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Progress report · Sep 21, 2026 · 5 min read
The S23 Hyd makes the cheapest bitcoin we have ever measured
$31,000 of electricity a coin at 6¢ — a third less than anything from the S21 generation. Fifteen months of running one, and what 9.5 J/TH does to the arithmetic.
Bitmain Antminer S23 Hyd (563 TH/s)
The number that separates it
A 563 TH/s S23 Hyd at 9.5 J/TH, running at our Argentina site since June 2025. Over 463 days it has mined and kept 0.1199 BTC for $3,834 of electricity. That is $31,975 a coin — and at today’s difficulty the figure is about $31,000.
For context, the S21 Pro makes a coin for roughly $47,000 at the same site and the same rate, and the S19-era machines are north of $60,000. The S23 Hyd is not incrementally better than its predecessors. It is a third cheaper per coin, which is the largest single-generation step we have measured.
Every other machine we host makes a coin for $42,000 to $70,000. This one does it for $31,000.
Where it is in its life
The catch is the entry. It landed at $21,244, so fifteen months of running have covered about 28% of it — $5,911 of cashflow so far. That is a slower start in percentage terms than a cheap machine posts, and it is what buying the front of a generation costs you.
What you get for it is runway. At today’s difficulty and with bitcoin back at its previous high it has another 0.155 BTC and roughly $14,479 in it before April 2028, which is more forward value than any other machine we host. And at 9.5 J/TH the 2028 halving does not retire it — a machine this efficient still clears at 6¢ afterwards, which almost nothing else from the current floor can say.
Who it is for
This is the machine for somebody buying once and keeping it — where the decision is about the next five years rather than the next eighteen months. The capital is real and the payback is slower in percentage terms than a discounted S21, but the cost of each coin is in a different class and stays there through a halving.
It needs a water loop, which our Argentina and UAE sites both have. If yours does not, the air-cooled S23 is the same silicon in a form your site can take.
Which machines this covers
Disclosure
Firsthand Bitcoin sells and hosts mining hardware, including this machine. No manufacturer, distributor or affiliate programme paid for or reviewed this page and we take no commission on the links above. Historical figures are computed from daily bitcoin price and network hashprice, each day valued at its own prices. Nothing here is investment advice.