The Antminer S23 reveal at Bitmain’s 2025 World Digital Mining Summit in Las Vegas
Bitmain, the leading manufacturer of bitcoin mining computers, just launched the Antminer S23, the most powerful and efficient bitcoin miner model yet.
The company unveiled the Antminer S23 series at its World Digital Mining Summit in Las Vegas this week. The Antminer S23 comes in three flavors: an air-cooled, water-cooled, and immersion-cooled model.
An Antminer S23 Hydro on display at Bitmain’s World Digital Mining Summit
In bitcoin mining industry parlance, bitcoin mining computers are called “ASIC miners” for their use of the ASIC chips that are commonplace in consumer electronics. Traditionally, the vast majority of ASICs are air-cooled, meaning they use fans installed on the device to cool the ASIC chips that power the computer’s computations. However, hydro and immersion ASIC miner models, which use water or special-purpose oil to chill their chips, have become increasingly popular as mining cooling solutions have matured.
The air-cooled S23, water-cooled S23 Hydro, and immersion-cooled S23 IMM respectively produce 318 terahashes-per-second (TH/s), 580 TH/s, and 368-442 TH/s. The S23 and S23 IMM operate with a power efficiency of 11 watts-per-terahash (W/TH), and the S23 Hydro operates at 9.5 W/TH, making it the first ASIC bitcoin miners to achieve a W/TH efficiency below 10.
(The computing power – called hashrate – for ASIC bitcoin miners is measured in terhashes-per-second, so a 318 TH/s miner produces 318 trillion hashes per second in pursuit of mining the next block in Bitcoin’s blockchain; watts-per-terash measures how many watts of electricity an ASIC miner consumes per terahash produced, so a 318 TH/s miner that consumes 11 W/TH draws 3,498 watts).
For reference, the Antminer S23 produces 69% more hashrate and is 41% more power efficient than the Antminer S21, the second most recent Bitmain ASIC miner model that the company released in September 2023.
In an effort to stimulate demand in a wan market, Bitmain is offering payment installments. Bitmain will begin shipping the Antminer S23 series in Q1 2026.
Bitmain Eyes U.S. Manufacturing Capacity as Trump Tariffs Pressure Business
Bitmain has historically had the upper-hand when negotiating prices with mining clients, but compressed profit margins following the April 2024 block reward halving – and in increase in import costs from the Trump Administration’s tariff regime – has flipped a seller’s market into a buyer’s market.
To address rising costs from tariffs, Bitmain VP Irene Gao said during the Antminer S23 launch that Bitmain is working to expand its manufacturing capabilities in the United States. The company established its first U.S.-based production line in December 2024.
Bitmain’s Antminer computers utilize TSMC’s cutting-edge ASIC chips. These ASICs are manufactured in Taiwan, but Bitmain assembles the Antminers in other countries, primarily Malaysia. The bulk of ASIC miner fabrication from Bitmain and its competitors occurs in Malaysia, Thailand, and Indonesia, all of which are subject to 10% tariffs following Trump’s 90-day pause of its reciprocal tariff schedule on April 3.
Should the 10% tariffs lapse and the Trump Administration institutes its original tariff policy on these countries, U.S. bitcoin miners could face 24-36% duties on ASIC miners imported from their primary manufacturing hubs.
Despite bitcoin’s rise above $100,000, mining margins are thin following the April 2024 halving, which reduced the bitcoin per block awarded to miners from 6.25 to 3.125 BTC. Now, tariffs are hiking capital expenditure costs for the hardware at the heart of bitcoin mining.
The U.S. Court of International Trade recently ruled that Trump’s tariff schedule is unconstitutional, but the Trump Administration is challenging this ruling, and an appeals court ruled that the tariff policy may resume until the case has been settled.
