Released in September 2019, the Canaan Avalonminer 1047 ASIC miner is designed for cryptocurrency mining. In mining, Canaan Avalonminer 1047 generates approximately $3.09 per day before electricity costs. At an electricity price of $0.05 per kWh, the expected net profit is around $0.24. The most profitable coin to mine on this hardware is Quai Sha (QUAI-SHA) (SHA-256) with a hashrate of 37 Th/s at 2380 W. Other coins include Digibyte (DGB-SHA) and Bitcoin SV (BSV), which can also be profitable depending on network conditions.