{"uuid":"27db3a7e-3955-49ba-62e0-7429dee6433f","categoryUuid":"752fce11-1913-47e4-5707-91c0b669f02b","data":{"meta":{"name":"BTC: Mining ASIC Fleet"},"configs":[{"meta":{"refUuid":"ffe4e5ca-74a6-4c50-67e1-81fae2721fe5"},"uuid":"712045dc-fe33-45e7-91d0-30d90b1e30b5","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"b724f1e9-2a62-4a94-5c3a-3dd1ff06df0f"},"uuid":"4088a778-4144-468d-98c2-729064faafc5","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"7ff77062-83b7-4aa9-7c62-9f62fcc83050"},"uuid":"43ffa322-b0ef-4fd0-89bd-aeded1d349a0","configType":"workbench"},{"meta":{"content":"## ⛏️ The Bitcoin ASIC Fleet 📻\n\n---\n\nThis dashboard contains several models and tools to characterize and evaluate the size, energy demands, profitability, and efficiency of the global Bitcoin ASIC fleet over time. These models use the following reference rigs as a baseline, by comparing the hashpower of each device to the observed network hashrate:\n\n- 🟣 S9 Antminer (13.5 Th, 1323W, Feb-2017)\n- 🔵 S17 Antminer (56 Th, 2520W, Apr-2019)\n- 🟡 S19 Pro Antminer (110 Th, 3250W, May 2020)\n- 🔴 S19 XP Hyd Antminer (255 Th, 5304W, Oct 2022)\n\n---\n\n### Maximum ASIC Mining Rig Count \n\nThis metric calculates the maximum number of rigs required of to generate the observed network hashrate. The model assumes that all operational rigs are a uniform device model, which is a gross simplification of reality, but allows for an assessment of relative hardware efficiency gains over time.\n\n\u003e Note: Traces per rig commence on the approximate date of availability according to the manufacturer."},"uuid":"6c35452d-439f-4b68-a543-a6c12277874e","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## Estimated Global Power Consumption (GW) 🔌\n\n---\n\nThis metric estimates the global power consumption of the Bitcoin ASIC fleet, assuming all operational rigs are of a uniform rig device model.\n\nThis is a gross oversimplification, as the true ASIC fleet is made up of a wide array of rig models, power sources, and geographies. As such, this tool is best considered under a framework of comparing the efficiency gains in power consumption across ASIC rig generations. It may also be used to assess observe upper and lower bands of network energy demands.\n\nThis model can be reasonably compared to the lower, best estimate, and upper bound energy bands of the [Cambridge Bitcoin Energy Consumption Index](https://ccaf.io/cbeci/index). Older generation ASIC hardware represents an upper bound (since many become unprofitable and drop off), whilst later generations are a lower bound (as not all rigs are the latest and most efficient generation).\n\n\u003e Note: Traces are shown for all history for comparative purposes. Analysts should consider the ASIC launch dates listed above."},"uuid":"5ba635e1-34cc-44f3-b7b6-e686667ca1dc","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## Estimated ASIC Rig Revenue [BTC/day] 🟠\n\n---\n\nThis metric calculates the theoretical BTC revenue earned per day for various ASIC rig models. The calculation does not account for any costs such as power or ASIC CAPEX, and thus reflects only the BTC revenue earned per day, per rig (assuming 100% uptime).\n\n`Revenue per day = ASIC Th / Hashrate * Block Reward (incl Fees)`\n\n\u003e Analysts can account for an all-in-sustaining-cost ($/kWh) by adjusting the Workbench formula `f5`, which will subtract the BTC denominated value of costs from earned revenue.\n\nThe following reference ASIC rig models are considered:\n\n- 🟣 **S9 Antminer**\n- 🔵 **S17 Antminer**\n- 🟡 **S19 Pro Antminer**\n- 🔴 **S19 XP Hyd Antminer**\n\n\n\u003e Note: Traces are shown for all history for comparative purposes. Analysts should consider the ASIC launch dates listed above."},"uuid":"c4940802-804a-42fe-af80-2e432867e809","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## Maximum Rig Profit per Day [USD/day] 💵\n\n---\n\nThis metric estimates the USD denominated profit earned per rig day for the reference device models in the ASIC fleet. Here we subtract an all-in-sustaining-cost of $0.05/kWh, which is multiplied by the manufacturers device power rating. The model assumes 100% uptime.\n\n`(1) Revenue per day = ASIC Th / Global Hashrate * USD Block Reward`\n\n`(2) All-in-Cost per day = (Rig Power * 24 * $0.05/kWh)`\n\n`Profit per Day = (1) - (2)`\n\n\u003e Note: This chart is presented in log scale, and thus points where rigs become unprofitable will show up as null values.\n\nAnalysts can adjust the all-in-sustaining-cost assumption ($/kWh) by adjusting the Workbench formula `f5`, which will subtract the USD denominated value of costs from earned revenue.\n\n\u003e Traces are shown for all history for comparative purposes. Analysts should consider the ASIC launch dates listed above."},"uuid":"65203928-b0b0-403f-b3de-e315f4e4947e","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"f48d5c76-cfa5-4ac2-7f25-7ee8cf94d369"},"uuid":"9c1eb9e6-b90a-460d-bf61-a79d830fec33","configType":"workbench"},{"meta":{"refUuid":"47e60442-4935-4faf-753d-6cbb6295b31f"},"uuid":"887f6be1-7733-4de4-9e1f-66bbbdb55284","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"d01b17be-797b-4ca6-526d-aee699225c08"},"uuid":"8c30b199-7419-4c4b-826b-b57e79603e30","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"content":"## ASIC Rig Break-Even Cost ($/kWh) 🧮\n\n---\n\nThis model estimates the break-even all-in-sustaining-cost ($/kWh) for a set of reference ASIC mining rigs. The calculated break-even cost is intended to incorporate all mining cost including CAPEX, OPEX, logistics, and management.\n\nBreak-even all-in-sustaining cost (AISC) is calculated as follows:\n\n`(1) Revenue per day ($/day) = ASIC Th / Global Hashrate * USD Block Reward`\n\n`(2) ASIC Daily Power Consumption (kWh/day) = (Rig Power Rating * 24)`\n\n`Break-Even-AISC ($/kWh) = (1) / (2)`\n\n\u003e Note: Traces are shown for all history for comparative purposes. Analysts should consider the ASIC launch dates listed above."},"uuid":"f71652ce-bf5a-4b80-892d-faec7cd19f61","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### Disclaimer\n\n---\n\n*This dashboard and associated content does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions. For for details, please refer to our [Terms and Conditions](https://studio.glassnode.com/terms-and-conditions).*"},"uuid":"3c2cbb17-9e4a-4a6e-8d3e-f79877b05d00","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## ASIC Rig Profitability by Rig 🎛️\n\n---\n\nThese two metrics estimate the USD denominated profit earned per rig day under various all-in-sustaining-cost (AISC) assumptions ($/kWh). The following two rigs are considered:\n\n- S9 ASIC rig (13.5 Th, 1323W, Feb-2017)\n- S19 Pro Antminer (110 Th, 3250W, May 2020)\n- S19 XP Hyd Antminer (255 Th, 5304W, Oct 2022)\n\nThe profitability of the rig is calculated as follows:\n\n`(1) Revenue per day = 13.5 Th / Global Hashrate * USD Block Reward`\n\n`(2) All-in-sustaining-cost per day = (Rig Power Rating (kW) * 24hr * Input All-in-sustaining-cost ($/kWh))`\n\n`Profit per day = (1) - (2)`\n\nEach trace reflects a different all-in-sustaining-cost ($/kWh) assumption:\n\n- 🔴 $0.025/kWh (Most profitable)\n- 🟠 $0.050/kWh\n- 🟡 $0.075/kWh\n- 🟢 $0.100/kWh\n- 🟣 $0.125/kWh (Least profitable)\n\nAn additional trace is show 🔵 for the estimated break-even all-in-sustaining-cost ($/kWh) for this rig.\n\n\u003e Note: This chart is presented in log scale, and thus points where rigs become unprofitable will show up as null values."},"uuid":"f7d7d2ee-1969-4bab-a32e-537beeecf0a2","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"149ad909-14fa-44e8-6a94-afa6e9d4bec2"},"uuid":"5b6950b9-c9c5-4e57-9328-dd9f7dc21bf2","configType":"workbench"},{"meta":{"refUuid":"479b28f9-87b7-40a7-62fd-d697af1fda67"},"uuid":"0859a11d-a5b9-4d28-8895-84d5c0aade10","extra":{"zoom":"5y"},"configType":"workbench"}],"layouts":[{"h":8,"i":"712045dc-fe33-45e7-91d0-30d90b1e30b5","w":9,"x":3,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"4088a778-4144-468d-98c2-729064faafc5","w":9,"x":3,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"43ffa322-b0ef-4fd0-89bd-aeded1d349a0","w":9,"x":3,"y":16,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"6c35452d-439f-4b68-a543-a6c12277874e","w":3,"x":0,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"5ba635e1-34cc-44f3-b7b6-e686667ca1dc","w":3,"x":0,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"c4940802-804a-42fe-af80-2e432867e809","w":3,"x":0,"y":16,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"65203928-b0b0-403f-b3de-e315f4e4947e","w":3,"x":0,"y":50,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"9c1eb9e6-b90a-460d-bf61-a79d830fec33","w":9,"x":3,"y":24,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"887f6be1-7733-4de4-9e1f-66bbbdb55284","w":9,"x":3,"y":32,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"8c30b199-7419-4c4b-826b-b57e79603e30","w":9,"x":3,"y":44,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"f71652ce-bf5a-4b80-892d-faec7cd19f61","w":3,"x":0,"y":24,"minH":1,"minW":3,"moved":false,"static":false},{"h":4,"i":"3c2cbb17-9e4a-4a6e-8d3e-f79877b05d00","w":12,"x":0,"y":58,"minH":1,"minW":3,"moved":false,"static":false},{"h":18,"i":"f7d7d2ee-1969-4bab-a32e-537beeecf0a2","w":3,"x":0,"y":32,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"5b6950b9-c9c5-4e57-9328-dd9f7dc21bf2","w":9,"x":3,"y":50,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"0859a11d-a5b9-4d28-8895-84d5c0aade10","w":9,"x":3,"y":38,"minH":1,"minW":3,"moved":false,"static":false}]}}