one affected wallet.
Bitcoin today: ETFs lose $731 million in two days as Thailand opens the door to its own — News, Oct 10, 2026. Bitcoin held about $82,500 after Thursday's low near $80,300, but the US spot ETFs have now lost $731 million in two days. Ledger is investigating reports of $86 million stolen from wallets sold by one reseller, and MARA moved 996 bitcoin to Galaxy Digital.
Bitcoin today: oil sends bitcoin under $83,000, and most Fed officials expect another rise — News, Oct 8, 2026. A report that the White House asked for strike options against Iran lifted oil above $102 and took bitcoin under $83,000 early on 8 October. The Fed's minutes say most officials expect another rise this year, and the 30-year Treasury yield closed at 5.67%.
Bitcoin today: oil above $100 pushes bitcoin under $84,000 as stocks close at a record — News, Oct 7, 2026. Iranian attacks on tankers lifted oil, Treasury yields and the dollar overnight, and bitcoin briefly dropped under $84,000 as longs were liquidated. The S&P 500 closed at a record the day before, and a South African bank began selling bitcoin to its customers.
Bitcoin today: SEC custody rules proposed, 10-year yield at a 24-year high — News, Oct 2, 2026. The SEC proposed a custody framework that would let advisers and funds hold bitcoin directly, not only through an ETF. The 10-year Treasury yield touched its highest since 2002. Bitcoin held about $83,600, and a petahash of mining still earned 0.00048 coins a day.
Bitcoin today: the 30-year Treasury yield hits 5.64%, Robinhood plans 10x bitcoin perpetuals — News, Sep 30, 2026. Long-dated US government borrowing costs closed at their highest since 2002 while bitcoin slipped to $83,471. Coinbase won its own clearinghouse, Robinhood announced leveraged bitcoin futures for US customers, and Illinois drafted a 0.2% tax on crypto transactions.
The Bitget hack reused the wallets that laundered North Korea's $1.5 billion Bybit heist — News, Sep 29, 2026. Bitget's CEO suspected North Korea within hours of its $351.6 million hack on 24 September. By the next day, the blockchain-forensics firm Elliptic had the evidence: stolen funds moving through the same addresses that laundered 2025's $1.5 billion Bybit heist, the one the FBI already pinned on Pyongyang.
Bitcoin today: parked under JPMorgan's $85,000 mining floor as ETF flows turn 2026 positive — News, Sep 29, 2026. Bitcoin has closed four sessions in a row under the price JPMorgan calls miners' break-even, even as the ETFs that fuelled September's rally posted their best week since October 2025 and pushed 2026's flows into the green for the first time all year.
Bitcoin today: regulators start writing the crypto rules Congress wouldn't pass — News, Sep 29, 2026. The Senate let the Digital Asset Market Clarity Act die in a procedural vote on 15 September. In the two weeks since, the CFTC, the SEC and the Federal Reserve have each moved to write their own version of the rules anyway, one piece at a time.
Bitcoin today: Strategy buys above the market, Bitget pays out, tariff cuts skip miners — News, Sep 29, 2026. Strategy paid $85,681 a coin last week and bitcoin is now $2,200 under that, Bitget is paying withdrawals back in stages, and the new US–China tariff cuts cover toys and corn but no mining hardware. Hashprice ended the week where it began.
Bitcoin today: Bitget's $351.6 million hack, and yields at a 19-year high — News, Sep 25, 2026. An exchange lost hot-wallet funds it says its own reserves cover in full. A bond market sell-off pushed borrowing costs to a level not seen since before the financial crisis. Bitcoin drifted lower through both, cooling out of extreme greed without breaking anything.
Bitget confirms $351.6 million stolen from its hot wallets — News, Sep 25, 2026. An exchange's own security systems caught the theft within minutes and its own protection fund says it can cover it in full. Both of those claims are worth taking seriously and worth checking, and neither one is a reason a miner's coins were ever near the wallets in question.
Machine reviews
569 days in the UAE, the Antminer S21+ Hyd has never come within $6 of its power line — Progress report, Nov 4, 2026. Bought in April 2025 and racked in the UAE, the 15 J/TH S21+ Hyd has paid its power bill every day since. Its line is $21.60 of hashprice at 6¢, the lowest hashprice since the 2024 halving was $27.74, and the one move left in its life is to Nigeria.
Antminer S21 review: 17.5 J/TH on air at a low box price, and Nigeria is where it pays best — Machine review, 5/10, Oct 31, 2026. Bitmain's S21 is an air-cooled Antminer from 2023, rated 17.5 J/TH. Today it clears Argentina's power with room to spare, and its box costs less per terahash than the newer air machines. Halve the coins a petahash earns and hold everything else flat, and only Nigeria's 3.9¢ still covers it.
CleanSpark ordered 3,800 Avalon A1566Is. In 596 days, hashprice never reached its power line — Progress report, Oct 31, 2026. Canaan's 18 J/TH immersion machine needs $26.02 of hashprice a petahash a day to cover its power at 6¢. In the 596 days since March 2025 the lowest reading was $27.74. Here is what it has banked, why it never crossed, and what the halving asks of it.
Whatsminer M66 review: 19.9 J/TH in the tank, and the lowest entry price in its family — Machine review, 4.5/10, Oct 30, 2026. MicroBT's M66 is the oldest immersion Whatsminer we list: 274 TH/s from 5,453 W. It has the lowest price per terahash in its family and it clears its power at 6¢ today, but it needs Nigeria's 3.9¢ to carry on past the 2028 halving, and the S21 XP Immersion makes a coin for about a third less.
Bought before the 2020 halving, the Antminer S17+ mined most of its coins in 977 days — Field report, Oct 30, 2026. The Antminer S17+ was racked in April 2020 and has paid for its box several times over. More than four of every five coins it has mined came in its first 977 days in Argentina. It is switched off today because hashprice sits under what Nigeria's power costs it, and every coin it made is still held.
Two years in, the Antminer S19j XP stopped once in the 2026 trough and crossed to Nigeria once — Field report, Oct 29, 2026. The S19j XP is a 21.5 J/TH air-cooled Bitmain machine, and the price we first hold for it is from October 2024. It ran in Argentina through the 2026 trough, was switched off for 16 days when hashprice fell under its power line, then crossed to Nigeria, where the line has never been reached.
Whatsminer M74S+ review: 12 J/TH on air, a cheap coin at a high price per terahash — Machine review, 6/10, Oct 28, 2026. MicroBT's M74S+ is an air-cooled Whatsminer at 12 J/TH, the most efficient air machine in our store, and it asks a high price for each terahash. It makes a coin for less than the 13.5 and 15 J/TH machines, and at Argentina's 6¢ it still clears its power at half of today's hashprice.
631 days in Argentina: the Antminer S21 XP was never off, and never within $8 of its power line — Progress report, Oct 28, 2026. Bought in February 2025, the S21 XP has hashed every day since in Argentina, and network hashprice has not once come within $8.30 of what its power costs. It has covered about a third of its box so far. The halving is the test, and it points to Nigeria.
Antminer S19 XP Hyd review: 20.8 J/TH on water at $3 a terahash, and Nigeria pays best — Machine review, 4.5/10, Oct 27, 2026. Bitmain's S19 XP Hyd is a water-cooled machine that makes 257 TH/s from 5,345 W, at one of the lowest prices per terahash we list. On water in the UAE it clears its power with a thin margin today. At Nigeria's 3.9¢ it clears it by a wide one.
The Whatsminer M61 came within 38 cents of its power line, then crossed to Nigeria — Progress report, Oct 27, 2026. MicroBT's 19 J/TH air-cooled M61 was bought in July 2025 with hashprice at $59.71. It fell to $27.74 in June 2026, 38 cents above the machine's 6¢ line, and it hashed through every day of it. It crossed once to Nigeria on 23 July 2026, and a halved hashprice would sit 19 cents over Nigeria's line.
The Avalon A16 uses 8% more power per terahash than the A16XP, and that decides its site — Outlook, Oct 27, 2026. Canaan's air-cooled A16 is listed at 282 TH/s from 3,900 W, 13.83 J/TH, a step behind the A16XP's 12.8. On those numbers it clears its power at 6¢ today but not after the April 2028 halving, where Nigeria's 3.9¢ carries it with room to spare. The record and the price are what it has still to prove.
Antminer S19 XP review: 21.35 J/TH on air, a low box price, and Nigeria is where it pays — Machine review, 4/10, Oct 26, 2026. Bitmain's air-cooled S19 XP makes 141 TH/s from 3,010 W and sells at a low price per terahash. Its case is a cheap box on cheap power: it has stayed above Nigeria's power line every day since the 2024 halving, and above Argentina's on all but about seven weeks of 2026.
The Antminer S19 XP Hyd 3U sat out 38 days of 2026, then crossed from the UAE to Nigeria — Progress report, Oct 26, 2026. Bitmain's 512 TH/s water-cooled 3U box has about twice the hashrate of the original S19 XP Hyd at essentially the same efficiency, 20.7 J/TH. Bought in February 2025, it stood switched off for 38 days this spring, crossed to Nigeria on 19 April and has hashed through every low since.
Whatsminer M63S review: 18.5 J/TH on water, and Nigeria is where it pays best — Machine review, 4.5/10, Oct 25, 2026. MicroBT's M63S is a water-cooled Whatsminer at 18.5 J/TH, held now at close to the lowest entry price we have recorded for it. It clears its power at 6¢ with room to spare today, and it needs Nigeria's 3.9¢ once the 2028 halving halves what a petahash earns.
Whatsminer M60 review: 19.9 J/TH in an air-cooled box, and Nigeria is where it pays — Machine review, 4.5/10, Oct 24, 2026. MicroBT's M60 is an air-cooled Whatsminer at 19.9 J/TH, the first step of a line that has since reached 15.5. It clears its power at 6¢ today and is a Nigeria machine after the halving, but the S21 XP and the M70S make a coin for about a third less.
Bought in the 2021 hardware boom, the Antminer S19j has paid for its box more than twice — Field report, Oct 24, 2026. The S19j was bought in July 2021, when a petahash earned ten times what it does today and a box cost about $88 a terahash. It mined 703 days in Argentina, crossed to Nigeria once, and has kept more than a third of a bitcoin. In 2026 hashprice came down to its line.
Whatsminer M65S+ review: 17 J/TH in the water loop, and a cheaper coin one step up — Machine review, 5.5/10, Oct 22, 2026. MicroBT's M65S+ is a hydro-cooled Whatsminer: 404 TH/s from 6,868 W, 17 J/TH. At today's price it is the cheapest terahash of the four hydro machines we compare and it clears its power in the UAE, but the S21e XP Hyd makes a coin for about a quarter less.
The Whatsminer M30S+ paid for its box, then spent 2026 switching on and off at Nigeria's line — Field report, Oct 22, 2026. MicroBT's 34 J/TH M30S+ was bought in October 2023, six months before the halving, and has more than paid for its box. This year hashprice sank under even Nigeria's line on 84 days, and the machine switched itself off twice for about two months at a time.
Whatsminer M66S+ review: 17 J/TH in the tank, and a cheaper coin one step up — Machine review, 5/10, Oct 21, 2026. MicroBT's M66S+ is an immersion-cooled Whatsminer: 318 TH/s from 5,406 W, 17 J/TH. It clears its power in the UAE today with room, and the S21 XP Immersion, one step up, costs about the same per unit, makes a cheaper coin and returns more in year one.
The Whatsminer M61S+ cleared its power line every day for 14 months, then crossed to Nigeria — Progress report, Oct 21, 2026. Bought in August 2025 with bitcoin at $113,264, the 17 J/TH M61S+ needs $24.48 of hashprice a petahash a day to cover its power at 6¢. The lowest reading in the 14 months since was $27.74. Here is what it has banked, why it crossed to Nigeria, and what the forward figures say.
A year in the UAE, then Nigeria: the Antminer T19 Hyd has paid for its box several times over — Field report, Oct 20, 2026. Bitmain's liquid-cooled T19 Hyd was bought in December 2022, ran a year in the UAE and crossed once to Nigeria. Most of its coins came before the April 2024 halving. In 2026 hashprice sank under even Nigeria's break-even line for the first time, and it stood switched off in two stretches.
Whatsminer M63S+ review: 17 J/TH on water, and Nigeria is where it pays best — Machine review, 5/10, Oct 20, 2026. MicroBT's M63S+ is a water-cooled machine: 400 TH/s from 6,800 W, 17 J/TH, at the lowest entry price per terahash it has had. It clears its power at 6¢ today with limited room, and Nigeria's cheaper power is where its return is strongest.
Nearly two years in Argentina, the SealMiner A2 still clears its power, and Nigeria is next — Progress report, Oct 19, 2026. Bitdeer's air-cooled A2 has run at 6¢ in Argentina since December 2024, through the deepest hashprice trough since, without a day under its power line. Its water-cooled sibling has already crossed to Nigeria. This one has not, and the halving will decide when.
Whatsminer M61S review: 18.5 J/TH in an air-cooled box, and Nigeria is where it pays best — Machine review, 4.5/10, Oct 19, 2026. MicroBT's M61S makes 220 TH/s from 4,070 W in an air-cooled box, at 18.5 J/TH and the lowest entry price per terahash it has had. It clears its power at 6¢ today with less room than newer machines, and Nigeria's cheaper power is where it earns most.
Whatsminer M61S+ review: 17 J/TH in an air-cooled box at the best entry price it has had — Machine review, 5.5/10, Oct 18, 2026. MicroBT's M61S+ is an air-cooled machine that makes a bitcoin on 17 J/TH, with 232 TH/s in a single unit. It clears its power at 6¢ with room today, and at its lowest price per terahash yet it is a sound way to add hashrate. Cheaper power is where it pays most.
Paused through autumn 2024, the Whatsminer M30S++ crossed to Nigeria and has paid for its box — Field report, Oct 18, 2026. MicroBT's 31 J/TH M30S++ was bought in October 2023, six months before the halving, and stood idle in autumn 2024 when Argentina's 6¢ stopped paying. It crossed once to Nigeria, where it has run ever since. Its line sits within a few percent of a halved hashprice at bitcoin's old high.
Bought 72 days before the halving, the Avalon A1466 paused once and now runs in Nigeria — Field report, Oct 17, 2026. Canaan's 21.5 J/TH Avalon A1466 was bought in February 2024 and kept a fifth of its coins before that April's halving. Argentina's 6¢ held for two years, until hashprice dipped under it in February 2026, and the machine crossed to Nigeria once.
Whatsminer M60S+ review: 17 J/TH in a 13.5 kg air-cooled box, and Nigeria's power suits it best — Machine review, 5.5/10, Oct 17, 2026. MicroBT's M60S+ is a 13.5 kg air-cooled machine that makes a bitcoin on 17 J/TH. It clears its power at 6¢ with room today, but the S21+ and S21 Pro return more in year one for less per terahash. After the halving, cheap power is where it belongs.
Avalon A15 review: a low entry price, and Nigeria is where it pays best — Machine review, 5.5/10, Oct 16, 2026. Canaan's air-cooled A15 is 203 TH/s at 18.8 J/TH and sits near the bottom of the catalogue on price per terahash. It clears its power at 6¢ today and returns about what dearer machines do in year one, but its coin costs more to make. After the halving, cheap power is where it belongs.
Avalon A15XP review: 17.8 J/TH in an air-cooled box, and Nigeria is where it pays best — Machine review, 5.5/10, Oct 15, 2026. Canaan's air-cooled A15XP makes a bitcoin on 17.8 J/TH. It clears its power at 6¢ today, but the coin it makes is dear next to the 13.5 J/TH machines, and after the 2028 halving only Nigeria's 3.9¢ keeps its line under hashprice.
The Whatsminer M63S ran 364 days in the UAE without a day off, then crossed to Nigeria — Progress report, Oct 15, 2026. At 18.5 J/TH the water-cooled M63S needs a hashprice near $27 to cover its power at 6¢, and June's low came within $1.10 of it. It did not stop. After a year next to the UAE's water plant and warranty centre, it moved to cheaper power this week. Here is what it has banked and what the forward figures say.
Antminer S21+ review: a low entry price for 16.5 J/TH, and Nigeria is where it pays best — Machine review, 6/10, Oct 14, 2026. Bitmain's air-cooled S21+ makes bitcoin at 16.5 J/TH from a 3.9 kW box. It clears its power at 6¢ with room today, but a halved hashprice sits under that line. Cheap power is where it belongs, and one step up there are cheaper coins.
No days off in 641 in the UAE: the SealMiner A2 Hyd crossed to Nigeria on 25 September — Progress report, Oct 13, 2026. Bitdeer's 16.5 J/TH water-cooled A2 Hyd ran from December 2024 in the UAE through the deepest hashprice trough since, and never once fell below its power line. Then a full year of figures said Nigeria's rate was decisively better, and it made its one move.
Antminer S19j XP review: a low box price for 21.5 J/TH, and Nigeria is where it pays — Machine review, 5/10, Oct 13, 2026. Bitmain's 151 TH/s air-cooled S19j XP costs a fraction of any newer machine per terahash. Its 21.5 J/TH means a coin costs far more to make than on an S21, so the case rests on a cheap box and cheap power, and it holds after the 2028 halving only at Nigeria's rate.
The Antminer S23 Hyd 3U puts 1,160 TH/s in the same 11 kW box that once held 512 — Outlook, Oct 12, 2026. Bitmain has now put four water-cooled Antminers into one 3U chassis, and the power draw has barely moved while the hashrate has more than doubled. The S23 Hyd 3U is the fourth, at 9.5 J/TH. Here is what it asks of a site, and what has to hold.
Whatsminer M60S++ review: 15.5 J/TH in an air-cooled box, and Nigeria is where it pays best — Machine review, 6.5/10, Oct 12, 2026. MicroBT's air-cooled M60S++ is a 13.5 kg machine that makes a bitcoin on 15.5 J/TH. It clears its power at 6¢ with room today, but the S21 Pro and S21+ return more in year one and the S21 XP makes a cheaper coin. After the halving, cheap power is where it belongs.
The Whatsminer M50S++ paused in early 2026 and restarted on Nigeria's cheaper power — Progress report, Oct 12, 2026. Priced in bitcoin, a petahash has earned about the same all year; priced in dollars it more than halved from its 2025 peak, and this 22 J/TH Whatsminer stood switched off for almost two months. It restarted in Nigeria at 3.9¢ and has mined every day since.
Antminer S9 lifespan report: $2,100 in 2016, 5.57 BTC by the time it stopped — Lifespan report, Oct 11, 2026. Bought at launch in June 2016 and run on 3.9¢ power until the day it stopped paying, eight years later. It paid for itself in seven months, was worth more secondhand than new, and mined 30% more bitcoin than the same dollars would have bought.
Antminer S15 lifespan report: it paid for itself in a year and still lost to buying bitcoin — Lifespan report, Oct 11, 2026. Bought at launch at the bottom of the 2018 bear market and run on 3.9¢ power for six and a half years. It mined 0.55 BTC, made 3.6 times its price after power, and was worth more in 2021 than it cost. The same dollars in bitcoin did 8% better.
Antminer S17 lifespan report: six and a half years, 0.87 BTC, and 29% more than buying — Lifespan report, Oct 11, 2026. Bought at launch in April 2019 for $2,159 and run on 3.9¢ power until it stopped paying in November 2025. It paid for itself in six and a half months, was worth two and a half times its price in 2021, and mined 29% more bitcoin than the same dollars would have bought.
Antminer T17 lifespan report: the cheap machine that beat buying bitcoin by half — Lifespan report, Oct 11, 2026. Bought at launch in May 2019 for $1,270 and run on 3.9¢ power until it stopped paying in September 2025. It paid for itself in under six months, earned 5.6 times its price after power, and mined 52% more bitcoin than the same dollars would have bought.
Whatsminer M63S++ review: 15 J/TH on water, and a halving that points it to Nigeria — Machine review, 6.5/10, Oct 11, 2026. MicroBT's water-cooled M63S++ makes bitcoin at 15 J/TH in a box about two rack units tall. It clears its power at 6¢ with room today, but with hashprice halved its line sits above that rate. Cheap power is where it belongs, and one step up there are cheaper coins.
Not one day off in three years: the Antminer S19j Pro+ stayed just above the line — Field report, Oct 10, 2026. The S19j Pro+ ran through the 2024 halving and the hashprice trough that followed, then crossed to Nigeria once. It was never switched off: at 27.5 J/TH its power line stayed under every monthly average of hashprice, at both sites.
Antminer S21+ Hyd review: 395 TH/s in one box, at the best entry price it has had — Machine review, 6/10, Oct 10, 2026. Bitmain's 15 J/TH water-cooled machine packs the most hashrate per box of any we list at its efficiency. It makes a coin dearer than the 13 J/TH machines above it, so its case is the entry price and a site with cheap power.
Bought near bitcoin's peak, the Whatsminer M63S+ cleared June's low and crossed to Nigeria — Progress report, Oct 9, 2026. At 17 J/TH the Whatsminer M63S+ needs a hashprice near $24.50 to cover its power at 6¢, and June's low left it about $3 of room. Bought with bitcoin near $110,000, it spent a year in the UAE and has crossed to Nigeria. Here is what it has banked, and what the forward figures say.
Avalon A15 Pro+: 7% less power than the A15 Pro, and it still needs Nigeria after the halving — Outlook, Oct 9, 2026. Canaan's A15 Pro+ is rated at 240 TH/s from 3,720 W, 15.5 J/TH. It turns the same electricity into about 7% more bitcoin than the A15 Pro it follows. On those numbers it clears its power today at every site, and after the April 2028 halving only at Nigeria's 3.9¢.
Antminer S19 XP+ Hyd review: cheap hashrate, and a halving only cheap power clears — Machine review, 5.5/10, Oct 9, 2026. Bitmain's most efficient water-cooled S19 mines at 19 J/TH and sells for about $4 a terahash. It clears its power at every site we run today, and after the 2028 halving only Nigeria's rate keeps it ahead, by a narrow margin.
Antminer S21e Hyd review: a low price per terahash, and a power bill that decides it — Machine review, 6/10, Oct 8, 2026. Bitmain's 17 J/TH water-cooled machine is among the lowest-priced per terahash of the water-cooled machines we list at that efficiency or better. It needs more electricity per coin than the 13 J/TH S21e XP Hyd, so its case rests on a low entry price and cheap power, and fades after the 2028 halving at 6¢.
Nearly two years in the UAE, the Antminer S21 XP Hyd still clears its power after a halving — Progress report, Oct 8, 2026. Bought in November 2024 and racked in the UAE, the 12 J/TH S21 XP Hyd has paid its power bill the whole way. At 6¢ its line sits under the level hashprice would fall to after the 2028 halving, so the forward figures do not lean on a recovery to clear it.
Five joules kept the Avalon A1366 hashing while its sibling sat dark for two months — Field report, Oct 7, 2026. Canaan launched two Avalons on one day in October 2022, the 25 J/TH A1366 and the 30 J/TH A1346, and we bought both within three weeks of each other. When hashprice hit its low in 2024, five joules decided which one kept hashing.
What to expect from Bitdeer’s A4 Pro Hyd, the A4 that asks less of its chip — Outlook, Oct 6, 2026. 680 TH/s at 10.9 J/TH, water-cooled, from the same chip as Bitdeer’s record-setting Ultra. It has not run at our sites, so this is an argument from the machine before it and the numbers on its spec sheet.
Whatsminer M70S review: the same coin cost as an S21 XP, at a higher price per terahash — Machine review, 7/10, Oct 6, 2026. MicroBT's 13.5 J/TH air-cooled machine makes a bitcoin for the same electricity as the S21 XP and clears its power at our Argentina site with room to spare. What separates the two is the price paid per terahash, and today that favours the Bitmain.
The S19 Pro Hyd switched off for two months and still paid for its box — Field report, Oct 6, 2026. The least efficient water-cooled machine we bought sat out the summer of 2024 and kept every coin it had mined. Three years on, the numbers say what 29.5 J/TH on cheap power is worth.
A year in, the Whatsminer M61S has crossed to Nigeria, the rate that carries it to the halving — Progress report, Oct 5, 2026. At 18.5 J/TH the Whatsminer M61S needs a hashprice near $27 to cover its power at 6¢, and 2026 took hashprice to within $1.10 of that. It was never switched off, and after a year in Argentina it crossed to cheaper power. Here is what it has banked and what the forward figures say.
Bitmain Antminer S21 XP Immersion review: the air XP's 13.5 J/TH for less per terahash — Machine review, 6.5/10, Oct 5, 2026. The S21 XP Immersion makes 300 TH/s from 4,050 W, the same 13.5 J/TH as Bitmain's air-cooled S21 XP, for an immersion tank. It costs less per terahash than the air machine and returns more in its first year. Here is where it sits among the machines it will be weighed against.
Bitdeer SealMiner A3 Hyd review: a sound 13.5 J/TH machine, and the better-value one beside it — Machine review, 6/10, Oct 4, 2026. Bitdeer's 500 TH/s water-cooled machine runs at 13.5 J/TH in a 2U chassis, on silicon the company designs itself. It clears its power at both of our rates. Here is where it fits among the water-cooled machines in stock, and which ones to weigh it against.
Canaan’s Avalon A16XP uses 23% less power per terahash than the A15 Pro it follows — Outlook, Oct 3, 2026. Canaan’s air-cooled A16XP is rated at 300 TH/s from 3,850 W. On those numbers it carries through the April 2028 halving on 6¢ power, which the A15 Pro it follows would not. The record and the price are what it has still to prove.
Two years in the UAE, the Whatsminer M66S has never needed to move or switch off — Field report, Oct 3, 2026. MicroBT launched the M66S in October 2023 as an 18.5 J/TH immersion machine. We bought one in June 2024, two months after the halving, and racked it in the UAE. Difficulty has risen by more than half since, and the machine has stayed where it started, hashing.
Whatsminer M66S review: a low entry price, and two better immersion machines one step up — Machine review, 5.5/10, Oct 3, 2026. MicroBT’s 18 J/TH immersion machine clears its power at our UAE site today, at the lowest entry price we hold for it. For a little more money, two other machines in the same tank make a cheaper coin and return more in year one.
Bitdeer's A4 Ultra Hyd claims 9.45 J/TH at half an Antminer's price per terahash — Outlook, Oct 2, 2026. Bitdeer's water-cooled flagship claims 886 TH/s at 9.45 J/TH, a quarter better than its own A3 Pro Hyd. On the numbers we hold it would return more in year one than any Antminer we have in stock. Here is what that rests on, and what would have to go wrong.
Most of the Antminer S19 Pro's coins came before the 2024 halving. Cheap power keeps it on — Field report, Oct 2, 2026. Bought in August 2020 and run for six years, the S19 Pro has paid for its hardware many times over, rode the 2021 peak, was switched off once, and has spent its late years in Nigeria. Its forward figures show exactly what a 29.55 J/TH machine has left.
Canaan Avalon A1566HA 2U review: the entry price is low, the running cost is not — Machine review, 5/10, Oct 2, 2026. Canaan's 16.8 J/TH water-cooled 2U looks like cheap hashrate. Next to the Antminers on our floor it costs more per terahash than an S21+ Hyd, makes a coin for more electricity, and returns less in its first year. Here is what that means, and who it still suits.
At 18.5 J/TH, the Antminer S21 Immersion is the machine the 2028 halving will test — Progress report, Oct 1, 2026. Bought in January 2025 and racked in the UAE, it has paid its power bill every month and covered a third of its hardware. It is also an 18.5 J/TH machine, which makes its next two years the clearest test of the forward figures we publish.
Bitdeer SealMiner A3 Pro Hyd review: a good machine at a middling price — Machine review, 6.5/10, Oct 1, 2026. Bitdeer's best water-cooled machine makes a coin for about the same electricity as an S21-class Antminer, at a higher price per terahash than the machine next to it on our floor. Whether that is worth paying depends on one thing: what you are comparing it with.
Hashprice nearly halved, and the Antminer S21 Hyd still cleared its power every month — Field report, Sep 30, 2026. Bought in June 2024 at a settled price, a hydro-cooled 16 J/TH machine has sat in our UAE site ever since. Hashprice fell 47% to the lowest reading in our daily record, and not one month failed to cover its electricity. Here is what it has banked and what is left in it.
The Antminer S19 XP mined through the whole 2024 halving before it ever left Argentina — Field report, Sep 29, 2026. Bitmain's first 5-nanometre miner shipped into the worst ASIC market on record, on the strength of a chip nobody had put in a bitcoin machine before. Ours spent more than two years at one site, rode the subsidy cut straight through, and only crossed to cheap power once the numbers stopped being close.
Bitmain Antminer S23 Hyd review — Machine review, 7.5/10, Sep 29, 2026. The second-most efficient hydro machine we stock, 563 TH/s from 5,349 W at 9.5 J/TH, in Bitmain's newest single-box water-cooled chassis. It has run in our UAE water plant since May 2025, and no public failure record exists for it yet — the honest gap in an otherwise strong machine.
Canaan Avalon A15 Pro review — Machine review, 7/10, Sep 29, 2026. Canaan's first machine on our floor: 221 TH/s at 16.6 J/TH, from the company that sold the very first bitcoin ASIC in 2013. A solid, mid-pack air-cooled machine at a genuinely cheap entry price, not the most efficient thing we sell.
The Antminer S19e XP Hyd was less efficient than the S19 XP Hyd it was named for — Field report, Sep 29, 2026. Bitmain put it on sale in May 2024, just over two years after the S19 XP Hyd — and gave it a worse efficiency number, 22 J/TH against 20.8. We bought one once the price had settled, ran it at our water site, and it crossed to cheap power in Nigeria before it had spent a year there.
Nearly two years in, the Whatsminer M63 has stopped once and moved once — Progress report, Sep 29, 2026. At 20 J/TH the M63 is the kind of hardware a weak hashprice tests first, and 2026 tested it: it stood switched off in March and crossed to cheaper power in May. Here is what it has banked and what the forward figures say.
Bitmain Antminer S21j XP Hyd review — Machine review, 8/10, Sep 25, 2026. The S21j XP Hyd puts 495 TH/s in the same 410×170×209 mm box Bitmain has sold since 2024, at an unchanged 12.0 J/TH. Six months after launch it is already the cheapest entry into that efficiency class we sell, hydro-cooled and built for a purpose-made room.
The Antminer S23 XP Hyd is the first Antminer under 9 J/TH. Who is it for? — Outlook, Sep 20, 2026. Unveiled in Hong Kong in August and shipping from November, it will make the cheapest bitcoin of any machine Bitmain has announced. It also costs more per terahash than almost anything else we would put in the same room. Both facts are the point.
We bought the Whatsminer M50S the week it was replaced — Field report, Sep 19, 2026. Six months before the halving, at a settled price, in the same week MicroBT unveiled its successor. The months before April 2024 did the heavy lifting; one crossing to Nigeria did the rest.
The Whatsminer M7DS bets everything on density — Outlook, Sep 18, 2026. 680 TH/s from a single air-cooled box — more than double an S21 XP — at 13.53 J/TH. MicroBT is not chasing the efficiency crown this generation. It is chasing the cost of everything that is not electricity.
Bitdeer’s A4 Pro Air is claiming the best first-year return on the board — Outlook, Sep 17, 2026. 336 TH/s at 10.9 J/TH, air-cooled, and one of the strongest first-year returns on our board. Bitdeer has gone from irrelevant to leading in two generations, and the A2 Pro is the reason to take it seriously.
What the Antminer S23 will do, judged by what the S19 and S21 did — Outlook, Sep 15, 2026. The base air-cooled model of each Bitmain generation has followed the same arc for three cycles. Here is where the S23 lands if it follows the fourth — and on the numbers, it lands well.
The S23 Hyd makes the cheapest bitcoin we have ever measured — Progress report, Sep 14, 2026. About a third less electricity per coin than anything from the S21 generation. Fifteen months of running one, and what 9.5 J/TH does to the arithmetic.
Bitmain Antminer S21e XP Hyd 3U review — Machine review, 8.5/10, Sep 13, 2026. Two water-cooled S21e XP machines in one 19-inch rack chassis: 860 TH/s at 13 J/TH. It needs a purpose-built site, and that narrow market is exactly why it is one of the cheapest ways into water-cooled hashrate we can sell.
The S21+ Hyd is the best-returning machine on our floor — Progress report, Sep 12, 2026. 395 TH/s from one box at a settled entry price, and one of the strongest first-year returns we host. Seventeen months in, here is what it has banked and what is left in it.
Eighteen months with the Antminer S21+, and where it goes next — Progress report, Sep 10, 2026. On track to cover its hardware well before the halving, and at the best entry price it has ever had. Here is what it has done so far and what the next two years look like.
The Whatsminer M60 had the worst timing of anything we bought — Field report, Sep 9, 2026. Landed six weeks after the halving at 19.9 J/TH, into the hardest market a new machine could walk into. It is still clearing its power — in Nigeria, not Argentina — and still on track to cover its box.
What two and a half years on an Antminer S21 actually produced — Field report, Sep 7, 2026. Bought once its price settled, moved to cheaper power the moment that paid better, and still clearing comfortably today. The S21 is the closest thing this industry has to a boring machine, and that turned out to be the point.
The Antminer S17 mined the whole bull run in Argentina, then crossed the Atlantic once — Field report, Sep 5, 2026. Three and a half years on a high-uptime site, straight through the best market the network has ever had, and then one crossing to cheap power when a full year of figures said it belonged there. It mined until November 2025, and the coins are all still here.
Nobody wanted the T21. It quietly out-earned its own price. — Field report, Sep 4, 2026. Bitmain’s unglamorous budget line, overlooked by most buyers. Two and a half years later it has covered most of its hardware and is on track to cover all of it well before the halving.
Bitdeer SealMiner A2 Pro Air review — Machine review, 8/10, Sep 3, 2026. Bitdeer’s first genuinely competitive air-cooled machine: 14.9 J/TH, quieter and lighter than the Antminers it competes with, and it hits its rated efficiency. The open question is how it ages, because almost nobody has run one for two years yet.
Bitmain Antminer S21 XP review — Machine review, 9/10, Aug 29, 2026. The most efficient air-cooled machine we stock, and the one we put S19-era buyers into. At 13.5 J/TH it makes a bitcoin for roughly 40% less electricity than the machine it usually replaces.
Bitmain Antminer S21 Pro review — Machine review, 10/10, Aug 27, 2026. The best purchase on our floor: 234 TH/s at 15 J/TH at a settled price — a machine that covers its own hardware by the next halving and keeps clearing at our rates well beyond it.
The Antminer S9 was switched off in 2024. Its bitcoin never was. — Field report, Aug 24, 2026. Bought in the 2018 bear market, sent to cheaper power when a year of figures said it belonged there, and run until even 3.9¢ stopped paying. Every coin it made is still in the wallet — and they are the cheapest coins we have.
What an Antminer S19K Pro actually mined, from its first winter to today — Field report, Aug 22, 2026. Bought once its price settled after launch, racked in Argentina at 6¢, run through a halving, and moved to Nigeria once cheap power had spent a year paying decisively better. Not one sat sold — and it has already covered its own hardware.
Bitmain Antminer S19K Pro review — Machine review, 6/10, Aug 20, 2026. Three years in, it has covered its own hardware and is still mining. That works on cheap power. What you are buying is 23 J/TH and a hashboard failure rate operators put in the single digits inside six months.
Public miners
Bitdeer in the first half of 2026: 7.8¢ per kWh all costs in, and $68,500 per bitcoin — Public miner audit, Oct 12, 2026. We read Bitdeer's 2026 filings line by line. Mining for its own account, it mined 4,727 BTC in the first half. With power, sites, head office, stock pay and interest all counted, each bitcoin cost $68,500 to get back, or 7.8¢ per kWh, against $73,900 of revenue per bitcoin.
MARA in the first half of 2026: 11.5¢ per kWh all costs in, and $109,700 per bitcoin — Public miner audit, Oct 12, 2026. MARA mined 4,584 bitcoin in the first half of 2026. With every cost in but the machines (sites, hosting fees, head office, stock pay and interest), each cost $109,700 against $74,700 of revenue: an estimated 11.5¢ per kWh. Its owned sites pay 4¢ for power.
Riot Platforms in the first half of 2026: 7.3¢ per kWh all costs in, and $82,700 per bitcoin — Public miner audit, Oct 12, 2026. Riot mined 3,060 bitcoin in the first half of 2026. Read from its own filings, with power, site costs, head office, stock-based pay and interest all counted, that cost 7.3¢ per kWh and $82,700 per bitcoin, against $73,700 of revenue per bitcoin. Its power alone cost 3.3¢.
CleanSpark in the first half of 2026: 8.7¢ per kWh all costs in, and $74,100 per bitcoin — Public miner audit, Oct 12, 2026. Counting everything CleanSpark paid to get its bitcoin back, machines aside, its sites ran at 8.7¢ per kWh from January to June 2026, and each of its 3,715 bitcoin cost $74,100 against $73,900 of revenue. Its power alone, the rate it reports, was 5.3¢.
HIVE Digital in the first half of 2026: 8.1¢ per kWh all costs in, and $71,400 per bitcoin — Public miner audit, Oct 12, 2026. HIVE mined 1,880 BTC from January to June 2026, mostly in Paraguay. Read from its own filings, with every cost in except machines, it paid an estimated 8.1¢ per kWh and $71,400 per bitcoin, against $74,100 of revenue per bitcoin. Its power alone cost an estimated 5.5¢.
Cango in the first half of 2026: $89,600 per bitcoin all costs in, and 7.5–9.8¢ per kWh est. — Public miner audit, Oct 12, 2026. Cango mined 1,922 BTC in the first half of 2026 on machines hosted at third-party sites. Everything it paid to get them back, machines aside, came to $89,600 per bitcoin, against $75,900 of revenue per bitcoin. With no energy figures disclosed, we estimate that at 7.5¢ to 9.8¢ per kWh.
Canaan in the first half of 2026: 6.4¢ per kWh all costs in, and $91,800 per bitcoin — Public miner audit, Oct 12, 2026. Canaan, the maker of Avalon machines, mined 500 BTC in the first half of 2026. With power, head office, stock pay and interest all counted, it paid 6.4¢ per kWh and $91,800 for each bitcoin, against $73,600 that each one brought in. Its advertised power cost is about 4.3¢.
TeraWulf in the first half of 2026: 4.8¢ per kWh all mining costs in, and $45,400 per bitcoin — Public miner audit, Oct 12, 2026. TeraWulf mined 347 BTC in the first half of 2026. With power and every mining site cost in, its mining ran at 4.8¢ per kWh, or $45,400 per bitcoin, against $74,400 of revenue per bitcoin. Its head office, stock pay and interest serve its HPC build-out and are shown apart.
Data
Two 5% difficulty rises in 13 days, a first since 2024, cut a petahash’s coins by 11% — Data insight, Nov 4, 2026. Mining difficulty rose 5.9% on 16 October and another 5.5% on 29 October. It is the first time since February 2024 that two adjustments in a row each added more than 5%, and it means every petahash now wins about 11% fewer bitcoin a day than it did on 3 October.
A bitcoin costs $19,571 to make, up 12% in a month and still a quarter of its price — Data insight, Nov 2, 2026. Two difficulty rises in 13 days, 5.9% and 5.5%, gave each petahash fewer coins than at any point since December, and the best machine's cost of making a coin went from $17,431 to $19,571. Bitcoin's price slipped 7.6% over the same month. The coin still costs about a quarter of what it sells for.
$2.1 billion of longs were liquidated in October, and open interest in coins is 13% higher — Data insight, Oct 31, 2026. Three days this month closed more than $250 million of bitcoin longs, where July, August and September had none. The data shows what that did to leverage: the positions that were cleared came back, and by 30 October there were more of them, counted in coins.
Bitcoin has risen in 8 of 13 Novembers. In all eight, a petahash earned fewer coins. — Data insight, Oct 30, 2026. November is called bitcoin's strongest month, but its average is one year. The part that repeats is on the mining side: whenever the price rose, the network added machines and each petahash earned fewer bitcoin. When it fell, the count held up.
Bitcoin dipped under its 200-week average for 24 days this summer, and is now 20% above it — Data insight, Oct 29, 2026. From 6 June to 17 August bitcoin closed under its 200-week average on 24 days, the first time since October 2023 and far shallower than 2022's, never more than 5.5% under. The average has since climbed to $67,181, and a coin costs under a third of it to make.
Miners were paid below their yearly average for 310 days, and the network shrank — Data insight, Oct 28, 2026. From 13 November 2025 to 18 September 2026 the dollar value of what miners earn sat under its one-year average, the third-longest such run in our record. In the six earlier long ones difficulty rose every time. This time it fell 13%, and each petahash that stayed earned 20% more bitcoin.
Miners' daily pay is up 43% since June, but a petahash earns 27% more — Data insight, Oct 27, 2026. All bitcoin miners together were paid $43.0 million a day in October, up from $30.0 million in June and the most in any month since November. Two things shared it out: the price did most of the lifting, and about 10% more hashrate arrived to divide the pot.
Zcash earns 27% less than in September, and a Z15 Pro still covers its power 13 times over — Data insight, Oct 26, 2026. Zcash's price slid for four weeks after its 26 September high and then held. Its network barely changed, so a machine mines the same coins and earns about a quarter less. At 6¢ power, the Antminer Z15 Pro still takes in about thirteen times what it burns.
Bitcoin's difficulty has won back half of its fall from the record — Data insight, Oct 25, 2026. Mining difficulty peaked at 155.97 trillion a year ago, fell to 124.93 trillion in June and stands at 140.58 trillion: halfway back. The whole round trip is worth about $4,100 on a coin that costs about $18,500 to make and sells for more than four times that.
Bitcoin has moved inside a 6% range for 30 days. A petahash still earned 6% fewer coins. — Data insight, Oct 24, 2026. From 24 September to 23 October bitcoin's close stayed between $81,315.73 and $86,488.03, narrower than all but 129 of the 5,016 thirty-day stretches in our record. A petahash still earned 6% fewer coins, because difficulty rose 5.9% in a single step.
Hashprice has never fallen under the power cost of a 19 J/TH machine since the 2024 halving — Data insight, Oct 22, 2026. In the 914 days from the April 2024 halving to 21 October 2026, a petahash never earned less than $27.74 a day. That is above the power bill of every machine at 19 J/TH or better, at 6¢, on every one of those days. Older machines are a different story, and 2026 is when it started.
Bitcoin confirms 49% more transactions than a year ago, from 12% fewer active addresses — Data insight, Oct 20, 2026. In the 30 days to 14 October, bitcoin confirmed 702,000 transactions a day, 49% more than a year earlier, while active addresses fell 12%. Each address now accounts for more transactions than in any year of our data. Fees did not follow, and a miner's income is still the subsidy.
Bitcoin moves half as much on weekends. Miners are paid the same. — Data insight, Oct 19, 2026. Since 2021 the typical Saturday or Sunday has moved bitcoin's price only 52% as far as a weekday, and fees have run about a quarter lower. The blocks, and the day's pay to miners, have not noticed the calendar at all.
Bitcoin's hashrate reading is off by more than 10% on one day in four — Data insight, Oct 18, 2026. Hashrate is not measured. It is estimated from how fast blocks arrive, and blocks arrive by luck. In the year to 17 October the daily reading sat more than 10% from the average of the days around it on 24% of days. The record day, 1,306 exahashes, was a lucky one.
Mining hardware costs 133 to 213 days of what it earns, the least since April 2024 — Data insight, Oct 17, 2026. In September a terahash of the newest machines cost $8.42, and one from the 19 to 25 joule class cost $5.25, the lowest in our record. Set against what a terahash earns in a day, that is the least since April 2024. The cheaper class is cheap for a reason, and the power price shows it.
Blocks ran 6% fast for two weeks, so bitcoin's difficulty is about to rise 6% — Data insight, Oct 16, 2026. Hashrate rose about 6% over the last two weeks, so blocks arrived 9 minutes 26 seconds apart instead of ten, and difficulty is due to reset about 6% higher on 16 October. Here is the arithmetic, how rare a step this size is, and what it does to a machine.
Bitcoin's price fell 45% from October to June. Making one on the best machine got 11% cheaper — Data insight, Oct 15, 2026. Between October 2025 and June 2026 the average price of a bitcoin dropped from $114,290 to $63,237. The electricity to make one on the most efficient machine we stock fell from $20,147 to $17,831, and it is about $18,000 today. The reason is the network, not the market.
A year on from their record, the bitcoin ETFs hold 60,000 fewer coins. Miners made 163,000. — Data insight, Oct 13, 2026. On 13 October 2025 the US spot bitcoin ETFs held 1,348,977 bitcoin, the most in their history. A year later they hold about 4.5% fewer, while miners created 163,191 new coins. The funds gave back as many coins as miners made until July, then bought twice what miners made.
The next halving is 79,029 blocks away, and closer to schedule than the last two — Data insight, Oct 12, 2026. Bitcoin's next halving comes at block 1,050,000, and on 11 October 2026 the chain stood 79,029 blocks short of it, with 246,966 coins left to mine at today's reward. After 905 days the clock is running about four and a half days ahead of the ten-minute schedule, closer than in the last two cycles.
A petahash earns 13% more bitcoin than it did at the record high a year ago — Data insight, Oct 11, 2026. Bitcoin closed at a record $124,493 on 6 October 2025 and was $82,562 on 10 October 2026. Over the same year mining difficulty fell 12%, so each petahash of hashrate now earns more coins a day than it did at the top. Here is how far that has gone and why it has slipped since August.
A year after the $19 billion crash, bitcoin futures carry half the leverage they did — Data insight, Oct 10, 2026. On 10 October 2025 a tariff post set off the largest liquidation day crypto has recorded. Twelve months on, bitcoin futures open interest is down 47% from its peak while the price is down 34%, and a petahash earns 13% more coins a day than it did that morning.
ETFs and longs had their worst days since 25 June. Bitcoin is 35% higher than it was then. — Data insight, Oct 9, 2026. On 7 October the US spot ETFs lost $487 million, their largest outflow since 25 June. The next day bitcoin longs lost $272 million, the most since the same date. In June that pair came with bitcoin at $60,470. This time it is 35% higher and the market is calm.
The 10-year yield passed its 2007 peak, and bitcoin is up 47% since June — Data insight, Oct 7, 2026. The ten-year Treasury yield closed at 5.31% on 5 October, above the 2007 peak. In 2022 a climb like this meant a falling bitcoin. This year yields rose in six months and bitcoin fell in only two. The longer record says the old rule was never a rule.
Bitcoin has risen in 10 of 13 Octobers. Mining difficulty has risen in all 13. — Data insight, Oct 6, 2026. October has the best median return of any month in our price record, and it has never once ended with mining difficulty lower. The two arrive together: a good October lifts the price and the competition at the same time. Here is what 13 of them show, and what it means for the coins a machine keeps.
Miners spent 219 of the last 365 days switching machines off, the most in our record — Data insight, Oct 5, 2026. When the network's 30-day hashrate average sits under its 60-day average, miners are turning machines off faster than new ones arrive. That happened on 219 of the last 365 days, the most of any 365 days in our record. It ended on 27 August, and the machines that stayed on now earn about 17% more coins.
Bitcoin's difficulty moved 0.03% on 3 October, the smallest retarget since 2020 — Data insight, Oct 3, 2026. Mining difficulty was reset by just 0.03% on 3 October, the smallest retarget since June 2020 and the fourth-smallest of 466. The 19 before it this year averaged 4.4%. Here is what a flat retarget means for the coins a machine makes.
Mining beat buying bitcoin in 161 of 172 machine purchases from 2018 to 2021, on 3.9¢ power — Data insight, Oct 2, 2026. We took twelve of the most-bought ASICs and every month each was on sale since 2018, paid every power bill, sold the machine today, and put the same dollars into bitcoin on the same days. On cheap power the machine ended with more bitcoin almost every time. Nothing bought in 2022 beat the coins.
Zcash is up eleven-fold in a year. Its hashrate has not kept up — Data insight, Oct 2, 2026. Zcash's price rose from about $133 to about $1,498 in a year, weekly averages, and its network hashrate rose under four-fold. That gap is why a Zcash machine earns several times what it did, and why bitcoin machines earn a fraction of it per kilowatt.
Bitcoin spent 14 days at half price or worse. Earlier bear markets spent 533 or more. — Data insight, Sep 30, 2026. Bitcoin fell 53% from its October 2025 high and closed at half price or worse on only 14 days. That is the shallowest fall from a cycle high in our record, and it came with a twist for miners: income per machine, counted in coins, went up.
Funding went from 21% to negative in four days. Bitcoin held $84,000. — Data insight, Sep 29, 2026. On 21 September, annualised funding on the bitcoin perpetual hit 20.7%, its highest reading of the whole rally, as traders borrowed to chase the price rather than being forced to cover a losing short. Four days later it was negative. Open interest fell with it. The price barely did.
Bitcoin's busiest year is paying its miners the least in a decade — Data insight, Sep 29, 2026. The chain has averaged 578,000 transactions a day in 2026, more than any year before it, and the typical one pays about 41 cents. Fees are 0.6% of what miners earn, the lowest since 2015, and almost all of the rest is the subsidy that halves in 2028.
Bitcoin rallied 43% off its June low. Difficulty is still 15% below its October peak. — Data insight, Sep 29, 2026. Bitcoin has recovered most of this year's losses since its June low. Mining difficulty, which measures how much machinery is actually competing for each block, has not: it is still 15% below the record it set in October, even after three straight increases. Here is what the gap between the two means for anyone running a machine today.
Bitcoin just had the best September on record — Data insight, Sep 23, 2026. September is supposed to be bitcoin’s worst month, and for years it was. This year it is up 10% with a week to go, the best September in the thirteen years we have prices for. Here is what the record shows, and what it meant for anyone mining through it.
The squeeze and the flood: what drove bitcoin from $63,000 to $86,000 — Data insight, Sep 23, 2026. Two things happened at once this autumn. Traders who had bet on bitcoin falling were forced to buy it back, and money poured back into the US spot ETFs after most of a year of net outflows. The data shows which one lasted.
Bitcoin rallied into 5% Treasury yields. It is not supposed to do that. — Data insight, Sep 23, 2026. In the same week the ten-year Treasury yield closed at 5% for the first time since 2007 and the Federal Reserve raised rates, bitcoin began a 14% climb. Every textbook says a 5% risk-free rate should starve an asset that pays no income. This is what the data says instead.
Guides
Why a bitcoin miner’s daily earnings change when nothing on the machine changed — Guide, Nov 4, 2026. Your machine hashes at the same speed all week, yet the dollar figure on the dashboard keeps moving. Two separate things are behind it, and they run on different clocks: the bitcoin your hashrate earns changes about every two weeks, and what those coins are worth changes every day.
What share of the bitcoin network does one miner own, and what does that share earn a day? — Guide, Nov 3, 2026. A 500 TH/s machine owns about one two-millionth of bitcoin's mining power, and that sliver earns about 21,300 satoshis a day. Here is how the share is worked out, why it earns a little less each time difficulty rises, and what it means when you pick a machine.
How big and heavy is a bitcoin miner? 13 to 23 kg air-cooled, up to 50 kg as a rack unit — Guide, Nov 2, 2026. A first-time buyer pictures a computer. A bitcoin miner is a steel-cased block of 13 to 23 kg if air-cooled, drawing 2.6 to 9.4 kW, and the water-cooled rack units reach 50 kg. Here are the sizes in our store, what each weight means for freight and handling, and the three numbers to check before you order.
What rejected and stale shares are on a miner's dashboard, and how many is normal — Guide, Nov 1, 2026. Open any pool dashboard and you will see a reject rate. A few rejected shares are normal and a rising rate is a warning. Here is what the number counts, the three ways a share gets rejected, and what to do when it climbs.
Should your first bitcoin miner be new or used? The power bill decides — Guide, Oct 31, 2026. A used miner earns the same coins per terahash as a new one. What differs is the electricity it burns to earn them. That gap is a sum you can do before you pay, and it decides whether a low price is a bargain.
Can you change a miner's pool or wallet, and what happens to coins already earned? — Guide, Oct 30, 2026. Yes, you can change either one, but they are two different settings in two different places. The coins your old pool had already credited stay there until they pass its payout minimum, which can be weeks of a machine's earnings. Here is the order that leaves nothing behind.
What a bitcoin block is, and why one arrives about every ten minutes — Guide, Oct 29, 2026. A block is a batch of a few thousand payments, stamped with a prize for whoever finishes it first. The network is built so that one is found about every ten minutes, 144 a day, and every machine you might buy is a ticket in that race.
What a satoshi is, and how to read the small amounts a bitcoin miner earns — Guide, Oct 28, 2026. One bitcoin splits into 100 million satoshis, and a miner's daily pay is counted in thousands of them: on 27 October a 270 TH/s machine earned about 12,100 sats, or $9.71. Once you can move between bitcoin, sats and dollars, every pool dashboard makes sense.
What a bitcoin miner's power modes do, and whether high-performance mode pays — Guide, Oct 27, 2026. Many miners offer a normal mode, a lower one and a higher one. The higher one adds hashrate but burns far more power for every extra terahash. One sum with two numbers tells you whether it pays at your power price. In the worked example, on 26 October's hashprice, it did not.
How to use a bitcoin mining profitability calculator: the four numbers it needs — Guide, Oct 26, 2026. A mining calculator asks for four numbers and does one subtraction: what the machine earns in a day, minus what its electricity costs. Get the four right and the answer is trustworthy. Get one wrong, and the result looks precise while being fiction. Here is where each number comes from.
How many bitcoin are left to mine, and when will the last one be found? — Guide, Oct 24, 2026. There will never be more than 21 million bitcoin, and about 95.7% of them already exist. Here is how to work out how many are left, why the last ones take more than a century to find, and what a smaller prize means for a machine you buy today.
How mining pools pay you: FPPS, PPLNS, fees and payout minimums — Guide, Oct 22, 2026. Every pool counts your machine's work, but they pay for it in different ways, and the fee and the payout minimum change what reaches your wallet. Here is what FPPS and PPLNS mean, what a 2% and a 4% fee cost a real machine, and the three lines to read before you point one at a pool.
What XP, Pro, S++ and Hyd mean in a bitcoin miner's name — Guide, Oct 21, 2026. XP, Pro, S++ and Hyd are not decoration. Inside one maker's range they mark a step up in efficiency, and a word or a digit says how the machine is cooled. Here is how to read a name in three steps, and where the pattern breaks.
What a hash is, and what the TH/s on a miner's spec sheet counts — Guide, Oct 19, 2026. A hash is a fingerprint, and a miner is a machine that makes hundreds of trillions of them a second, looking for one that starts with enough zeros. Here is one real block's fingerprint, what it took to find, and what TH/s then tells you about a machine.
What is inside a bitcoin miner: hashboards, a control board, a power supply and fans — Guide, Oct 18, 2026. A bitcoin miner is not one mysterious chip. It is three boards of mining chips, a small computer that runs them, a power supply and a way of getting the heat out. This guide opens one up, part by part, and says what happens to the machine when each one stops working.
How loud is a bitcoin miner, and can you run one at home? — Guide, Oct 17, 2026. A single air-cooled miner is rated at 76 decibels, draws 3,645 watts and needs a 220 to 277 volt supply. Add a second one and the room gets louder, hotter and harder to power. This guide works through the noise, the heat and the wiring, step by step, so you know what a machine asks of its building.
Why the same bitcoin miner comes in different hashrates, and which one to buy — Guide, Oct 16, 2026. Open the store and one model, the Whatsminer M60S++, is listed in fifteen sizes from 202 to 234 TH/s. They are not different machines. Here is why they differ, what changes between them, and how to pick one with a sum you can do yourself.
Can a bitcoin miner mine other coins? What the algorithm on the spec sheet decides — Guide, Oct 15, 2026. A mining machine is built to solve one kind of puzzle, and the spec sheet names it. Here is what the algorithm line means, why a bitcoin miner cannot simply be pointed at another coin, and a three-step check before you buy anything.
What to check before you buy your first bitcoin miner: six questions, in order — Guide, Oct 14, 2026. Before you pay for a miner, six questions decide whether it makes sense: what your power costs, what the whole box costs, where it will live, how many halvings it survives, what a fault costs, and where the coins go. Each one has a number, and this guide shows you how to find it.
How long does a bitcoin miner last, and what ends its working life? — Guide, Oct 13, 2026. A mining machine does not wear out on a date. It stops when a day of running it costs more than the coins it makes. Four machines on cheap power ran six to eight years before that day came, and a four-step check tells you where yours stands.
Why your miner's hashrate reads lower than its spec sheet, and when to worry — Guide, Oct 12, 2026. The box says 270 TH/s and the pool says 240. Almost always nothing is broken: the two numbers are counted in different ways, over different windows. Here is how to tell a normal wobble from a real fault, and what a real one costs.
Can you mine bitcoin with a laptop, a phone or a graphics card? — Guide, Oct 11, 2026. You can run the mining program on any of them, and none will ever win a block. A modern mining machine is about 400,000 times faster than a graphics card from the Bitcoin wiki's table. Here is the sum, step by step, and what to check in any offer to mine on a device you own.
How long does a bitcoin miner take to pay for itself? A four-step sum you can do yourself — Guide, Oct 10, 2026. Payback is the one question every first-time buyer asks, and the answer is four numbers and a division: what you paid, what the machine earns in a day, what the electricity costs, and what is left. Here is the sum, worked on a real machine at today’s figures.
What a bitcoin miner is, and what it actually does all day — Guide, Oct 9, 2026. A bitcoin miner is a computer built to do one job: guess numbers until one passes a test, which earns bitcoin from the network. This guide explains the job, the three numbers on the box, and what a machine earns in a day, in plain words, step by step.
What the bitcoin halving is, and what it does to a mining machine's earnings — Guide, Oct 8, 2026. Every 210,000 blocks, about every four years, the bitcoin a miner is paid for each block is cut in half. A machine's daily coins fall by about half with it, its power bill does not, and that is the whole reason efficiency matters. Here is the halving, step by step.
Air, hydro or immersion: what a miner's cooling means, and how to choose between them — Guide, Oct 7, 2026. Every miner turns nearly all its power into heat, and air, hydro and immersion are three ways of getting that heat out. The surprise for a first-time buyer is that the cooling does not set a machine's efficiency: the Antminer S21 XP is 13.5 J/TH in air and in immersion alike.
What a bitcoin wallet address is, and how your miner's payouts reach it — Guide, Oct 6, 2026. Before a miner can pay you it needs one thing from you: an address. Here is what that string of characters is, where it comes from, the five steps that put it in a pool, and why the first payment can be a week or a month away.
How much electricity a bitcoin miner uses, and how the power price decides if it makes money — Guide, Oct 5, 2026. A bitcoin miner is a machine that turns electricity into coins, and the price of that electricity is the one cost you can fix in advance. Here is how to work out what a machine draws and what that costs a day, with the arithmetic done for you at three power prices.
What mining difficulty is, and why your machine's earnings change when it does — Guide, Oct 4, 2026. Difficulty is how hard each of a miner's guesses is to win, and the network resets it every two weeks. When it rises 10%, the same machine earns about 9% fewer coins. Here is the arithmetic, worked through for one machine.
How hosting a bitcoin miner works, step by step, from checkout to first payout — Guide, Oct 3, 2026. Hosting means your machine lives in an industrial building while the coins are paid to your own wallet. Seven steps take it from checkout to first payout, and after checkout the only regular bill is the electricity.
What uptime means for a mining machine, and what a day offline costs — Guide, Oct 2, 2026. Uptime is the share of the year your machine is actually hashing. At 99% that is still 3.65 days off. For an Antminer S21 XP, one day off is 0.000129 bitcoin that nobody pays back, so the figure is worth knowing before you choose where a machine lives.
How to read a bitcoin miner's spec sheet: the five numbers that matter — Guide, Oct 1, 2026. A spec sheet has two dozen lines and five of them decide whether a machine pays. Here they are in the order to read them, with two real machines worked through, so you can do the sum yourself before you buy anything.
What is hashprice, and what does it mean for my miner? — Guide, Sep 30, 2026. Bitcoin fell 26% in a year, and every petahash of mining power earned 7.3% more of it. Hashprice explains why, and a few steps of arithmetic turn it into what your own machine mines and what each coin costs you to make.
What a mining pool is, and why your machine mines in one — Guide, Sep 29, 2026. On its own, one Antminer S21 would find a bitcoin block about once in 89 years. A pool puts many machines to work on the same block and pays each by its share of the effort, which turns a lottery into a small daily payment to your wallet.
Every forward projection assumes the old high returns — Guide, Sep 25, 2026. Every outlook and review on the site prices a machine's future coins at bitcoin's previous all-time high, not today's, and runs that number to the halving expected in April 2028. That looks generous. The quieter alternative — assuming a price bitcoin already reached is never reached again — is the assumption nobody notices they'd be making instead.
A failed hashboard is a line item, not a catastrophe — Guide, Sep 22, 2026. Every mining machine develops faults eventually. Whether that is frightening or routine has very little to do with the machine, and almost everything to do with where it is racked and who is standing next to it.
A machine crosses to cheap power once — Guide, Sep 11, 2026. Everyone agrees that ageing machines should move to cheaper electricity. The hard part is when: not in a lull, not after the machine starts losing money, and never back again when the market turns.
The price of a miner is not the price of the box — Guide, Sep 8, 2026. The sticker price of a mining machine is the smallest honest number in the deal. Freight, duty, customs, cooling plant and setup all sit between the box and its first hash — and they quietly change which machine is actually the cheaper one.
Efficiency decides how many halvings a machine survives — Guide, Sep 6, 2026. Joules per terahash looks like a spec-sheet detail. It is the one number that decides whether a machine is still worth switching on after the next halving, and it explains why an old machine and a new one can both be good buys.
Nobody sells the coins to pay the power bill — Guide, Sep 2, 2026. Run the same machine at the same site two ways and you end up in two different businesses. One sells a little bitcoin every day to cover the electricity. The other keeps every coin and pays for power some other way. Serious miners run the second.
Machines are the roof, not the building — Guide, Aug 25, 2026. Most people look at a bitcoin miner the way they look at a stock, and it leads them to every wrong conclusion. Look at it the way a landlord looks at a rental property and the whole business snaps into focus.