Bitcoin mining profitability on the way down after an amazing autumn

Declining profitability causes mining stocks to tumble.
Source: CoinMetrics, HashrateIndex

We estimate the cash flow of mining one bitcoin for two of the most popular machines: Antminer S9 and S19. S9 demands more electricity to mine the same amount of bitcoin than its big brother S19.

Cash flows have decreased by 50% for the S9s and 36% for the S19 since November 9th. Less efficient models, like the S9s, are more susceptible to changes in bitcoin prices or power prices.

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