On December 31, 2022, statistics show that bitcoin’s hash rate is hovering above the 300 exahash per second (EH/s) range after reaching a low on December 30 at 235 EH/s. Additionally, data from macromicro.me indicates that the current cost of production ($16,577) is nearly equal to bitcoin’s current spot market value ($16,572).

Macromicro.me calculates the cost of production by “observing consumption of electricity and daily issuance of bitcoin, as provided by Cambridge University.” The Cambridge Bitcoin Electricity Consumption Index (CBECI) shows BTC’s annualized consumption on Dec. 31, 2022, is 84.74 terawatts per hour (TWh). With the current mining difficulty at 35.36 trillion and current BTC prices at $16,572 per unit, a large number of ASIC mining machines are not profitable.

At the time of writing on Dec. 31, 2022, Bitmain’s Antminer S19 XP Hyd. is the most profitable bitcoin mining rig. The machine produces 255 terahash per second (TH/s) and at $0.08 per kWh, the S19 XP Hyd. can make an estimated $5.74 per day in profits.