Introduction

Hashman, an innovative Bitcoin mining management software, has demonstrated significant profitability improvements across various fixed electricity cost scenarios. This case study examines Hashman's performance, building upon previous findings with variable spot market prices.

Click here to read the previous study with spot market pricing.

Dataset and Methodology

Fleet Specifications

• Model: Antminer S19j Pro 104 TH/s

• Power modes: 1700W, 2400W, and 3100W

• 446 devices

• Firmware: BraiinsOS 23.08 and above

Backtest Parameters

• Date range: 2022-01-01 through 2024-04-20

• Assumed hash price: Halved for the entire period to better reflect conditions after the 2024 Bitcoin halving

Average ASIC Efficiencies

Average ASIC efficiencies (with ambient temperatures ~0°C to ~20°C, mean operational chip temperatures 60-70°C):

• Power target = 1700 W: Average efficiency = 25.00 J/TH; average power usage = 1642 W; average hashrate = 65.69 TH/s

• Power target = 2400 W: Average efficiency = 27.74 J/TH; average power usage = 2399 W; average hashrate = 86.48 TH/s

• Power target = 3100 W: Average efficiency = 30.10 J/TH; average power usage = 3073 W; average hashrate = 102.10 TH/s

Operational Regimes Compared

1. Single power mode (1700W, 2400W, 3100W): Alternating between sleep mode (~25W) and the target power mode based on hash price, using average ASIC efficiencies.

2. Multi-mode: Alternating between all power modes, optimized for transition times, using average efficiencies.

3. Hashman optimized: Similar to multi-mode, but leveraging individual ASIC characteristics for maximum efficiency.

Key Findings

1. Consistent profit improvement: Hashman's optimized approach consistently outperformed simpler strategies across all fixed electricity cost scenarios. Profit improvements ranged from negligible at very low costs to over 35% at higher costs (Figure 1).
   
   

2. Scalable advantages: Hashman's optimization value increased with electricity costs, showing substantial profit differences above $40/MWh and peaking at the highest costs tested (Figure 1).
   
   

3. Outperforming multi-mode strategies: Hashman surpassed both single power mode operations and multi-mode strategies using average fleet efficiency. The performance gap widened as electricity costs increased (Figure 1).

   
   

   

   
   

4. Superior performance vs. average efficiency optimization: Compared to average efficiency-based optimization, Hashman showed increasing advantages as electricity costs rose, reaching over 20% improvement at the highest fixed costs (Figure 2).

   

   
   5. Highest daily profits: Hashman's optimized approach yielded the highest average daily profits across the entire range of fixed electricity costs, outperforming all other tested strategies (Figure 3).
   
   

   

   
   6. Adaptability to market conditions: Hashman maintained profitability advantages across a wide range of electricity costs, demonstrating crucial flexibility for the dynamic Bitcoin mining industry (Figure 4).

   

Conclusion

Hashman proves to be a powerful tool for Bitcoin miners operating with fixed electricity costs. By leveraging individual ASIC characteristics and employing sophisticated optimization algorithms, Hashman consistently outperforms traditional strategies. Its ability to maximize profits, especially in challenging high-cost scenarios, positions it as a valuable asset for mining operations seeking to enhance their bottom line.

As the Bitcoin mining landscape evolves, tools like Hashman that adapt to varying cost structures and market conditions will be essential for maintaining competitive advantages. This case study reinforces Hashman's potential to revolutionize mining operations and drive profitability in an increasingly complex industry.

If you want to learn how Hashman can optimize mining with spot energy pricing, you can read our previous study.