With the crypto economy being valued at just over $2 trillion, ASIC mining devices are making good profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51. 58 per day in profits. SHA256 bitcoin miners that can process at speeds up to 110 terahash, can obtain $13. 74 per day in bitcoin profits.
Crypto Miners Continue to Gather Profits, Top Ethereum Mining Rig Can Get an Estimated $51 per Day in Profit
The price of bitcoin (BTC) is still down roughly 40% since the crypto asset’s all-time high (ATH) and ethereum (ETH) has lost 37% against the U.S. dollar since the cryptocurrency’s ATH. Despite the drop in value, bitcoin and ethereum miners are still making decent profits as both networks have seen their hashrate reach ATHs in 2022.
Bitcoin’s hashrate has been running high above 200 exahash per second (EH/s) and Ethereum’s hashrate is 1. 12 petahash per second (PH/s). In mid-April 2022, the most profitable crypto asset to mine between both leading crypto assets is ethereum.
For instance, a single Innosilicon A11 Pro ether mining rig, that processes the Ethash algorithm at 1.5 GH/s with electric costs at $0. 12 per kilowatt-hour (kWh), can get an estimated $51. 58 per day in profits. That mining rig, however, bought directly from Innosilicon will cost the buyer $18,888 or 0. 468090 BTC, at the time of writing.
A single Innosilicon A10 Pro+ ether mining device (0.7 GH/s) will cost $9,000 or 0. 223042 BTC, according to the company’s website. After accounting for the purchase price, a single Innosilicon A10 Pro+ at 0.7 GH/s or 700 megahash per second (MH/s), can profit by $25. 28 per day.
Today’s Top Bitcoin Mining Rigs Are Still Profitable, Next-Generation SHA256 Machines to Reach the Public in Q3 — Kadena, Scrypt, X11 Miners Profit
The most profitable bitcoin miner in mid-April 2022, is the Bitmain Antminer S19 Pro, a machine that processes the SHA256 consensus algorithm at 110 terahash per second (TH/s). Using today’s bitcoin (BTC) exchange rates, a single Antminer S19 Pro will get $13. 74 per day in profits.
Microbt’s Whatsminer M30S++ with 110 TH/s gets $13. 52 per day using today’s BTC exchange rates and electric costs at $0. 12 per kWh. At press time, an Antminer S19 Pro costs $9,460 per unit and the Whatsminer M30S++ $7,997 per unit.
Just recently, Bitmain announced the launch of two new bitcoin (BTC) miners called the Antminer S19 XP (140 TH/s), and the Antminer S19 Pro+ Hyd (198 TH/s). The S19 XP using today’s BTC exchange rates and electric costs at $0. 12 per kWh, can profit by $20. 73 per day.
While Bitmain’s S19 Pro+ Hyd, using the same figures, can currently profit by $25. 89 per day. In addition to Bitmain, Microbt has revealed a new bitcoin miner called the Whatsminer M50S (126 TH/s) and the M50 (114 TH/s). According to both of the mining manufacturers, the S19 XP, S19 Pro+ Hyd, M50S, and M50 will be shipping in Q3 of 2022.
Besides Ethash and SHA256 miners, ASICs that can mine Kadena, Scrypt, and X11 are profitable as well. Kadena miners mine KDA, while Scrypt devices can mine litecoin (LTC), dogecoin (DOGE), digibyte (DGB), and a few others. While X11 machines can mine dash (DASH), cannabiscoin (CANN), and axe (AXE).
Kadena ASIC miners can get an estimated $50. 05 per day and a Scrypt miner can get an estimated $51. 11 per day. A top of the line X11 mining rig can produce an estimated $16. 96 per day using current exchange rates and $0. 12 per kWh in electrical costs.
What do you think about today’s top machines and the leading crypto assets that are still profitable to mine? Please comment below to let us know your thoughts on this topic.
Jamie Redman
Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.
Ethereum has seen a significant uptick in buying pressure near the $2.4K support level, driving an impulsive price surge and reclaiming several key resistance regions. This action is signaling a potential shift towards a bullish market sentiment, with higher price levels expected in the mid-term.
The daily chart shows that intensified buying near the channel’s middle boundary of $2.4K has sparked a substantial upward move, allowing Ethereum to break through several critical resistance points:
The 100-day moving average at $2.5K
The descending channel’s upper boundary is around $2.8K
The 200-day moving average at $3K
This strong performance suggests a bullish shift, with Ethereum reclaiming these resistance levels. Additionally, crossing the psychological $3K threshold reinforces a positive market sentiment, raising the possibility of reaching a new all-time high by year-end. However, a brief consolidation corrections phase might be necessary to sustain this trend healthily, allowing for potential profit-taking and market stabilization.
The 4-Hour Chart
The 4-hour chart shows an initial surge from $2.4K, the lower boundary of the descending flag pattern, where buying pressure has been strong. Ethereum has now surpassed the $2.8K resistance, which had acted as a significant barrier in recent months.
This break highlights buyers’ intent to increase the price, with eyes potentially set on a new ATH.
Currently, Ethereum is approaching $3.1K, the flag’s upper boundary, where notable selling pressure may emerge. Given the impulsive nature of the recent increase, a short-term rejection followed by a temporary corrective retracement seems possible. In this case, a brief correction toward the support range of $2.7K —$2.6K (bounded by the 0.5 and 0.618 Fibonacci retracement levels) would be beneficial, setting the stage for a healthier uptrend.
The fund market premium metric is an essential indicator, as it reflects the difference between a fund’s market price and its Net Asset Value (NAV). When the premium is elevated, it suggests strong buying pressure within a specific region, indicating that investors are paying a higher price for fund shares relative to the underlying assets.
This premium metric substantially declined from mid-November 2021, when Ethereum reached its all-time high. This decline aligned with waning interest in Ethereum funds, a typical response as investors became cautious during the subsequent bear market.
However, a pivotal shift occurred as Ethereum reached its bear market low. The premium metric started to rise modestly, marking a return on investor interest. Since January 2023, this premium has steadily increased, signaling a resurgence in confidence for Ethereum-backed assets. Recently, the premium moved above zero, revealing positive market sentiment and suggesting robust demand for Ethereum funds.
In summary, the positive shift in the premium metric is a promising sign of renewed market optimism. If this trend persists, it could reinforce Ethereum’s broader price momentum, potentially contributing to its future price growth trajectory.
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Ethereum Bear Liquidated for $23M as ETH Eyes $3K, BTC Notches New ATH
Bears shorting the market continue to be on the wrong side of the spectrum as almost all cryptocurrencies are charting more gains ever since Donald Trump won the 2024 US presidential elections.
In the past few hours alone, BTC tapped a fresh peak at over $77,000, while ETH is itching closer to $3,000, and a particular whale was caught off guard on BitMEX.
It has been a rather spectacular week for the cryptocurrency market. It all started as it became evident Trump will be the next US president on Wednesday morning. Bitcoin, which has been praised by the Republican candidate during his campaign this time, led the charge and broke its March all-time high of $73,737 on Wednesday.
That was just the beginning for the largest digital asset as it kept pumping after the Fed’s rate cute yesterday to notch a then-all-time high of $76,800. After a brief retracement today, BTC went back on the offensive hours ago and exceeded $77,000 for the first time ever. CoinGecko data shows that its current all-time high is at $77,020.
But the altcoins are left behind no more. Ethereum has awakened after its sluggish summer and skyrocketed by 19% on a weekly scale. As such, ETH is close to $3,000 for the first time in over three months.
Data from CoinGlass shows that these price increases have led to over $260 million in liquidations over the past day. More than 90,000 over-leveraged traders have been wrecked, while the single-largest position took place on BitMEX and it was a big one.
Interestingly, this time the whale in question had shorted Ethereum, unlike the previous BTC bear from earlier this week. The value of the wrecked position is close to $23 million.
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Michigan State Retirement Fund Now Holds More Ethereum Than Bitcoin
The State of Michigan Retirement System (SMRS) has significantly increased its Ethereum (ETH) holdings, raising its investment to $10 million and surpassing its Bitcoin (BTC) allocation.
This move makes Michigan the first U.S. state pension fund to invest in an Ethereum-based exchange-traded fund (ETF).
Michigan Pension Fund’s Crypto Portfolio
SMRS, which boasts more than $13 billion in assets, began exploring cryptocurrency earlier this year as part of a broader diversification strategy.
In July, it got into BTC with a $6.6 million purchase of ARK 21Shares’ spot Bitcoin ETF, more than six months after the Securities and Exchanges Commission (SEC) approved the investment product.
According to a recent SEC filing, SMRS now holds 460,000 shares in the Grayscale Ethereum Trust (ETHE), valued at about $10.07 million. It also owns another $1.12 million worth of Ethereum Mini Trust shares. Combined, these holdings total nearly $11 million exclusively in Ethereum-based ETFs.
This increased allocation means that SMRS now has more money invested in Ethereum than Bitcoin, given that its ARK 21Shares position is valued at approximately $7 million.
More U.S. States Embrace Crypto Investments
Michigan’s focus on Ethereum reflects a growing interest among U.S. states in the broader potential of digital assets. In Florida, Chief Financial Officer Jimmy Patronis recently advocated for Bitcoin’s inclusion in the state’s retirement system.
In a letter to the Florida State Board of Administration, Patronis cited the state’s strong economic performance and history of innovation as reasons to explore Bitcoin. He proposed a “Digital Currency Investment Pilot Program” to diversify the Florida Growth Fund into such asset classes.
Wisconsin has also allocated a small portion of its pension funds to crypto assets. In August, the State of Wisconsin Investment Board (SWIB) announced it had increased its holdings in BlackRock’s iShares Bitcoin Trust (IBIT) by 447,651 shares.
Meanwhile, Arizona’s state Senate has advanced legislation to add digital assets to its retirement system, with Wyoming and Nebraska enacting laws to attract cryptocurrency mining and establish a regulatory framework for crypto banks.
Pennsylvania’s legislative assembly also recently advanced a “Bitcoin Rights” bill to clarify the state’s regulations on digital assets. If Governor Josh Shapiro signs it, Pennsylvania will join other states in setting its digital asset regulations amid ongoing uncertainty perpetuated by policies like the SEC’s “regulation by enforcement” approach.
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