S9 Resurrection: Higher Bitcoin Prices Allow Miners to Switch Outdated Mining Rigs Back On

With bitcoin prices hovering over a certain handle, a great number of old ASIC mining rigs manufactured years ago are starting to become profitable again. Reports indicate that in China, where the average electricity cost is around $0.06 per kilowatt-hour (kWh), miners are starting to leverage old miners manufactured by Canaan, Bitmain, and others. Chinese bitcoin miners dealing with electronic component price increases have found outdated rigs like the Antminer S9 (10-16 TH/s) are now reaping profits again.

The price of bitcoin (BTC) is making it easier for cryptocurrency miners worldwide to obtain a profit, especially after the recent mining difficulty drop that slid over 16% downwards.

Additionally, BTC prices jumped from a closing price of $11,548 on October 13, 2020, and 30 days later on November 12, the price closed at a high of $16,305 per coin increasing 41.19%. Regional reports from China show that the high BTC prices between $12k to $16k have invoked Chinese miners to start leveraging old miners again.

In addition to the S9 models profiting, older machines made by Canaan Creative, Bitfury, GMO, Bitfily, Whatsminer, Halong, Ebang, and Pantech profit at higher bitcoin prices too. At the time of publication, the two 2018 series Avalonminers (921 and 841) are profiting between $0.21 to $0.59 per day if the miner is paying around $0.06 per kilowatt-hour (kWh).

Financial columnist, Vincent He, recently discussed the Bitmain S9 series (10-16 TH/s) and notes that the mining rig is pulling in profits for Chinese miners today. “The price increase of electronic components at the end of the year led to the improvement of S9’s cost performance,” the author noted on November 11.

Old mining rigs are not just pulling in a profit these days with BTC prices so high, the columnist notes. Vincent also says that numerous mining farms are located in desert regions where dust is high, and some are located in regions like Sichuan where…

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