Four Bitmain hydro miners, the same numbers for each, five charts, and a straight answer on which one fits your power price and timing.
By Michal Beno, CEO, OneMiners22 October 2026
For most buyers in late 2026: the Antminer S23 XP Hyd is the most efficient (8.9 J/TH) but ships from November; the Antminer S23 Hyd is the in-stock all-rounder at 9.5 J/TH; the Antminer S23e U2H is the cheapest per TH ($11.01) if you host in a rack-based hydro hall; and the Antminer S23 Hyd 3U packs the most hashrate into one box (1.16 PH/s). Pick by your power price, your site and how soon you want to mine.
Bitmain's 2026 hydro line now has four serious SHA-256 options. They look similar on paper and they are not. This guide puts them side by side with the same numbers, shows you where each one wins, and then tells you which one fits which buyer.
The four Bitmain hydro miners side by side
Antminer S23 XP Hyd
600 TH/s · 5,340 W · 8.9 J/TH
$14,799 · $24.66/TH
Antminer S23 Hyd
580 TH/s · 5,510 W · 9.5 J/TH
$12,299 · $21.21/TH
Antminer S23e U2H
865 TH/s · 8,650 W · 10.0 J/TH
$9,521 · $11.01/TH
Antminer S23 Hyd 3U
1,160 TH/s · 11,020 W · 9.5 J/TH
$28,399 · $24.48/TH
Bitmain hydro miners compared
| S23 XP Hyd | S23 Hyd | S23e U2H | S23 Hyd 3U | |
|---|---|---|---|---|
| Hashrate | 600 TH/s | 580 TH/s | 865 TH/s | 1,160 TH/s |
| Power | 5,340 W | 5,510 W | 8,650 W | 11,020 W |
| Efficiency | 8.9 J/TH | 9.5 J/TH | 10.0 J/TH | 9.5 J/TH |
| Form | Standard unit | Standard unit | 2U rack | 3U rack |
| Price | $14,799 | $12,299 | $9,521 | $28,399 |
| Per TH | $24.66 | $21.21 | $11.01 | $24.48 |
| kWh per day | 128 | 132 | 208 | 264 |
| Revenue / day | $21.55 | $20.83 | $31.07 | $41.66 |
| Breakeven power | 16.8 c | 15.8 c | 15.0 c | 15.8 c |
| 5-yr cost / TH at 5c | $44.2 | $42.0 | $32.9 | $45.3 |
| Availability | Nov 2026 | In stock | In stock | In stock |
Prices from the OneMiners shop, 22 October 2026. Prices change; check the product page before you order. Revenue before pool fees and breakeven at 22 October 2026 network numbers. 5-year cost = price + 5 years of power at an example 5 cents/kWh, per TH.
The two numbers that decide everything
Every Bitcoin miner is a trade between two numbers. Price per TH is what you pay up front. J/TH is what you pay every day, in electricity. The best Bitcoin miner for you is the one that balances the two at your power price. The next two charts show each number on its own.
Which is the most efficient Bitmain miner in 2026?
The S23 XP Hyd at 8.9 J/TH. It was launched on 28 August 2026 at the World Digital Mining Summit in Hong Kong as the first Antminer flagship under 9 J/TH. The S23 Hyd and S23 Hyd 3U share 9.5 J/TH, and the S23e U2H runs at 10 J/TH. Full details in our S23 XP Hyd guide.
Efficiency, J/TH
Lower is better
Bitmain specs.
Which is cheapest per terahash?
The S23e U2H at $11.01 per TH, less than half the S23 XP Hyd ($24.66). Bitmain launched it at a $11 per TH promotional price the same day as the XP Hyd, and that price level is still available in our shop. Full details in our S23e U2H guide.
Price per TH
USD per TH/s, lower is better
Prices from the OneMiners shop, 22 October 2026. Prices change; check the product page before you order.
Which one wins over five years?
The price tag is only half the cost. A Bitcoin miner runs 24 hours a day for years, so electricity adds up. This chart adds five years of power to the price.
What each miner really costs over five years
Price + five years of electricity, per TH/s, at an example 5 cents per kWh. Shorter = cheaper.
Prices from the OneMiners shop, 22 October 2026. Prices change; check the product page before you order. Example power price, not a OneMiners rate.
Five-year cost per TH (price + power)
| Miner | At 4 c/kWh | At 6 c/kWh | At 8 c/kWh | At 12 c/kWh |
|---|---|---|---|---|
| Antminer S23e U2H | $28.5 | $37.3 | $46.0 | $63.6 |
| Antminer S23 Hyd | $37.8 | $46.2 | $54.5 | $71.1 |
| Antminer S23 XP Hyd | $40.3 | $48.1 | $55.9 | $71.4 |
| Antminer S23 Hyd 3U | $41.1 | $49.4 | $57.8 | $74.4 |
USD per TH/s. 5 years x 365 x 24 h. Example power prices, not OneMiners rates. Lower is better.
The U2H stays cheapest across the whole range. Between the two standard units, the S23 XP Hyd's lower power use only makes up its higher price over five years once electricity passes about 13 cents per kWh. Below that, the S23 Hyd is the better buy per TH, and it is in stock now. The XP Hyd's real advantage is headroom: it keeps mining profitably for longer if hashprice drops.
Extra price per TH / power saved per TH over 5 years
= $3.46 / (0.6 J/TH x 24 x 365 x 5 / 1,000 kWh)
= about 13 cents per kWh
Above this power price, the S23 XP Hyd's efficiency pays back its higher price within five years.
How much does each one mine per day?
_Past network data, not a forecast. Mining revenue moves every day with the Bitcoin price, the network hashrate and fees, and nothing here is a promise of future results._
How expensive can electricity get?
The power price at which each Bitcoin miner's electricity bill equals what it mines. Longer bar = safer.
At 22 October 2026 network numbers. Changes with the Bitcoin price and network hashrate.
One day of mining at an example 5 cents/kWh
| Miner | Revenue / day | Power / day at 5 c | Left after power |
|---|---|---|---|
| Antminer S23 XP Hyd | $21.55 | $6.41 | $15.14 |
| Antminer S23 Hyd | $20.83 | $6.61 | $14.22 |
| Antminer S23e U2H | $31.07 | $10.38 | $20.69 |
| Antminer S23 Hyd 3U | $41.66 | $13.22 | $28.44 |
Network numbers from mempool.space, 22 October 2026: Bitcoin at $81,962, network hashrate about 1,033 EH/s, so each TH/s earned about 3.59 cents a day (hashprice $35.92 per PH/s per day) before pool fees. Electricity prices are examples, not quotes.
Bigger Bitcoin miners mine more per box, so their daily numbers look higher. To compare them fairly, look at the five-year cost per TH above.
Which one should you buy?
Pick by what matters most to you
You want to mine this month
Buy the Antminer S23 Hyd or the Antminer S23 Hyd 3U. Both are in stock, so every week counts.
You want the lowest cost per TH
Buy the Antminer S23e U2H, and host it on a rack-based hydro loop.
You want the most efficient machine for the next cycle
Reserve the Antminer S23 XP Hyd for the November batch. Confirm the batch month in writing.
You pay more than 13 cents per kWh
Efficiency matters most for you: the S23 XP Hyd, then the S23 Hyd.
What did Bitmain launch at WDMS 2026?
Bitmain's World Digital Mining Summit returned to Hong Kong on 27 and 28 August 2026. On day two it made two announcements twelve minutes apart: the Antminer S23 XP Hyd flagship (600 TH/s, 8.9 J/TH, $25.5 per TH, shipping from November 2026) and a one-month $11 per TH price on the S23e U2H 2U rack unit (865 TH/s, 10 J/TH). Both were hydro machines, and both point the same way: Bitcoin miners are becoming data-centre hardware that racks like servers and plugs into water loops.
All four machines are in the OneMiners shop and all four can be hosted on our hydro sites. The right pick is about your power price and your timing, not about which box is newest.
Bitmain's water-cooled line-up at a glance
Four quick slides that sum up the new Bitmain water-cooled Bitcoin miners: efficiency, the 2U rack format, rack density and how the formats compare.
TH/s (terahash per second)
How many trillion guesses a Bitcoin miner makes every second. More TH/s = a bigger share of the daily Bitcoin reward.
J/TH (joules per terahash)
Electricity used for each terahash. It is the miner's fuel economy: lower is better.
Hashprice
What one unit of hashrate earns per day. On 22 October 2026 it was about $35.92 per PH/s per day.
Hydro cooling
Liquid flows through cold plates on the chips and carries the heat away. No fans, so it is quieter and runs denser.
CDU (coolant distribution unit)
The pumps and heat exchanger that move coolant between the Bitcoin miners and the outdoor cooler.
Breakeven power price
The electricity price at which a miner's daily power bill equals what it earns. Below it, the miner earns more than it burns.
Frequently asked questions
What did Bitmain launch at WDMS 2026?
On 28 August 2026 in Hong Kong: the Antminer S23 XP Hyd (600 TH/s, 8.9 J/TH, ships from November 2026) and a one-month $11 per TH offer on the S23e U2H (865 TH/s, 2U).
Is the S23 XP Hyd better than the S23 Hyd?
It is 6% more efficient (8.9 vs 9.5 J/TH) and 20 TH/s faster, but it costs more per TH and ships later. Which is better depends on your power price.
At what power price is the S23 XP Hyd worth it over the S23 Hyd?
Above about 13 cents per kWh, its lower power use pays back the higher price within five years.
What is the most powerful Antminer hydro miner?
The Antminer S23 Hyd 3U at 1,160 TH/s (1.16 PH/s) per unit.
Which Bitmain hydro miner is cheapest per TH?
The S23e U2H, at about $11.01 per TH in the OneMiners shop on 22 October 2026.
Which has the lowest five-year cost?
At 5 cents per kWh, the S23e U2H: about $32.9 per TH including five years of electricity.
Do I need a special site for a hydro miner?
Yes. Hydro miners need a coolant loop, a heat exchanger and industrial power. Most buyers use a hosting provider with hydro infrastructure.
Not sure which hydro miner fits? Ask us and we will run the numbers at your power price.
Hydro minersContact salesMichal Beno
CEO of OneMiners, the global Bitcoin mining hosting and hardware platform with 7-year fixed electricity contracts and a 7-year hardware warranty. He writes about the economics of industrial Bitcoin mining.
Informational only, not financial advice. Specs are from Bitmain's launch materials and published spec sheets; prices from the OneMiners shop and network data from mempool.space, all read on 22 October 2026. Prices, ship dates and network numbers change; check the product page before you order. The electricity prices in the tables and charts are examples, not OneMiners hosting rates. Bitcoin mining results depend on BTC price, network difficulty and electricity costs, which change. No return is offered or implied.
