Despite the correction of the first cryptocurrency, its mining remains profitable, but the entry threshold to the industry continues to rise
In January, a single miner successfully mined a block of bitcoin and received a reward of 6.25 BTC (over $270k). At that time, the miner’s share of the total processing power was only 0.000073%, which means the probability of successfully adding 1 block to 1.36 million. The miner also received transaction fees that were about 0.1 BTC ($4.3k at January 13 exchange rate) on that block.
However, this is an isolated case. At the same time, mining remains profitable even despite the fall in the rate to $40 thousand, and the cost of mining bitcoin for the average miner remains 1.5-2 times lower than the current price of the cryptocurrency.
“Even assuming bitcoin suddenly collapses to $30k, mining remains profitable even under these conditions.
Periods of correction are the most convenient to join the industry. The moment cryptocurrency prices fall, there is an opportunity to buy mining equipment at a bargain price.
Profitability of bitcoin mining depends on the generation of equipment, energy efficiency and maintenance cost of the devices. In the current environment, one ASIC S19j pro 110 TH/s with 3.2 kW of power at $0.07 per month brings a net profit of $560. At the same time, the profitability of older equipment, for example, S9j 14 TH/s with the consumption of 1.35 kW will be only $29.