Is there a profit to buy miners today? Expert opinion

  • Ultramining
  • 7 June, 2023 10:34
Buying crypto miners

Disputes about the cost of equipment and its profitability aren’t new in the community. In a recent interview, one of the solo miners shared his scheme for understanding the feasibility of such a purchase. We talked with Mikhail Olegovich Ermoshin, head of the Mining Cluster sales department, about whether to invest money in equipment or wait for now.

Which mining equipment is more popular now than others?

I can distinguish three main models. These are Antminer S19J Pro on 120th, Whatsminer M50 on 120Th and L7 on 9050Mh. Every model is really good at something. Previously, it was believed that Whatsminer is more reliable than Antminer, but now manufacturers are on the same level of reliability. The devices work for a long time and with no problems, especially if you place them in a professional data center, or a mining hotel. They will monitor the temperature and humidity in the room, avoid dust and carry out regular maintenance.

Are the prices stable today?

It’s better to say that they are growing steadily. Everyone expects a jump in the bitcoin growth after September, because the fourth halving isn’t far away. People are getting ready. Let’s see what will happen in September and October. However, I think that the equipment will rise twice the current prices.

On average, are equipment prices higher or lower than they were a couple of months ago?

Definitely higher. Let’s take the Antminer S19J Pro on the 104Th for example. Six months ago, the cost price was $14.3 per Th, and now it ‘s $15.3 per Th.

Bitcoin is growing after the crypto winter. Do the equipment prices have time to grow as fast?

It’s true that the prices of mining equipment are being pulled up after bitcoin, but they don’t have time to catch up immediately. The reaction to jumps lasts from 3 to 7 days approximately. I think we’ll see a significant increase in equipment prices in 3-4 months.

Compared to previous years, is the price of equipment overstated in relation to the bitcoin price? Or is it in the same ratio?

I’ll tell you more, the price of equipment is now understated. A year ago, when bitcoin cost the same, the flagship device was around $38-40 per Th. Now a similar device with the same power costs an average of $13-15 per Th. So the price is understated by almost 2.5 times!

Does it make sense to buy used equipment now? Or are the prices for new ones acceptable and it’s easier to spend more on much more energy-efficient miners?

I never recommend customers to buy used equipment. Breakdowns, eternal shutdowns, repairs and downtime for weeks and months… You’ll have a hard time with it. A miser pays twice, and sometimes three times. It’s better to overpay a little and take a new one, you’ll definitely be able to sleep peacefully for 3-4 years. With proper maintenance, of course.

The main thing is to approach everything systematically. It’s like with a vehicle, even the most reliable car can be deadly broken in a month.

Is it a good time to buy equipment now?

I’d say it’s the best. The cost will definitely not fall below. Now is the time when you need to enter, in 3-4 months, I am sure there will be a powerful growth. And we are already seeing it, since a month ago the prices for miners were 7-8% lower.

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