Recently, the Bitcoin mining community has not been very calm. The network difficulty remains high, and many miners' old equipment can no longer keep up — the Computing Power is lagging, but the electricity costs remain unchanged.

According to the current electricity price standard of $0.06 per kWh, a large number of classic models have basically reached the edge of "turning off the lights to eat noodles." Models like the Antminer S19 series and S17, which were once the main force, as well as Avalon A13/A12 and Shenua M20/M30, have their shutdown prices generally stuck in the range of $90,000 to $100,000 or even higher. In other words? The coins mined now are not enough to pay the electricity bill, and daily profits have turned negative.

But interestingly, the new generation of liquid-cooled miners has it much easier. For example, the Ant S23 Hyd series has a shutdown price of around 32,200 USD, and it can still make a steady profit; the shutdown price of models like the S21 XP Hyd is also between 40,000 to 50,000 USD, which has much stronger risk resistance compared to those traditional air-cooled machines.

To put it simply, this round of the cycle is undergoing a crazy reshuffle. The overall network difficulty is not decreasing, and the efficiency gap between old and new mining machines is widening. Is there any hope for old equipment to continue making profits in this market environment? Basically, there is none. The "new and old stratification" in the mining circle is accelerating at a visible speed—either upgrade your equipment or exit the game, there is no middle option.