Live Market & Miner Profitability Dashboard
LONG BTC
Hold Bitcoin
SHORT HASHPRICE
Sell $HUP futures
LONG SPREAD
BTC Δ% − Difficulty Δ%
| Spread Range | Label | Interpretation |
|---|---|---|
| < -10% | Bankrupt | Severe loss, difficulty outpacing BTC significantly |
| -5% to -0.5% | Break-even | Small negative spread, marginal profitability |
| -0.5% to +0.3% | Healthy | Moderate positive spread, normal conditions |
| +0.3% to +0.7% | Sweet Spot | Strong positive spread, optimal mining conditions |
| > +0.7% | Jackpot | Exceptional spread, BTC surging vs difficulty |
| Option | Description | Capital Efficiency | Complexity |
|---|---|---|---|
| A | Physical BTC + Short $HUP futures | Low (100% capital) | Low |
| B | BTC futures + Short $HUP futures | High (10-20% margin) | Medium |
| C | BTC call options + Short $HUP | Very High (premium only) | High |
| D | Synthetic position via derivatives | Very High | Very High |
Analysis coming soon...
| Risk Factor | Physical Mining | Synthetic Spread | DF Lending |
|---|---|---|---|
| Capital Requirements | CRITICAL $500k-$5M+ | MEDIUM $50k-$500k | LOW $10k-$100k |
| Operational Complexity | CRITICAL Facility, hardware, power | LOW Trade execution only | MEDIUM Hedging required |
| Liquidity Risk | CRITICAL Hardware illiquid | LOW Daily settlement | MEDIUM Contract duration lock |
| Difficulty Exposure | CRITICAL Full negative exposure | ZERO Hedged via short $HUP | HIGH Depends on hedge |
| BTC Price Risk | HIGH Revenue in BTC | MEDIUM Long BTC exposure | LOW Fixed USD returns |
| Counterparty Risk | MEDIUM Power provider | MEDIUM Exchange/clearinghouse | HIGH Borrower default risk |
| Regulatory Risk | MEDIUM Energy regulations | LOW Regulated derivatives | HIGH Lending regulations |
| Downside Scenarios | CRITICAL Can go to zero | HIGH Can lose 90%+ | MEDIUM Limited to principal |
Highest capital and operational complexity. Full exposure to difficulty increases. Best for long-term operators with cheap power.
Eliminates difficulty risk via $HUP hedge. Capital efficient with derivatives. Historical backtest shows high volatility and negative 10yr return.
Lowest capital requirement. Yields earned from lending to miners. Counterparty risk and hedging complexity. More stable returns.
Shows historical revenue per kWh across miner efficiency levels: 10, 15, 22, 30, and 35 J/TH.
Sensitivity matrix showing the estimated breakeven Bitcoin price by miner efficiency, electricity cost, and uptime scenario.
Instantly determine profitability: if Revenue/kWh > Electricity cost/kWh, you're profitable.
Bar chart showing Revenue per kWh for all miners at current hashprice. Miners above the electricity cost line are profitable.
Comprehensive profitability analysis for all major Bitcoin mining hardware at current hashprice. Click "Rev/kWh" header to sort.
| Miner | Mfr | Cooling | Year | Hashrate (TH/s) |
Power (kW) |
Efficiency (J/TH) |
Daily kWh |
⚡ Rev/kWh ($/kWh) |
Profit/kWh ($/kWh) |
Monthly Elec Cost |
Daily Revenue |
Daily Profit |
Monthly Profit |
Gross Margin % |
Break-even $/kWh |
Status |
|---|
Compare cumulative outcomes for the selected miner under two strategies: HODLing mined BTC after selling only enough for power, versus selling all mined BTC monthly.
Mine BTC, sell only enough BTC to cover power, and hold the remaining BTC. USD value uses the current Bitcoin price.
Sell all mined BTC each month and track cumulative USD profit after power cost.
Paste a real marketplace/forum ASIC deal post. The analyzer extracts deal terms, compares pricing against historical ASIC comps, runs miner economics, and produces a buy / negotiate / pass memo.
Premium vendor intelligence for infrastructure providers, miner purchase channels, miner repair companies, and mining operations providers.
This tab will be included in the annual premium plan at $1,000/year. No monthly subscription plan.
Solve the maximum price per miner you can pay while still achieving your target annualized return over a fixed 5-year hold, using the same shared assumptions from Miner Profitability plus site-level CAPEX/OPEX.
For each miner type, the table solves the maximum purchase price per miner that still produces your selected annualized return hurdle after land, infrastructure, electricity, monthly OPEX, uptime, and the April 2028 halving.
| Miner | Mfr | Cooling | Units Fit | Used MW | Utilization | Site Hashrate (PH/s) |
5Y Revenue | 5Y Power Cost | 5Y Other OPEX | Max Total Miner CAPEX |
Max Price / Miner | USD / TH | Status |
|---|
Build and download a financial model from the core Block Formation Excel template using the current website data: Assumptions, Miner Detail, Financial Model - Annual, Financial Model - Monthly, and Returns Summary. This export is structured as a future premium/paywalled workflow.
Block-Formation_Financial-Model-Template.xlsx in the application data folder. Website inputs now populate this template rather than creating an ad-hoc workbook from scratch.