Can $150 Canaan Avalon 741 Bitcoin Mining Still be Profitable in 2022?
2023-04-19 06:55:41 By : admin
Bitcoin mining has been a popular way to earn rewards in bitcoins. As technology advanced, miners started using specialized hardware, called ASICs, to increase their mining efficiency. Canaan Avalon 741 is one such ASIC miner that was released in 2017. However, the question arises - can it make money in 2022?
The answer to that question depends on various factors, including the price of bitcoin and the cost of electricity. The Canaan Avalon 741 has a hash rate of 7.3 TH/s and consumes around 1150W of power. With the current bitcoin price of around $60,000, the miner can generate around $8 per day.
However, the profitability of the miner depends on the cost of electricity. If the electricity cost is high, then it can eat up most of the earnings. For instance, if the electricity cost is around $0.10 per kWh, then the daily electricity cost would be around $2.8, leaving only around $5.2 in profits per day. This makes it difficult to earn profits with this ASIC miner.
Moreover, as time passes, the difficulty of bitcoin mining increases, which reduces the profitability of the miner. Canaan Avalon 741 was released in 2017, and since then, much more efficient ASIC miners have been launched, making it less profitable to mine with this old hardware. Therefore, it would not be a wise decision to invest in this ASIC miner in 2022, as the returns would not be profitable.
In conclusion, while bitcoin mining with Canaan Avalon 741 may have been lucrative in the past, it is not a good investment now. This old ASIC miner would not be profitable due to high electricity costs and low hash rate. It is better to invest in more efficient hardware if one wants to mine bitcoins profitably.