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Author: Admin | 2025-04-28
Total machine cost of $8500/unit (rig price $81.7/TH) and stock power consumption per unit of 3068 WAn additional 1% (9.5kW) will be added to the total power consumption for both air cooled (fans & pumps for wet curtains) and immersion cooled (pumps and dry coolers) operations; the only OpEx difference will be the efficiency improvement from the removal of the fans on the miners themselves in immersionAir cooled infrastructure will cost $250k/MW, totaling $2.5MM in CapEx for 10 MWImmersion cooled infrastructure will cost $450k/MW (air cooling + $200k/MW), totalling $4.5MM in CapEx for 10 MWThere will not be a difference between air cooled and immersed hardware depreciation rates, all hardware will depreciate at a rate of 20%/year even though immersion miners should have a longer operating lifespan; more on this in the Out-of-Scope Considerations section at the end of the article.All-in electricity rates will be a fixed $0.05/kWh with 24/7 uptimeAll miners have the goal of maximizing their BTC holdings, so the HODL Ratio will be 100% of profits in all casesAlthough heat impacts Antminer S19 model efficiency and summer months would likely cause a decrease in profitability for the air cooled operation, we will not factor that in and assume that hashrate and consumption is stable year-round (giving a small, unrealistic advantage to the air cooled operation)Moderately bullish case: difficulty increases 70%/year and price increases 80%/year, 0.25 BTC transaction fees per block; of course, BTC price could (and historically did) increase faster than this, but in that case all miners will do extremely well and this analysis isn’t very interestingModerately bearish case: difficulty increases 50%/year and price increases 25%/year, 0.1 BTC transaction fees per block; of course things could get more bearish than this, but if you think BTC won’t go up at least 25% year then save yourself the time now and don’t invest in miningOne interesting way to put the infrastructure CapEx into perspective is by comparing it to the hardware CapEx. If we assume stock power consumption of 3068W per S19j Pro and a 5% buffer in total power consumption, that means that we will have 325 S19j Pro’s per MW. At a unit cost of $8500, the hardware CapEx is $2.76MM/MW—approximately 10x the air cooling infra cost and 5.5x the immersion cooling infra cost. Just food for thought. With these assumptions, we’ll analyze the bullish and bearish cases for each of 5 different scenarios:Air-cooled, stock firmwareImmersion cooled, stock firmware and power consumptionImmersion cooled, Braiins OS and stock power consumptionImmersion cooled, Braiins OS and 4000W power consumptionImmersion cooled, custom PSU, Braiins OS and 5000W power consumptionA side note: the bullish case will result in less BTC mined over a long (2+ year) time period because large BTC price increases will incentivize more hashrate to come online, causing difficulty to increase faster. Air-cooled running stock firmwareTo fill 9.5 MW at the stock power consumption of 3068 W, we can purchase 3,096 S19j Pro’s for a total hardware CapEx of $26.32MM. This brings our total CapEx for the
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