Ethereum Researcher: Bitcoin Security Budget a ‘Ticking Time Bomb’
Bitmain’s New Antminer Launch Signals Profound Shift for Bitcoin Miners: TheMinerMag
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Tom Carreras
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By Tom Carreras, AI Boost
May 29, 2025, 3:03 p.m.
- Bitmain’s Antminer S23 Hydro features 9.7 J/TH efficiency, shipping in Q1 2026.
- Miners may focus on replacing old rigs instead of expanding fleets amid profitability squeeze.
- Hashprice remains under pressure, challenging conventional hardware upgrade cycles.
This week, at the World Digital Mining Summit, bitcoin
rig manufacturer Bitmain unveiled its latest mining rig, the Antminer S23 Hydro. Scheduled for release in early 2026, the machine offers an energy efficiency of 9.7 joules per terahash (J/TH), a new benchmark in mining technology. For context, the first dedicated bitcoin ASIC miner launched in 2013 consumed roughly 1,200 J/TH.
But while the S23 Hydro represents a leap forward in hardware design, it arrives at a time of tension in the mining economy, analysts at TheMinerMag wrote in a Thursday report. In past market cycles, major efficiency upgrades were timed with bear markets, giving miners a head start ahead of bitcoin halving events. This launch breaks that pattern: bitcoin recently surged past $100,000, but miner profitability hasn’t kept pace.
STORY CONTINUES BELOW
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The core issue is hashprice, the analysts said. Despite the rally, hashprice has remained low, dipping below $39/PH/s earlier this year. Facing smaller and smaller margins, several large firms have paused hashrate expansion plans.
Instead of fueling network expansion, the S23 Hydro and similar rigs may be used to upgrade existing fleets. That’s a notable shift. As older models get retired, the overall power efficiency of the Bitcoin network could improve — possibly even reducing total power consumption, a first in the protocol’s history.
The new machine’s launch signals a new era where efficiency gains are about surviving squeezed margins, not just chasing growth. If hashprice doesn’t recover to pre-2024 halving levels of around $100/PH/s, miners could face steeper headwinds in future downturns. The Antminer S23 Hydro may be cutting-edge, but the economic terrain it enters is more uncertain than ever.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Tom writes about markets, bitcoin mining and crypto adoption in Latin America. He has a bachelor’s degree in English literature from McGill University, and can usually be found in Costa Rica. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
