20 MW Bitcoin Mining Operation – Financial Pro-Forma
This projection outlines the expected performance of a 20 megawatt (MW) Bitcoin mining facility using Antminer S19j Pro units, operating at an average electricity cost of $0.05 USD per kWh. All figures are in USD and assume current post-halving conditions.
Key Assumptions
Parameter Value / Description
Hardware Antminer S19j Pro (100 TH/s @ 3 kW)
Total power capacity 20 MW
Number of miners ≈ 6,667 units
Electricity rate $0.05 /kWh
Network hashrate ≈ 900 EH/s
Block reward 3.125 BTC
BTC price $65,000
Uptime 97 %
Other OpEx (cooling, staff, etc.) ≈ $0.01 /kWh
Hardware cost $1,500 per miner
Infrastructure CapEx $6 million
Total CapEx ≈ $16 million USD
Energy and Production
Power draw: 20 MW × 24 h = 480 MWh per day
Monthly consumption: ≈ 14.4 million kWh
Electricity cost: 14.4 M × $0.05 = $720,000 / month
Bitcoin Output
At 100 TH/s per miner and current network conditions, total site hashrate ≈ 667 PH/s (0.667 EH/s).
This yields roughly 10 BTC per month, or 120 BTC per year at 97 % uptime.
Projected Monthly Profit & Loss
Category Amount (USD)
BTC Revenue (10 BTC @ $65 k) $ 650,000
Electricity Cost – 720,000
Other Operating Costs – 150,000
Total OpEx – 870,000
Operating Profit (EBITDA) – $220,000 per month
➡ Break-even BTC price: ≈ $87,000 per BTC
Annualized Summary
Category Amount (USD)
BTC mined ≈ 120 BTC / year
Revenue (@ $65 k) $ 7.8 M
Electricity Cost $ 8.6 M
Other OpEx $ 1.8 M
EBITDA – $ 2.6 M
CapEx Payback (if profitable) 5 – 7 years (at BTC ≥ $90 k)
Sensitivity Analysis
BTC Price Annual Revenue EBITDA
$ 50 k $ 6.0 M – $ 4.4 M
$ 65 k $ 7.8 M – $ 2.6 M
$ 80 k $ 9.6 M – $ 0.8 M
$ 90 k $ 10.8 M + $ 0.4 M
$ 100 k $ 12.0 M + $ 1.6 M
$ 120 k $ 14.4 M + $ 4.0 M
Cash Flow Outlook (3-Year View)
Year BTC @$65 k BTC @$90 k BTC @$120 k
Year 1 – $ 2.6 M + $ 0.4 M + $ 4.0 M
Year 2 – $ 2.6 M + $ 0.4 M + $ 4.0 M
Year 3 – $ 2.6 M + $ 0.4 M + $ 4.0 M
Observations
Electricity costs drive > 80 % of OpEx.
Every $0.01 change per kWh ≈ ± $144 k monthly swing.
Profitability is extremely sensitive to BTC price and network difficulty.
Newer miners (S21 series or immersion cooling) can improve efficiency by 25–35 %.
Tax and depreciation effects are excluded from this summary.
At $65 k BTC and current network conditions, a 20 MW farm operating S19j Pros runs slightly below break-even.
However, as Bitcoin prices rise above $90 k or electricity costs drop below $0.04 /kWh, the operation becomes profitable and pays back its initial investment within 5–6 years.