Bitcoin mining has become very attractive

Bitcoin halving on May 11 has spurred the creation of more efficient mining machines. As a result, Bitcoin mining has become very attractive.

This is proven by the data on the hashrate, which increased by 9% compared to the situation on the eve of the last halving of Bitcoin. This means that the total volume of capacities focused on the production of the main digital asset of the crypto world is increasing. Part of this growth has come from miners who get more efficient hardware. The suppliers of these machines demonstrated fast development and innovation.

This is what led to the recent big deal of $ 17.7 million between Bitmain and Riot Blockchain.

Riot Blockchain is a cryptocurrency mining company, and its shares are listed on the Nasdaq stock exchange. Bitmain will supply 8 thousand Antminer S19 Pro in accordance with the agreement. Deliveries will take place between January and April 2021, with a monthly shipment of 2,000 units. This timeline once again indicates that Bitmain has a large backlog of orders, confirming its status as one of the leading suppliers of mining equipment in the world, despite the smoldering corporate dispute within the organization.

The halving that took place on May 11 halved the reward for each block found in the bitcoin blockchain, from 12.5 to 6.25 bitcoins. However, the effect of the rarity of this asset, which has arisen even more, can greatly increase its price. Together with this circumstance, as well as the availability of more and more advanced equipment, mining activity becomes more and more attractive from an entrepreneurial point of view.

According to the head of the Mining Store, J.P. Barik, “the profitability of mining now starts from 70 to 200 dollars per 1 MWh, which depends on the price of bitcoin, the hash rate, and the difficulty of mining.”

Be the first to comment

Leave a Reply

Your email address will not be published.