The Bitcoin mining landscape in 2023 has reached new heights. According to statistics from mid-May, 18 different ASIC bitcoin miners are profitable under current exchange rates and an electricity cost of $0.12 per kWh. The network's hashrate hit an all-time peak of 491.15 EH/s on May 2, with an average of 353.9 EH/s over the previous 2,016 blocks.
Three Dominant Manufacturers
Despite the hashrate surge, the production of ASIC miners for Bitcoin is now concentrated among just three companies: Bitmain, Microbt, and Canaan. All 18 profitable SHA-256 miners come from these three. Bitmain alone accounts for 10 models, including the top-performing units. Microbt follows with high-hashrate offerings, while Canaan maintains a presence with its Avalon series. This concentration reflects high entry barriers and technological intensity.
Top 6 Most Profitable Miners
The most profitable miner is Bitmain's Antminer S19 XP Hydro (255 TH/s), generating an estimated daily profit of $9.29 at $0.12/kWh. Second is the Antminer S19 XP (140 TH/s, $4.82/day). Microbt's Whatsminer M56S (212 TH/s) ranks third with $4.44/day. The Antminer S19k Pro (136 TH/s) and S19 Pro+ Hydro (198 TH/s) follow, earning $3.70 and $3.40 per day respectively. Canaan's Avalon A1366 (130 TH/s) takes sixth place with $3.17 daily profit. Lower electricity costs would make additional models viable.
Electricity Costs Around the World
The global average electricity rate is about $0.14/kWh, slightly above the profitability threshold. However, countries like Iran, Cambodia, Afghanistan, Belarus, Brazil, and others offer rates as low as $0.01–$0.05 per kWh, creating significant advantages for miners. These regions attract hashpower but may face regulatory uncertainties. Overall, the mining industry remains highly competitive and driven by the three dominant ASIC makers, requiring miners to carefully manage electricity costs and hardware choices.