Surge in Operating Costs

Digital infrastructure company Marathon Holdings attributed a decline in revenue in the first quarter of 2026 to a decrease in the U.S. dollar value of bitcoin during the period. According to a letter to shareholders released May 11, revenue in the quarter reached $174.6 million, a $39.3 million decline from the $213.9 million recorded in the first quarter of 2025.

The letter revealed that an 18% decrease in the average price of bitcoin accounted for $33.1 million of the decline, while $2.5 million was attributed to a reduction in bitcoin production. The remaining $3.7 million was attributed to a drop in other revenue. The losses occurred despite a 33% increase in the hashrate, which rose from 54.3 EH/s in the first quarter of 2025 to 72.2 EH/s.

Reduced revenue, coupled with a surge in operating costs, led Marathon to register a $1.3 billion net loss during the quarter. During the same period last year, the firm recorded a net loss of $533.4 million, or $1.55 per diluted share, meaning overheads increased by $729 million in the first three months of 2026.

“The $729.0 million increase in net loss was primarily driven by a $520.4 million increase in operating loss, largely due to unfavorable bitcoin mark-to-market adjustments of ($1.0 billion) and restructuring costs of $45.9 million during the quarter,” the letter stated.

Marathon’s latest loss-making quarter comes at a pivotal moment for the company as it seeks to reposition itself beyond cryptocurrency mining and into the rapidly expanding artificial intelligence (AI) infrastructure market. The shift reflects a broader trend among Bitcoin miners facing tighter margins, higher operating costs, and increasing uncertainty in the post-halving environment.

Meanwhile, besides directing more resources toward AI-supporting data centers, Marathon used its bitcoin holdings to fund the retirement of 30% of its outstanding convertible debt at a discount. The move reportedly reduced leverage, lowered potential future dilution, and improved Marathon’s “ability to allocate capital toward higher-return strategic opportunities.”

“During the quarter, we sold approximately $1.5 billion of bitcoin. These funds were used to repurchase, at a discount, over $1 billion of the face value of our 2030 and 2031 notes, and reduce our line of credit by $200 million,” the letter explained.

Additionally, Marathon refinanced $150 million of its line of credit at a 7% interest rate, down from the 10.5% it previously paid.

Despite diversifying from bitcoin mining, Marathon said reducing its debt by monetizing bitcoin reflects its confidence in the cryptocurrency as an important reserve asset. Consequently, at the end of the quarter, Marathon held 35,303 bitcoin, including 9,995 bitcoin loaned or pledged as collateral. During the first quarter of 2026, it mined 2,247 BTC, bringing the value of its bitcoin holdings to approximately $2.4 billion based on a spot price of $68,222 per bitcoin.

Cleanspark Posts $378M Loss in Q2 as Bitcoin Fair Value Swing Hits Results

Cleanspark’s (Nasdaq: CLSK) Revenue for the quarter came in at $136.4 million, down $45.3 million, or 24.9%, from $181.7 million in the same period a year earlier. The decline reflected bitcoin price dynamics and rising network difficulty despite operational growth across the company’s U.S. mining portfolio.

The net loss was $1.52 per basic share compared to a loss of $0.49 per share in the prior year quarter. Cost of revenues totaled $81.7 million, while depreciation and amortization reached $115.9 million, a figure that climbed with the firm’s ongoing fleet expansion.

Adjusted EBITDA, a non-GAAP measure that strips out non-cash items including the bitcoin fair value adjustment, came in at negative $241.2 million compared to negative $57.8 million in the year-ago period.

On the balance sheet, Cleanspark held $260.3 million in cash and $925.2 million in bitcoin as of March 31, 2026. That bitcoin figure represents a 14% increase year-over-year. Total assets stood at $2.9 billion, with long-term debt of $1.79 billion and total stockholders’ equity of $986.2 million. The company reported working capital of $1 billion.

Operationally, the miner’s average monthly hashrate increased 18% year-over-year. Megawatts under contract doubled over the same period, including 585 MW of ERCOT-approved capacity in Texas. Cleanspark also secured ERCOT approval for 300 MW in Brazoria and continued leasing progress in Georgia, including construction work in Sandersville.

CEO and Chairman Matt Schultz pointed to four areas of forward progress.

“This quarter, we accelerated our digital infrastructure evolution across four key areas: land and power development, with ERCOT approval of 300 MW in Brazoria; leasing, with further progress in Georgia and beyond; financing, as market conditions remain constructive; and construction, as we continue developing the new parcel in Sandersville,” he said.

Schultz added:

“Our objectives are clear: commercialize our AI/HPC-applicable assets, grow the portfolio, and continue mining efficiently.”

President and CFO Gary Vecchiarelli called the balance sheet a competitive advantage heading into the company’s next phase. He said Cleanspark ended the quarter with enough liquidity to support near-term execution while preserving optionality as artificial intelligence (AI) and high-performance computing (HPC) infrastructure demand grows.

The company said it controls more than 1.8 gigawatts of power, land, and data center assets across the United States. Cleanspark release notes that it positions its low-cost energy base as a foundation for both bitcoin mining and potential AI and HPC workloads, with site commercialization initiatives underway.

The company also flagged uncertainty around tariff liability on miners purchased since 2024.

7 Bitcoin Mining Pools Back Stratum V2 as Miners Push for Block Template Control

Antpool, F2pool, Foundry, Spiderpool, Block Inc., MARA Foundation, and DMND are now part of the effort to advance the open mining protocol standard. The announcement was published by Pavlenex on the Stratum V2 Working Group’s official site.

Stratum V2 replaces Stratum V1, a push-based protocol released in 2012 by Marek “Slush” Palatinus that became the industry default but was never designed as a formal standard. V1 left pools in full control of transaction selection, ran in plaintext, and exposed miners to hashrate hijacking and surveillance.

The newer protocol addresses those problems. It uses end-to-end authenticated encryption, cuts bandwidth use by roughly 60% on the pool side and 70% for miners, and introduces a Job Declaration sub-protocol that lets miners build their own block templates instead of accepting what pools assign.

According to the official announcement, “By maintaining Stratum V2 as a public, vendor-neutral specification, we remove compatibility barriers and allow the ecosystem to focus on what matters most: improving efficiency, privacy, security, and miner autonomy, ultimately leading to increased profitability.”

Real-world tests from Braiins show miners can capture up to 7.4% higher profitability through faster template delivery, lower latency, and improved fee selection when running V2 natively.

Antpool CEO Andy Zhou said the company is “proud to support the broader adoption of Stratum V2,” adding that aligning around an open, interoperable standard lets the industry collaborate on efficiency, security, and decentralization. Spiderpool CTO Kenway Wang noted the protocol supports miner-constructed templates, which are especially useful for operators in bandwidth-constrained environments.

Braiins Pool and DMND are already running Stratum V2 in production. DMND launched in 2025 as one of the first pools to offer full miner-selected templates. Blitzpool runs it for solo miners, and the Stratum V2 Reference Implementation community pool continues testing.

The Working Group was founded in 2022 by Braiins and Spiral, Block’s Bitcoin technology arm. The group has operated for more than four years as an independent open-source community and is now entering “a new phase of accelerated development and deployment” with the addition of large-scale operators.

Foundry, Luxor, and Antpool had each made prior testing commitments or prepared infrastructure before this announcement. The seven new additions represent tens of exahashes per second of combined hashrate, a figure that matters because roughly five pools currently control about 70% of global hashpower and therefore most block content.

For individual bitcoin miners, the practical shift depends on when these pools enable V2 access for users. Translation proxies already allow Stratum V1 firmware to connect to V2 pools without requiring hardware or firmware upgrades, which reduces the barrier to adoption.

President Petro Highlights Venezuelan and Paraguayan Potential For Energy Mining

Cryptocurrency mining, as a global activity, has awakened the attention of world leaders, who are offering their takes on what the future of these operations looks like.

Gustavo Petro, Colombia’s controversial leader, took it to social media to reiterate the need for green sources to power these energy-intensive activities.

Petro warned that “if virtual currencies rely on fossil fuels, global warming and climate collapse will erupt.”

Furthermore, he stressed that countries with untapped clean energy, including Venezuela and Paraguay, are attracting bitcoin mining investments. While Paraguay holds the fourth largest hashrate in the world, behind powerhouses like the U.S., Russia, and China, Venezuela is not even in the top 10.

Paraguay has taken advantage of its abundant hydroelectric resources in the Iguazu dam, one of the largest in the world, to offer very competitive energy prices ranging from $0.037 to 0.050/kWh.

Venezuela recently banned bitcoin mining, as its government faces an energy crisis, with demand skyrocketing to a 9-year peak. Even so, reports indicate potential in mining operations near energy generation sources to leverage power that cannot be transported due to a lack of infrastructure.

“ Bitcoin mining is the method by which an individual, using powerful computers, can accumulate Bitcoin through virtual transactions. This could be the case for Santa Marta, Riohacha, and Barranquilla… it represents an immense boost to the development of the Caribbean region,” Petro concluded.

While Hashrate Index’s The State of Bitcoin Mining in Latin America (2026) report highlights mining developments in Paraguay, Brazil, Bolivia, Argentina, Venezuela, and El Salvador, it does not mention Colombia. This means the country is virgin territory for bitcoin mining, and the nation still lacks the conditions for the industry to develop.

Venezuela Reiterates Crypto Mining Ban, Says Illicit Mining Activities Will be Sanctioned

Cryptocurrency mining, as an energy-intensive activity, keeps facing restrictions in several countries due to its impact on local energy grids.

The government of Venezuela issued a statement reiterating the ongoing ban on digital mining operations, as the country faces peak energy demand, prompting power rationing measures affecting citizens.

The statement stressed that on May 7, the National Electric System experienced a peak demand of 15,579 MW, the highest number in 9 years, attributing this rise to an ongoing heat wave and the continued growth of the country’s economy.

Regarding crypto mining, it states that “the absolute ban on digital mining in the national territory is upheld. Those who illegally use this activity will be sanctioned as the law establishes.” Furthermore, authorities established an oversight plan to fulfill this order.

The government also cited international sanctions as a factor in the difficulties of recovering and maintaining the national electric system, and called on private companies to make effective use of their self-generating capabilities to help maintain the grid’s stability.

Finally, the government announced it will present a plan to recover and transform the nation’s grid.

Even with these difficulties, reports indicate that Venezuela shows untapped potential for bitcoin mining, as bitcoin operations could be set near generation sources to leverage power that cannot be transmitted due to a lack of infrastructure.

The measure is similar to what the Russian government has applied in regions like Siberia since 2024, which are also affected by energy shortages. In February 2025, the Russian Energy Ministry stated that these measures helped to lessen the load on the Siberian grid by more than 300 MW, making it possible to avoid restrictions.

This article first appeared in The Energy Mag. The original article can be viewed here. The Energy Mag (formerly The Miner Mag) provides news, data, and insights on the energy–compute–markets nexus.

The Miami-based company said it signed a $9.8 billion triple-net lease for 352 megawatts of IT capacity at its Beacon Point campus in Nueces County, Texas. The unnamed tenant was described as a “high-investment-grade company” deploying infrastructure for AI training and inference workloads.

The deal marks Hut 8’s second major AI data center commercialization after its previously announced River Bend project with AI cloud company Fluidstack. Together, the two campuses now account for 597 MW of contracted IT capacity and about $16.8 billion in aggregate base-term contract value, according to the company.

Beacon Point is designed as a gigawatt-scale campus with 1,000 MW of utility capacity under interconnection agreement with AEP Texas. Hut 8 said the first phase of the project — representing roughly 500 MW of utility capacity to support the 352 MW IT load — is expected to begin energization in the first quarter of 2027, with initial data hall delivery targeted for the third quarter of that year.

The agreement is expected to contribute approximately $655 million in average annual net operating income once stabilized, Hut 8 said. Including three optional five-year renewal terms, the potential contract value could rise to roughly $25.1 billion.

The latest deal further reinforces a broader shift underway among bitcoin miners and power-focused infrastructure operators, which are increasingly repositioning large power campuses toward AI and hyperscale computing as demand for high-density GPU infrastructure accelerates.

Hut 8 explicitly framed Beacon Point as an example of its “power-first” development strategy, in which the company initially secures large-scale power access before deciding how to commercialize the site. The company said Beacon Point was originally underwritten to support its affiliated bitcoin mining venture American Bitcoin (NASDAQ: ABTC) Corp., before being redirected toward AI infrastructure.

The company also disclosed that it redesigned the first building at Beacon Point after NVIDIA’s evolving DSX AI factory reference architecture increased rack-level power density requirements. Hut 8 said the redesign boosted the building’s planned IT capacity from 224 MW to 352 MW — a 57% increase — without expanding the underlying land or utility footprint.

The structure of the Beacon Point agreement also resembles a growing trend in AI infrastructure finance where operators increasingly pursue long-duration, infrastructure-style lease contracts backed by investment-grade counterparties. Hut 8 said it plans to fund the project through asset-level financing structures designed to lower capital costs while limiting pressure on corporate leverage.

Earlier last month, Hut 8 separately closed a $3.25 billion bond offering to fund its River Bend campus tied to its 15-year lease agreement with Fluidstack.

This article first appeared in The Energy Mag. The original article can be viewed here. The Energy Mag (formerly The Miner Mag) provides news, data, and insights on the energy–compute–markets nexus.

This article first appeared in The Energy Mag. The original article can be viewed here. The Energy Mag (formerly The Miner Mag) provides news, data, and insights on the energy–compute–markets nexus.

The company said Tuesday it plans to scale its Muskogee, Oklahoma campus to roughly 1.5 gigawatts of gross power, or about 1 gigawatt of leasable capacity, by combining acquisitions, grid expansion and behind-the-meter generation strategies.

At the center of the expansion is Core Scientific’s agreement to acquire Polaris DS LLC, a bitcoin mining operator that controls 440 megawatts of contracted power through Oklahoma Gas & Electric. The site is already energized and actively operating, allowing Core to potentially accelerate delivery timelines for future AI customers compared with greenfield developments that can take years to secure utility approvals and transmission access.

The transaction is expected to close in the third quarter of 2026, subject to regulatory approvals and other conditions.

The deal highlights how large bitcoin mining campuses — originally built for energy-intensive cryptocurrency operations — are increasingly becoming strategic targets in the AI infrastructure race because they already possess scarce grid access, substations and high-capacity electrical infrastructure.

Core Scientific said construction has already started on a second, currently unleased 82.5 MW building at the Muskogee campus, with delivery expected in the fourth quarter of 2027. The company added that its existing 70 MW facility designed for Nvidia’s GB300 platform remains on track for delivery to a customer in the second quarter of 2026 following final testing and commissioning.

The Polaris acquisition would add roughly 40 acres adjacent to Core Scientific’s current Muskogee operations, including a substation and electric service agreements with OG&E. Under the agreement, Core will not acquire Polaris’ active mining business itself. Instead, the existing operations, employees, customer contracts and intellectual property will be transferred out before closing through a pre-closing reorganization.

Core Scientific said the existing mining operation will continue winding down in phases through mid-2028 under a temporary leaseback arrangement, while the company gradually repurposes the site for future high-density compute deployments.

The purchase price could rise to as much as $461 million if Polaris secures an additional 40 MW of firm electric capacity before the end of 2026 under an amendment to its utility agreement.

The agreement also reveals that Core Scientific has already placed $120 million into escrow deposits tied to the acquisition, including an initial deposit made in January. The company said the transaction will be funded using existing liquidity.

The Muskogee expansion represents the second major campus where Core Scientific is applying what Chief Executive Adam Sullivan described as a “multi-tiered” scaling strategy that combines acquisitions, development expertise and behind-the-meter power solutions.

The approach mirrors a broader trend across the AI infrastructure sector, where operators are increasingly pursuing existing bitcoin mining sites to bypass long utility interconnection queues and accelerate deployment timelines for hyperscale AI customers.

Core Scientific has emerged as one of the most aggressive bitcoin miners pivoting into AI infrastructure. The company previously disclosed plans to transform its Pecos, Texas campus into a roughly 1.5 GW data center development targeting about 1 GW of leasable capacity for high-density colocation customers.

The company is also building out multiple CoreWeave-related data center projects after signing long-term HPC hosting agreements with the AI cloud provider. Recent bond disclosures showed Core Scientific and CoreWeave expect to spend roughly $5.5 billion developing six data centers across five sites by the first half of 2027.

Oklahoma officials have increasingly promoted the state as a destination for AI and energy-intensive compute projects. Governor Kevin Stitt said Core Scientific’s expansion demonstrates how new behind-the-meter legislation and energy policies are helping attract large-scale infrastructure investment into the state.

This article first appeared in The Energy Mag. The original article can be viewed here. The Energy Mag (formerly The Miner Mag) provides news, data, and insights on the energy–compute–markets nexus.

Key Takeaways:

Hut 8 secured a $200 million credit facility with Falconx at 7.0%, replacing its prior Coinbase agreement. The deal unencumbered 3,300 bitcoin worth $260 million on May 1, 2026, signaling lower industry debt costs. CEO Asher Genoot will use the increased liquidity to fuel growth in Hut 8’s energy and compute infrastructure.

Unlocking Bitcoin Liquidity

Hut 8 Corp. announced on May 4 that it has secured a $200 million bitcoin-backed credit facility with digital assets prime brokerage Falconx, a move aimed at lowering the company’s debt costs and increasing its liquid crypto holdings. The 364-day facility replaces a previous credit line with Coinbase Credit and carries a fixed interest rate of 7.0%.

According to a media statement, the new deal represents a 200-basis-point reduction from the 9.0% rate under the prior Coinbase agreement. Hut 8 executives said the refinancing is part of a broader strategy to optimize the company’s balance sheet as it expands its energy and digital infrastructure operations.

“Our capital strategy is designed to lower our cost of capital, reduce risk, and expand strategic flexibility,” Asher Genoot, CEO of Hut 8, said in a statement. He added that the deal increases the company’s “unencumbered” bitcoin—assets not tied up as collateral—which enhances financial flexibility across volatile market cycles.

As a result of the new terms, approximately 3,300 BTC, valued at roughly $260 million as of May 1, 2026, have been released from collateral requirements. These funds are now available for the company to use as general liquidity.

The agreement includes several borrower protections, such as a “no-rehypothecation” covenant, which prevents Falconx from lending out the bitcoin Hut 8 has pledged as collateral. It also features a limited-recourse structure and fixed loan-to-value thresholds that protect the company from automatic “ratchet” mechanisms if the price of bitcoin drops.

Sean Glennan, CFO of Hut 8, noted that the cumulative reduction in interest rates has been as high as 450 basis points when compared to rates the company paid between late 2023 and early 2025.

Falconx’s Head of Credit, Craig Birchall, praised Hut 8’s “diversified revenue streams” and credit profile, calling the combination of institutional stability and digital asset scale uncommon in the current market.

Key Takeaways:

Bitcoin difficulty fell 2.3% on May 1, marking 6 cuts in 2026 as hashrate dipped below 1 ZH/s. Over the last seven days, Foundry USA mined 31.51% of 987 blocks, and with Antpool and ViaBTC combined, it pushes the three pools’ share to 58.35%. Hashprice rose to $37.52/PH/s as block times hit 10:28, with another difficulty adjustment eyed around May 17.

Bitcoin Adjustment at Block 947520 Cuts Difficulty 2.3%

The network’s computational power on Sunday, May 3, 2026, has ranged between 899 exahash per second (EH/s) and 958 EH/s over the past 24 hours. Not long ago, the hashrate exceeded 1,000 EH/s, equivalent to a single ZH/s, but began drifting lower on April 19. When the difficulty adjusted at block height 947520, the hashrate was coasting along at around 899 EH/s.

The May 1 adjustment represents the network’s sixth reduction of 2026 out of nine total epochs. After the latest change, difficulty stands at 132.47 trillion, and this level is expected to hold until on or around May 17.

What stands out in the latest hashrate dip and difficulty adjustment is that the network’s hashprice climbed from a daily rate of $34.39 per petahash per second (PH/s) to $37.52 per PH/s. Miner earnings improved during this stretch, yet overall computational power continued to drift lower from mid-April through the present period.

Block intervals have lengthened, and even after the previous day’s epoch adjustment, they remain slightly behind schedule. The average block time on May 3 stood at roughly 10 minutes 28 seconds. If that tempo persists, another downward adjustment could materialize on May 17, though it remains premature to draw firm conclusions.

Miners still have more than 1,800 blocks left to process before that point, leaving ample room for conditions to shift. Over the past week, 987 blocks were produced, with Foundry USA accounting for 311, or 31.51%.

Just behind, Antpool uncovered roughly 163 blocks, representing about 16.51% of last week’s total. In third place, ViaBTC identified 102 blocks, securing 10.33% of the network’s total hashrate.

Together, these three mining pools account for 58.35% of the network’s total hashrate. Meanwhile, miningpoolstats.stream data reports that 115 distinct entities or pools are currently contributing computational power to the Bitcoin network.

As the next adjustment window approaches, miners are navigating a narrow corridor where improved hashprice offers relief, but softer hashrate and slower blocks introduce uncertainty.

With more than 1,800 blocks remaining and conditions still in flux, the network’s trajectory into mid-May will depend on whether computational power stabilizes or continues its gradual retreat in the days ahead. Market participants will be watching for directional clarity.

Key Takeaways:

Bitcoin’s hashprice hit $36.46 per PH/s on April 23, 2026, keeping all 14 tracked ASIC miners profitable at $0.04/kWh, asicminervalue.com stats show. Bitmain’s Antminer S23 Hydro 3U leads estimated daily earnings at $31.62. 13 of the 14 top-ranked bitcoin ASIC miners as of April 23, 2026, require hydro-cooling or immersion-style infrastructure, according to manufacturer specifications.

The Top 14 Most Profitable Bitcoin Miners on April 23, 2026

The hashprice figure, logged by hashrateindex.com, measures the daily revenue a miner earns per petahash of computing power deployed. At $36.46, operators running modern hardware are recording positive margins even as network difficulty stays elevated. The 14 machines in this group of application-specific integrated circuit (ASIC) miners range from $12.73 to $31.62 in daily profit, after electricity costs at $0.04 per kWh, according to metrics collected by asicminervalue.com.

Bitmain Antminer S23 Hydro 3U — $31.62/day

Released January 2026, the S23 Hydro 3U is listed at 1.16 PH/s with a rated power draw of 11,020 watts. Specs indicate an efficiency of approximately 9.5 joules per terahash (J/TH). Bitmain rates the unit at around 50 decibels and specifies 380-415 volt three-phase power requirements. At $31.62 per day, it sits at the top of the profitability ladder under current hashprice conditions.

MicroBT Whatsminer M79S — $29.91/day

Released December 2025, the M79S is rated at 1.35 PH/s with a power draw of 20,000 watts. Specs place its efficiency at roughly 14.81 J/TH. MicroBT lists it as designed for dedicated liquid cooling loops. Daily returns come in at $29.91 based on the current hashprice and a $0.04 per kWh electricity rate.

Bitdeer Sealminer A4 Ultra Hydro — $24.20/day

Scheduled for release in May 2026, the A4 Ultra Hydro is listed at 886 TH/s with a rated power draw of 8,372 watts. While it’s not out yet, specs indicate an efficiency of 9.45 J/TH. Bitdeer states the unit is designed to sustain output at higher ambient temperatures. Once released, it could generate $24.20 per day at current hashprice levels.

Bitmain Antminer S23e Hydro 2U — $23.17/day

Released in April 2026, Bitmain lists this machine at 865 TH/s with an 8,650-watt power draw and a rated efficiency of 10 J/TH. The 2U form factor is specified for high-density rack deployments. Asicminervalue.com details that daily profit based on current stats is an estimated $23.17.

Bitmain Antminer S21e XP Hydro 3U — $20.56/day

Released January 2025, this specific machine is rated at 860 TH/s at 11,180 watts. It is among the older units still appearing in the top profitability rankings as of April 2026. Current hashprice data puts its daily return at $20.56 at $0.04 per kWh.

MicroBT Whatsminer M79 — $19.55/day

Released January 2026, MicroBT‘s M79 hashrate output is rated at 920 TH/s with a 14,500-watt power draw. Specs place its efficiency at around 15.76 J/TH, making it the least efficient hydro unit in the top half of this list. Daily profit comes in at $19.55 under current conditions.

Proto Rig — $18.28/day

Released September 2025, the Proto Rig, manufactured by Block, is the only air-cooled machine in the top 14. Specs list it at 819 TH/s with a 12,000-watt power draw. The manufacturer states its nine hashboards are hot-swappable with on-rack repair times under 90 seconds. Company specifications also note the unit is immersion-ready. Daily profit is $18.28 at current hashprice and $0.04 per kWh.

Bitdeer Sealminer A4 Pro Hydro — $17.62/day

Scheduled for May 2026 release, the A4 Pro Hydro is listed at 680 TH/s with a 7,412-watt draw. Specs indicate an efficiency of around 10.9 J/TH. It would generate $17.62 per day based on current profitability data if it were available today.

Bitdeer Sealminer A3 Pro Hydro — $16.09/day

Released last September, the Bitdeer-manufactured A3 Pro Hydro is rated at 660 TH/s at 8,250 watts with a listed efficiency of 12.5 J/TH. Current hashprice data places its daily return at $16.09 at $0.04 per kWh.

MicroBT Whatsminer M7DS — $15.91/day

Released in March 2026, the M7DS is listed at 680 TH/s with a 9,200-watt draw and a rated efficiency of around 13.5 J/TH. MicroBT positions it within its enterprise-focused M7D hydro series. Daily profit for this machine on April 23 is $15.91 under current conditions.

Bitmain Antminer S23 Hyd — $15.81/day

Released January 2026, the single-unit S23 Hyd is rated at 580 TH/s with a 5,510-watt draw. Specs indicate an efficiency of 9.5 J/TH, matching the rated figure of the S23 Hyd 3U listed above. Daily profit sits at $15.81 based on current hashprice data.

MicroBT Whatsminer M7D — $14.23/day

Released in March 2026, the base Whatsminer model M7D is listed at 634 TH/s at 9,200 watts with a rated efficiency of around 14.5 J/TH. It sits at $14.23 per day based on the current hashprice and a $0.04 per kWh electricity cost.

Bitmain Antminer S21 XP+ Hydro — $12.91/day

Released last summer in July, the S21 XP+ Hydro is rated at 500 TH/s with a 5,500-watt draw and a listed efficiency of 11 J/TH. Current data places its daily return at $12.91 at $0.04 per kWh.

MicroBT Whatsminer M73S+ — $12.73/day

Released December 2025, the M73S+ is listed at 540 TH/s with a 7,200-watt draw and a rated efficiency of around 13.33 J/TH. It sits at the bottom of the current profitability table but remains positive at $12.73 per day under the $0.04 per kWh electricity rate.

For now, the math works in miners’ favor. Stronger hashprice, efficient hydro-cooled rigs, and low-cost power can keep margins intact even as difficulty holds firm. But this window depends on tight variables, electricity rates, network growth, and of course, bitcoin’s price. If any shift materially, today’s profitability table can be reordered quickly. Until then, modern ASIC fleets are operating in a rare stretch where scale, efficiency, and timing are aligned.