As older models like the Antminer S19 become outdated, many miners are asking: Is it time to upgrade? Dive into the latest advancements in mining technology and find out how the who are the top contenders in the market. Discover which of these new generation ASIC miners outshines its rivals or what model might the best fit for your mining operation.

Is old equipment dead?

When considering the dominance of ASIC miners, it’s clear that older generation models, such as Bitmain’s Antminer S9 (13Th), which operates at a maximum hashrate of 13 Th/s with a power consumption of 1300W, are practically obsolete. In contrast, the popular Antminer S19 and S19j Pro models, with an efficiency of around 30 J/TH, remain highly relevant despite the low-margin environment. These machines currently still account for 29.9% and 25.8% of the network, respectively.

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At the time of writing, the hashprice—how much a miner can expect to earn in USD ($) per terahash (TH/s) of computing power per day—stands at $0.044/TH/day. With these margins, the S19 breaks even at an electricity rate of $0.053/kWh, while the S19j Pro breaks even at $0.062/kWh. When considering average hosting costs by state, it’s clear that these models are no longer viable for operations relying on hosting services. However, they remain profitable for larger self-mining operations and setups that utilize stranded or wasted power.

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Over the past few years, the S19 and S19j Pro models were highly popular among retail miners using hosting services. So, if these machines are now mining at a loss, why are so many still online? There are several reasons for this. First, many miners are bound by contracts they choose to honour. Some miners are willing to operate at a loss, writing off expenses for tax purposes while accumulating Bitcoin (‘stacking sats’). Others anticipate a future increase in BTC price and prefer to mine at a loss now to remain operational when market conditions improve. Additionally, in some cases, clients default on payments, leading hosts to keep the machines running and direct the payouts to their own wallets.

Upgrading Miner Fleet to be Future Proof

To remain competitive and sustainably profitable, miners cannot simply wait for better days; they must take a proactive approach by upgrading their fleets with the latest generation machines. When considering new equipment, it’s essential to understand the current trends in the ASIC market and explore the available models.

Latest Trends in Bitcoin Mining

In 2024 many ASIC manufactures launched new models and series hardware. Here’s a breakdown of 5 notable trends that are currently shaping the ASIC Bitcoin miner market:

1. Increasing Hashrate Output

Newer ASIC models consistently push the limits of hashrate output, with each generation delivering significantly higher performance. In 2022 the Antminer S19 XP hit the market with an impressive 140 TH/s for the air-cooled version and 225 TH/s for the hydro-cooled model. In 2024, we witnessed the launch of air-cooled ASICs with up to 260 TH/s and hydro-cooled machines going as high as 473 TH/s.

2. Improved Efficiency

With energy costs being a critical factor, efficiency remains a top priority. Recent models are achieving record low joules per terahash (J/TH) ratings, balancing high performance with optimized power consumption, which is crucial in a low-margin environment. In 2024 the first miners with 1X J/TH efficiency came to market.

3. Growing Competition with Bitmain

While Bitmain’s dominance remains strong (around 75% of the ASIC market), competition is increasing. Manufacturers like MicroBT, Canaan, and other emerging players are offering high-performance alternatives.

Comparison of Leading 1X J/TH Air-Cooled ASIC Miners

The Bitcoin mining landscape is evolving rapidly, with major advancements in mining hardware driving increased efficiency and profitability. In 2024 various manufactures launched new ASIC hardware. Let’s have a look at the air-cooled miners that were introduced over the course of this year.

Bitmain – Antminer S21, T21, S21 Pro and S21XP

Market leader Bitmain is currently selling four air-cooled ASIC miners with an efficiency of below 20 J/TH: the Antminer S21, T21, S21 Pro and S21XP. The T21 is generally more affordable and can automatically overclock, achieving higher hashrates without requiring power supply upgrades. The T21 might be better suited for professional miners who can meet its more demanding electrical setup and benefit from its overclocking capabilities. Meanwhile, the S21’s lower power consumption and compatibility with residential voltage make it an excellent choice for home miners seeking high efficiency and ease of setup.

Antminer S21

The S21 series offers three variants: 200 TH/s, 195 TH/s, and 188 TH/s, each with an impressive efficiency of 17.5 J/TH. The 200 TH/s model runs at 3500 W. A significant upgrade for this model is the P13-C20 power cord, which operates between 220V and 277V. This means the S21 comes ready to plug in, a convenience not available in earlier Bitmain models.

Antminer T21

The Antminer T21 features a hashrate of 190 TH/s with a standard energy efficiency of 19 J/TH. The T21 uses 3610 W and requires a higher voltage range of 380V to 415V. It uses a P33-P33 power cord and requires a specialized PDU for operation. The machine’s 3-phase power supply ensures automatic phase balancing. By avoiding imbalanced loads on the electricity supply, miners experience less wear and tear on electrical systems and improved energy efficiency. The T21’s higher voltage requirements and the need for a specific PDU interface may be challenging for some miners, especially those without access to industrial-grade power setups.

Unique to the T21 is the HEM mode, which, under optimal conditions (operating temperatures below 30°C), boosts the hash rate to 233 TH/s while increasing power efficiency to 22 J/TH. The miner’s 3-phase power supply provides the 5500 W power that the high-power mode needs.

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Antminer S21 Pro

Just seven months after Bitmain launched the S21, the company announced the Antminer S21 Pro. The new device is a notable improvement over the S21, being both more efficient and powerful. Bitmain began shipping the device in Q3 2024. The Antminer S21 Pro boasts a hashrate of 234 TH/s and an energy efficiency ratio of 15.0 J/TH.

Antminer S21XP

Bitmain rolled out the Antminer S21XP during its World Digital Mining Summit in Las Vegas. According to the specification disclosed at the event, the air-cooled S21XP has a hashrate capacity of 270 TH/s at an energy efficiency of 13.5 J/TH. The air-cooled version of the XP enters the market in September 2024.

MicroBT – Whatsminer M60 series

The Whatsminer M60 series features MicroBT’s highest hashrate ratings to date. The M60 series is also MicroBT’s most power-efficient line, achieving an efficiency below 20 J/TH. MicroBT released three air-cooled versions, the M60, M60S and M60S+. The Whatsminer M60 series has the same form factor as the M50 and M30.

In comparison to earlier models within the WhatsMiner series, the M60S distinguishes itself in the transition to 5nm chip technology. This advancement marks a substantial upgrade over the 7nm chips in many previous models.

Whatsminer M60

The M60 series includes models with hash rate ratings ranging from 156-172 TH/s. The 162 TH/s machine runs at 3104 W with an efficiency of 19.2 J/TH.

Whatsminer M60S

The Whatsminer M60S offers a hashrate output ranging from 170-186 TH/s. Moreover, the M60S achieves an efficiency of 18.5 J/TH. According to factory specifications, the 186 TH/s version uses 3441 W.

Whatsminer M60S+

The Whatsminer M60S+ is the latest model of the M60 series. This miner has a maximum hashrate of 212Th/s for a power consumption of 3600W, which comes down to an efficiency of 17 J/TH.

Canaan – Avalon A1566

At the Bitcoin Asia 2024 exhibition, Canaan launched the Avalon Miner A1566. This is the second generation of 1xJ/T series products released by Canaan. Boasting a 185 TH/s hashrate with a power consumption of 3420 W and an efficiency of 18.5 J/TH, it is Canaan’s most efficient miner.

The new model is the result of Canaan’s ongoing market research, increased investment in product development, and partnerships to create chips that perform better using the latest advanced processes.

Auradine – Teraflux AT2880

Auradine, a Silicon Valley-based company, aims to offer North American Bitcoin mining operators an alternative to “foreign ASICs,” competing against Chinese manufacturing giants Bitmain, MicroBT, and Canaan. In Q2 2024, their AT2880 air-cooled miner came to market, with volume production set to start in Q3 of this year. The machine is capable of achieving an output of up to 260 TH/s. At 260 TH/s, the AT2880 uses 4160 W and has an optimal efficiency of 16 J/TH.

The TeraFlux miners feature EnergyTune, a program that allows you to quickly power up or down without rebooting the system. You can adjust both the power and hashrate to the desired target, and the system will automatically tune itself. This feature enables rapid demand response.

1X J/TH Air-Cooled ASIC Miners Compared

In the overview below, all the miners discussed are listed, highlighting key features and specifications of each miner, like power usage, hash rate output, and efficiency. Some specs that stand out are the high power usage of the TeraFlux AT2880, the >200 TH/s hashrate output of the S21 Pro and TeraFlux AT2880, and the 15 J/TH efficiency of the S21 Pro model.