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Field report · Sep 21, 2026 · 6 min read
The Whatsminer M60 had the worst timing of anything we bought
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.
MicroBT Whatsminer M60 (170 TH/s)
Six weeks late
The M60 reached our floor in June 2024 — six weeks after the April halving had doubled the electricity cost of every coin on the network. At 19.9 J/TH it was a reasonable machine that arrived into the least forgiving conditions a new machine could arrive into.
Bought at $2,875 and landed at $4,681, it has mined and kept 0.0601 BTC across 838 days for $2,285 of electricity. That is $38,009 a coin — the most expensive bitcoin of anything in this batch of write-ups, and the direct consequence of never having a pre-halving month to bank.
Cashflow of $2,601 against a $4,681 box: about 56% of the way through. With the forward figures it reaches roughly 1.18× its hardware by the 2028 halving. It just takes the full four years rather than two.
Same machine, six months earlier, and this is a completely different article.
Moved to Nigeria, 3 September 2024
It lasted 90 days in Argentina. On 3 September 2024 it moved to Nigeria, and it has been there for the 748 days since — the fastest relocation of anything in this group, and the right call.
The relocation is doing real work here. At 6¢ this machine was finished; at 3.9¢ it has 0.035 BTC and roughly $2,900 of net left before the halving. For a machine with this efficiency the site is not a detail, it is the whole difference between a write-off and a machine that covers itself.
What we took from it
Two things. The first is that a halving is a step change in the cost of every coin, so a machine that lands just after one needs its full four years rather than two. That is a timing question, not a hardware one.
The second is more useful. The M60 is the weakest performer in this group and it still covers its hardware, because it was bought at a sensible price and moved to cheap power at the right moment. The machine did not decide that outcome. The site did — which is the variable you actually control.
- Bitmain Antminer S21 XP (270 TH/s) — 13.5 J/TH, In stock, $42,484 of electricity per bitcoin, 38% year one
- Bitdeer SealMiner A2 Pro Air (256 TH/s) — 14.9 J/TH, In stock, $46,885 of electricity per bitcoin, 33% year one
- Bitmain Antminer S21 Pro (234 TH/s) — 15 J/TH, In stock, $47,205 of electricity per bitcoin, 46% year one
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.