Bitmain E9 Cost and Potential Profitability

The Ethereum mining craze has created a shortage of PC gaming graphics cards on the market over the past few months. But there seems to be a solution to this problem. Just recently, one of the biggest crypto hardware manufacturing companies, Bitmain released a new miner.

Ever since first announced a couple of months ago, crypto miners across the globe waiting for the see if the rumors have been true. Is this really the fastest Ethereum miner on the market? That’s what we’re about to find out in this post right here.

Let’s discuss the ETH mining market, the Bitmain E9 cost, and how much potential money can you make with it.

Are ASIC Miners the Solution to the Problem?

The Antminer E9 Ethereum miner from Bitmain is an ASIC mining device that is designed to provide a cost-effective and profitable alternative to PC gaming graphics cards. The popularity of cryptocurrencies has made it difficult for gamers to find cards in stores, and the E9 offers a solution to this problem by providing power equivalent to 32 NVIDIA RTX 3080s. 

As you can expect, the E9 carries a high price tag. But if you are looking to buy Ethereum in bulk, it’s definitely worth the investment. At the moment, the Bitmain E3 price is $17,000, not including shipping costs. This may seem like quite a hefty cost, but the E9 is capable of generating more than $6,500 per month at current prices.

While this may sound like a dream come true for people looking to get into Ethereum mining, who are cut off from buying traditional graphics cards, it might not be worth the amount of money that you will end up paying for it.

Bitmain E9 Cost and Specs

The E9 is made with an application-specific integrated circuit (ASIC) chip, which is designed for the sole purpose of mining cryptocurrencies. The E9 delivers 3 GH/s – providing power equivalent to 32 NVIDIA RTX 3080s. The price tag may be high, but when you see what you’d need to replicate its power, you realize that Bitmain E9 cost is justified.

Let’s compare this ASIC machine to some of the powerful GPUs on the market.  An RTX 3080 card reaches 95 MH/s and an RTX 3090 reaches 120 MH/s. It would take around 140 graphics cards on this scale to match the power of the E9. Considering that GPU cards typically cost between $700 and $1, 000each on the market, it becomes evident that ASICs are indeed a more cost-effective alternative.

We did the math to figure out how much you earn with Bitmain E9 and Ethereum. The profitability of one unit for a day is $230 to $250. This is based on the cost of electricity in the United States, which at the money is 0.13 cents per kWh. When talking about Bitmain E9’s cost and profitability, it should be noted that this machine doesn’t mine Bitcoin, which is the cryptocurrency that has long been popular.

Instead, the Bitmain E9 exclusively mines Ethereum, the new darling of the crypto world. Some crypto enthusiasts estimate that it costs more than $500 to mine one single Bitcoin today, while an Ethereum unit can be mined for about $6. The net result is that even though you might earn a bit more at first when mining Ethereum instead of Bitcoin, your expenses are much higher and therefore it becomes less profitable over time.

How Much Energy Does Crypto Mining Take?

How much energy is needed to mine 1 ETH? The following calculation shows the amount of energy (kWh) you will need per each mined Ethereum (or 1 GH/s). To find this out, we need to know how many kWh are currently used by an average household in your country.  You can find the information either on Wikipedia or on your government’s website.

We then compare that number to how many kWh are needed for 1 GH/s of mining. The calculation is based on information from the Ethereum Energy Consumption Index which provides average figures. A more precise calculation would need to factor in the exact hardware, but these numbers should be good enough for an order-of-magnitude estimate.

Keep in mind that you are not paying for electricity though. You are earning Ether which has value. If the price of Ether would drop to zero, then your electricity would have been wasted energy. The truth about mining is that it’s profitable because it doesn’t use up much energy from electricity, it uses up a lot of your computer hardware.

Why Bitmain E9 Costs are Worth It

Mining is a business. If you buy the right components and manage to keep them running efficiently, then you can actually make a profit from mining Ether. However, at this stage in the game, the costs outweigh the profits. In the past, it was worth it to run an old video card to mine for some Ether, but not anymore. Now you need a rather powerful machine to make a healthy profit.

Since buying GPUs is becoming harder and harder, your best move would be to buy an ASIC rig like the E9. Now, since the Bitmain E9 costs $17,000, you’re probably going to think twice before buying it. Nothing wrong with that. However, you need to realize that running a Bitmain E9 costs nothing, compared to the possible profits. Let’s help you calculate the costs of running an E9 rig.

Three Ways to Calculate Power Consumption for Bitmain E9

We can’t continue talking about the Bitmain E9 cost and profitability without explaining how to calculate power for crypto miners. You need to know how much power your machine will consume before you start calculating the profits. There are three methods to calculate power consumption for an ASIC miner:

  • The first method is to calculate power in watts. One kilowatt (kW) equals 1,000 watts, so by multiplying the miner’s power usage in watts by 1,000 you get the miner’s power usage in kW. If the ASIC miner’s power usage equals 980 (in watts), then 980×1,000 = 980,000 (in Watts).
  • The second method is to calculate power in kilowatt-hours (kWh). A kWh is an amount of electricity that would be used if the miner was running at 100% of its power capacity for one hour. To find out how many kWh the miner uses per hour, divide its watts usage with its efficiency rating. A kilowatt-hour equals 1,000 watts being used for 1 hour, so 980 watts over 8 hours would equal 980,000/8 which is 120,000 kWh. Let’s say the miner’s efficiency rating is 96%. If its power consumption equals 120,000 kWh, then the miner uses 1,200 watts per hour.
  • The third method to calculate ASIC miner power consumption is to multiply its voltage by its amperage. Let’s say your miner’s power supply uses the 12 volt DC and it has a maximum draw of 15 amps. 12×15= 180 watts.

Make Sure Not to Forget Cooling and Other Costs

Keep in mind that mining rigs require a lot of electricity which can vary depending on the time of day, where you live, and what type of rig(s) you are running.  Bitmain recommends using a voltage meter to help you calculate your power costs and ensure that you are profitable.

· Cooling Bitmain E9 Costs

If you are mining in space that is not climate controlled, Bitmain recommends using an air conditioner to cool your Bitmain Antminer. Bitmain calculates it should result in a cooling cost of $6.34 per month (at the current price of electricity). Bitmain also provides a calculator for you to determine other costs associated with running your Bitmain Mining Rig based on what type of voltage meter you use and which country you reside in.

· No Hidden Bitmain E9 Costs

Bitmain has not released any information regarding other costs involved with operating their mining rigs that would be considered maintenance. If anything goes wrong during the first 3 months, you won’t have to worry about anything, because every E9 model comes with a 180-day warranty. Furthermore, Bitmain is known for quality, durable miners. That means that you don’t have to worry about anything breaking down, even after a few months.

The Bottom Line on Bitmain E9 Cost

When it’s all said and done, yes, the Bitmain E9 cost is high. However, considering how much money it can help you make, the price could’ve been a lot higher. It can help you pay it off in less than 3 months and start earning some serious money. In less than 2 years, you can see a 6-figure profit.

That’s why some people might be willing to shell out more money for these units; they might simply want the best available hardware on the market. Mining equipment depreciates quickly enough that there are always sharp discounts on older models, and thus there is a good opportunity for players who do not mind the risk.