Bitcoin has staged a nice recovery from its low of some $26,000. Yet, difficulty's rise has kept miners in a tough spot. Let's explore mining profitability across different difficulty and electrical cost ranges using one of the most common miners, the Antminer S19.

At the current block payout rate and Bitcoin price, an S19 – rated at 95 TH/s and 34 J/TH – can remain profitable through a difficulty hike of more than 100%, depending on the operational cost. The green squares below give encouragement to miners during these bleak weeks – hashrate is still profitable for many a smart miner!

Of course, an enormous amount of hashrate would have to hit the network in order to increase the difficulty to 60 trillion, a highly unlikely scenario considering the current trend of difficulty growing less year over year. And Bitcoin's price could head north or south from here.

Indeed, the Year-over-Year growth of Bitcoin’s difficulty and hashrate is some 30%. The general assumption held by miners is that by the time we hit that difficulty, Bitcoin’s price would be well above $30,000. That being said, the calculated profitability of the Antminer S19 inspires confidence in its longevity over the coming difficulty adjustments.

- Mitch Klee

Disclaimer: This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any investment or to adopt any investment strategy. This information is for educational purposes only and is as of the date of that particular presentation. Compass does not guarantee profits from mining activity.