Bitcoin Mining Has Never Been Harder – Bitcoin Magazine

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The below is a direct excerpt of Marty’s Bent Issue #1275: “Miners are in a world of hurt.” Sign up for the newsletter here.

The pain in the mining world continues as hash rate skyrockets, the difficulty adjusting upwards as a result and hash price craters as the price of bitcoin has remained in a tight range between approximately $18,000 and $20,000 for more than six weeks. After yesterday’s upward difficulty adjustment of 3.4%, hash price fell to $0.055, according to Braiins Insights. This is the lowest it has been in the ASIC era.

Let’s put this into perspective by highlighting the profitability of different ASIC models mining at an all-in electricity cost of $0.06, $0.08 and $0.10 per kWh.

As you can see, at an all-in cost of $0.06/kWh, most ASIC models are profitable, though not very. If you’re running S9s, M21s or M20s, you are currently mining at a loss. Now let’s check out how this looks when we bump up the cost of electricity by $0.02/kWh.



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