Now Bitcoin mining is 70% more profitable due to the rise in price

Now Bitcoin mining is 70% more profitable due to the rise in price

Key facts:
  • The hashprice, the expected value for each daily terahash invested to mine, is at 0.21 USD.

  • Bitcoin broke through the $45K barrier three days ago and has continued to rise.

The rise in the price of bitcoin (BTC) is a reason for joy for everyone and miners do not escape it. Daily earnings for processing transactions on the network reached USD 47 million in recent days, which can be seen as a moment of significant profitability for mining Bitcoin, as rewards have risen almost 70% in just 20 days. .

I agree with you data of Braiins, a company dedicated to the analysis of Bitcoin mining, the daily profit is, at the close of this press release, at USD 46.09 million. This is an increase in profitability of 69.6% compared to the data of March 6, when the rewards touched the lowest point of the current month, of just USD 27.76 million per day.

It is good to clarify that these rewards are expressed in US dollars to approximate the average. However, miners make their profits in bitcoin, so there may be operators with higher profits because they held their holdings, in a change of logic that we have talked about in CriptoNoticias.

Miners who decided to continue trading despite the price declines and seemingly low daily profitability of recent months could see higher profits because they have waited for BTC price increases.

The 69.6% rise in 20 days in mining profitability comes as bitcoin is going through a bull run that has lasted about four days. According to the CriptoNoticias Price Calculator, the original cryptocurrency is trading over USD 47 thousand. This is an increase of more than 12% since last March 23, when BTC began the rise.

Now Bitcoin mining is 70% more profitable due to the rise in price
Daily earnings from mining Bitcoin are over $40 million, according to Braiins. Source: brains.

In fact, on that same day, daily earnings averaged $33 million, one of the lowest figures for the third month of the current year. Since then, the indicator has increased significantly, encouraging the profitability of mining Bitcoin.

Good time to enter the market

In terms of investment, the hashprice, which is the expected value for each daily terahash (TH) invested to process the Bitcoin network, is around $0.21, according to the analysis firm Hashrate Index, and around $0.22 according to Braiins. Measured in satoshis, which is the smallest measure of bitcoin, the hashprice is 0.00000463 BTC.

The metric, which quantifies how much a miner can expect to earn for a specific amount of hashrate, It has also been on the rise since last March 21when the indicator marked USD 0.18 for each TH.

Along those lines, and when the bitcoin price and earnings are on the rise, the hash ratewhich is the global processing power of the network, is around 203 EH/s, maintaining a daily average that makes Bitcoin safer than ever.

It is interesting that just when there are increases in several of these indicators, the prices of ASIC miners are going down, which would allow them to enter the market faster, with less investment and at times when there is great profitability.

For example, and according to the specialized firm, the latest generation miners, such as Bitmain’s S19 Pro, are priced at over USD 9,800, on average. For older equipment, prices start at $300, depending on the hardware.

Now Bitcoin mining is 70% more profitable due to the rise in price
The expected value for each terahash invested to process the Bitcoin network is around 0.21 USD
for each TH per day. Source: Hashrate Index.

Breakout of $45,000, the momentum

As mentioned, the genesis of the improvement in the profitability of mining Bitcoin is the increase in the price of the cryptocurrency, which began with the breaking of the USD 45,000 barrier, a fact reported by CriptoNoticias.

Since March 25, bitcoin registered impulses of up to 7%, trading on that day at USD 45,078. Three days later, BTC is back at $47K. Although it is still below the price at the beginning of the year, it is a clear advance that is being talked about among market analysts.

Now Bitcoin mining is 70% more profitable due to the rise in price
Bitcoin has been on a bull run for several days now and is trading on the
USD 47 thousand. Source: CoinMarketCap.

Thus, the moment is propitious to turn on machines and contribute to the prevalence of the Bitcoin network, a very important activity that, right now, is going through unique moments for clear profitability.

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