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Machine review · Oct 29, 2026 · 5 min read

Whatsminer M63 review: 19.9 J/TH on water at its best entry price, and Nigeria is where it pays

MicroBT's M63 is a water-cooled Whatsminer at 19.9 J/TH, held now at the lowest price we have recorded for it. It clears its power at 6¢ today, and once the 2028 halving halves what a petahash earns it needs power cheaper than Nigeria's 3.9¢.

A Whatsminer M63 on the Firsthand card: the machine photographed whole on the site's dark background, with its 19.9 J/TH figure

MicroBT Whatsminer M63 (372 TH/s)

The bottom line

The M63 is MicroBT's first-generation water-cooled Whatsminer at 19.9 J/TH: 372 TH/s from 7,403 W in the bin we use here. In the UAE, at 6¢, it makes a bitcoin for about $70,900 of electricity and returns roughly 10% in its first year at today's price. At Nigeria's 3.9¢ the same coin costs about $46,100 and the first year returns 34%.

Bought once its price settled, in October 2024, it has mined and kept 0.1308 BTC for $7,489 of power: $2,685 of cashflow against a $7,580 landed cost, 35% of the box in 740 days. It stopped for a stretch in 2026 and crossed to Nigeria once, on 23 May 2026. Between now and the 2028 halving it has another 0.063 BTC in it, worth about $7,814 with bitcoin back at its previous high of $124,493.

What you are buying is a plain water-cooled machine at the best entry price it has had, with room over its power line at 6¢ today and a thin margin at Nigeria's rate after the halving. What you are not buying is a cheap coin: the M63S makes one in the UAE for about $65,900, the S21+ Hyd for about $53,800 and the M63S++ for about $53,500, against this machine's $70,900.

Scores

CriterionScoreWhy
Cashflow4/10Makes a bitcoin for about $70,900 of electricity at 6¢ and about $46,100 at 3.9¢, and returns roughly 10% in year one in the UAE and 34% in Nigeria. It has covered 35% of its hardware so far. The S21+ Hyd returns about 32% in the UAE.
Longevity3/10At 19.9 J/TH its line is $28.66 a petahash a day at 6¢ and $18.63 at 3.9¢. Half of today's hashprice, $18.16, is under both, by $10.50 and 47 cents, so after the halving at today's conditions it is on the edge even at Nigeria's rate.
Efficiency2.5/10Among the least efficient water-cooled machines we stock: the M63S runs 18.5 J/TH, the S21+ Hyd and the M63S++ 15, the S21j XP Hyd 12 and the S23 Hyd 9.5.
Quality control5/10Scored as unknown rather than as good. We found no operator reports of the M63 in the field that we could cite, and a repair shop's guide is a troubleshooting reference, not a failure rate.
Serviceability6.5/10MicroBT lists a one-year warranty with repair services within its scope. Water-cooled, so it lives in the UAE, where a manufacturer warranty centre is close to the facility and an in-warranty board goes direct.

Cashflow and efficiency count most, because they decide how many halvings a machine clears. Reliability is scored as unknown, not as good, so it holds the total down.

Buy it if

Walk away if

19.9 J/TH on water, from MicroBT's first M63 line

MicroBT's own shop page lists the M63 at 372 TH/s and 19.9 J/TH, 7,402.8 W at the wall, in a case 86 mm tall, 483 mm wide and 663 mm deep with its handles, 27.5 kg net. It takes three-phase 380 to 480 V, needs about a litre of coolant per machine and carries a one-year warranty with repair services within its scope. Our store lists seven bins from 336 to 376 TH/s at 19.9 J/TH, and the figures in this review are the 372 TH/s bin at 7,403 W, which matches the maker's page.

It is the base of a line that has moved on. The M63S runs at 18.5 J/TH, the M63S+ at 17 and the M63S++ at 15. This one has the longest record of them: our look-back, nearly two years in, the M63 has stopped once and moved once, is the run behind the figures below.

Chart: Coins kept since the first settled price we hold for it, the electricity that made them, and where it lands by the 2028 halving.

The best entry price it has had

The first price we hold for the 372 TH/s unit, on 9 October 2024, was $16.59 a terahash. A purchase once the price settled, in October 2024, cost $6,171. It is $1,875 today, $5.04 a terahash, for the same 372 TH/s at the same 19.9 J/TH. The lowest we hold is $5.04 a terahash, on 26 August 2026, so today's price sits within about a dime of the best entry price the machine has had.

Against the water-cooled machines it competes with, it asks the least per terahash and makes the dearest coin. The M63S is $7.14 a terahash at 18.5 J/TH, the S21+ Hyd $6.93 at 15 and the M63S++ $8.50 at 15. A machine's price per terahash settles to where its efficiency, its maker and its age put it, and the guide to what a miner costs all-in shows what sits on top of the box.

Chart: What the 372 TH/s unit has cost since the first price we hold for it, in October 2024.

A coin costs it more than any of the newer water machines, and Nigeria closes most of the gap

In the UAE, at 6¢, the M63 makes a bitcoin for about $70,900 of electricity today, against a bitcoin price of $77,392. At Nigeria's 3.9¢ the same machine makes one for about $46,100, with Nigeria's lower uptime already counted. The M63S makes one in the UAE for about $65,900, the S21+ Hyd for about $53,800, the M63S++ for about $53,500 and the S21j XP Hyd for about $43,000.

In its first year the M63 returns about 10% in the UAE and 34% in Nigeria at today's price and difficulty. The S21+ Hyd returns 32% in the UAE. The gap between this machine's two figures is the point: at 19.9 J/TH it is built for cheap power.

A machine starts at its home site and crosses once, when a year of figures says so. The one in our run crossed on 23 May 2026, after 520 days in the UAE. Over its run since October 2024, electricity has averaged about $57,300 a coin. That is a lifetime average over 740 days, mostly at 6¢ before the move; the figure to plan on is today's.

Chart: One bought today at today's price and racked in the UAE: year one at today's difficulty, and what it returns by the April 2028 halving with bitcoin back at its previous high.

Where the halving puts it

A machine's line is the hashprice at which it stops covering its own power. At 19.9 J/TH a petahash uses 478 kWh a day: $28.66 at 6¢, and $18.63 at Nigeria's 3.9¢. On our hashprice chart, network hashprice was $36.31 a petahash a day on 28 October, so the M63 clears the 6¢ line with $7.65 to spare and Nigeria's with $17.68.

The 6¢ line has been crossed. Since the April 2024 halving, hashprice has been under it on 14 days, between 23 February and 1 July 2026, with a low of $27.74 on 6 June, 92 cents under. It has never been under Nigeria's line. At today's price and difficulty the highest power rate this machine clears is about 7.6¢.

The 2028 halving halves the coins a petahash earns. At today's price and difficulty that puts hashprice near $18.16, $10.50 under the 6¢ line and 47 cents under Nigeria's: the highest rate it would clear is about 3.8¢. That is today's conditions held flat, not a forecast: it is why every projection we publish assumes the old high returns, and the forward figures here do the same. The M63 is a machine for the run to April 2028 at 6¢, and after it a machine for power at Nigeria's rate or cheaper.

The guide to efficiency and halvings shows where the line sits at every J/TH, and the guide to crossing once explains why the move to Nigeria is made one time.

At 19.9 J/TH, half of today's hashprice falls 47 cents short of Nigeria's power line.

Chart: Network hashprice per petahash per day. The M63 needs about $29 of it at 6¢ and about $19 at 3.9¢; half of today's level is about $18. Open the chart

What a fault costs you here

We looked for operator threads on the M63 and found none we could stand behind. What exists comes from a repair shop. D-Central's page on error 5070 lists the M63 among the hydro-cooled models where the firmware is "throttling or pre-emptively shutting down one hashboard to protect silicon" when it cannot confirm coolant flow. A repair shop sells repairs, so we treat it as a troubleshooting reference and not a failure rate, and the M63 is scored as unknown on quality control.

What a fault costs is the part that matters. In the UAE a manufacturer warranty centre is close to the facility, so an in-warranty unit goes direct, and a water-cooled unit is serviced where the plant already exists: a failed hashboard is a line item, not a catastrophe. The coolant loop is the reason the machine lives there, and the guide to cooling explains what water changes.

Chart: Scored on what costs an owner money over a four-year life. Reliability is scored as unknown.

Our two cents

The M63 is the plain first-generation water machine at the lowest price it has had. It clears its power at 6¢ today with room to spare, it fits the water plant we already run, and the one move it will make, to Nigeria, is where its figures improve most: a coin there costs about $46,100 to make, against $70,900 in the UAE.

If the aim is the cheapest coin on water, the S21+ Hyd makes one for about $53,800 and the M63S++ for about $53,500. The figure below ranks what beats this machine on cost per coin and then on first-year return, in stock today. A coin that costs less to make is a coin you keep more of.

What beats it on cost per coin and on first-year return, in stock today.

Sources and further reading

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.