The operators of mining of Bitcoin are going through a difficult time during the bear market, because the margins have resulted in income much lower.
The price of BTC may have risen to more than $ 20,000 this week, but the mining operations of Bitcoin are still stagnant.
On the 26th of October, Jaran Mellerud of Hashrate Index reported that the margins of mining have been evaporated during the last year. As an example, he used the gross margin of Bitmain Antminer S19j Pro, which was 88% in October 2021. Today, the gross margin has fallen to 38%.
However, this means that mining Bitcoin is still profitable... for now.
The problems of the mining of Bitcoin
According to the report, at this time last year, the miners of Bitcoin could produce 50% more BTC per terahash per second currently.
This is due in large part to the increase of the difficulty, a measure of competition among miners seeking to solve the next block on the network and a decrease in the price of the hash.
Hashprice is a measure of the market value assigned per unit of power hash in dollars per terahash per second per day ($/TH/s/d).
The big miners and pools of Bitcoin have increased capacity in exhashes per second. A EH/s now produces 3.5 BTC per day, compared with 6.7 BTC per day at this time last year, the report noted.
This means that only the miners who doubled his power of hash over the past year, they can earn the same amount of BTC in October 2021. Basically, the smaller players have been eliminated from the market.
The report added that Hashprice is likely to continue with a downward trend as you increase the difficulty. “Looks particularly bad in the long term,” he said in reference to the event of halving of Bitcoin in may of 2024, which will reduce the rewards per block to 6.25 to 3.125 BTC.
The miners that want to remain competitive and profitable, they must continue to expand its power of hash to stay up to date. This additional expenditure, in addition to the rising costs of energy, it will become a challenge for many companies.
Bitcoin logged gains
The price of BTC have been kept on the margins of the profits gained in the last few days. The asset has gained 2.6% in the past 24 hours to reach the 20,778 dollars according to CoinGecko.
As a result, your profit weekly has increased to 8.7% as BTC reaches its highest price since mid-September.
The asset is still 70% below their historic high and the markets are still bearish. The consolidation of four months is still in play and will remain so until that BTC may exceed $ 25,000.
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