Hardware demands for Bitcoin continue to increase. As more miners enter the market and as Bitcoin continues to grow in demand, the difficulty setting for mining Bitcoin has increased dramatically.
Building a PC for cryptocurrency mining can be expensive and if one’s electricity costs are not favorable, it could run on a loss. A few years ago the Bitcoin mining equipment created was far more efficient than a PC.
One of the main companies behind the Bitcoin mining equipment was Bitmain, a Chinese manufacturer who led the market with the most advanced miners.
This company was one of the main reasons that China became the world leader in Bitcoin mining. After they banned cryptocurrency mining, the equipment quickly was sold around the world.
Bitmain has now announced its latest Bitcoin miner, S19XP, featuring a 5 nanometer (nm) chip that is faster and uses less electricity.
This new chip can supply computational power up to 150 tera-hashes per second (TH/s) and the energy consumption is roughly 3.1 kWh.
This latest miner is much more efficient and powerful than any other on the market. Bitmain’s previous leading mining equipment, S19 Pro, uses a 7nm chip with a computational max of 110 TH/s. There is a 36% increase in power, which means more Bitcoin can be mined. The power consumption of the previous model is similar.
VIP customers have reportedly already been able to purchase the model in advance. S19XP is said to debut in Dubai at a mining conference. Early reports showed Bitmain had been working on this product earlier this year as they were purchasing 5nm chips from Taiwan.
The cost of the S19 Pro is around $15,000 in today’s market. With average electricity costs in the US, the profit generated by the S19 Pro is roughly $6000 per year. Bitcoin miners typically function the best in parts of the world where electricity is the cheapest.
The price of the new miner has not been released, but if the price is similar, the return of investment will be better.
The cost of mining equipment is still high, many speculate the future will have cheaper miners that are incredibly efficient. Some smaller products, like Bitcoin heaters, are now available as well.