Cryptocurrency

With the price of Bitcoin stable the miners are prepared for the good times

Since may the price of Bitcoin seems to have forgotten the high volatility that characterizes it and is around 9 thousand dollars.

Also since then, the volume of trade, with some exceptions, did not stop to descend day after day. He went from the to 72,000 million dollars on the 1st of may to 12.340 million at the time of writing of this article, as can be seen on Coinmarketcap.

For the miners of Bitcoin, who base their profitability precisely in the price of the asset, these data are not in any way irrelevant.

Although the miners do not pass through the best time, they were able to survive the low prices of Bitcoin for a long period of time. The publication specialized in mining, HASHR8, is optimistic and sees the situation as a season of preparation for better times ahead, predicts in an article published on its Web site.

“Although the miners today are suffering from margins set, they are changing their machines of previous generations by the new M30S++ and S19 Pro”, the report of HASHR8.

These mining equipment were launched in April and may, respectively, by MicroBT and Bitmain. According to the trade publication hashrateindex.com leading the market in hash rate (processing power) are referred to.

It is worth noting that both the hash rate as the difficulty of mining Bitcoin are at historic highs. That doesn’t stop the miners who continue to invest in more and better equipment, they enlarge their farms and make plans to initiate new mining facilities on the other side.

By way of example, is to emphasize the purchase of 17.595 mining equipment on the part of the company’s Core Scientific to Bitmain, at the end of June.

HASHR8, to contemplate the panorama of the current situation which he considered to be encouraging, ensures that when the time comes, the miners will be ready to reap the rewards.”

The publication adds, moreover, that the mining equipment old, as the Antminer S9, which six months ago they were not profitable, what are again. This is valid for the miners, who, by his geographic location, can take advantage of the low price of electricity because of the rainy season in the southwest of China, which increases the flow of the hydroelectric dams.

About the company consultant in finance, digital, BitOoda, indicated that the rainy season in China is, historically, the time with lower sales of Bitcoin on the part of the miners, which has an impact on the price of the criptoactivo. In this period accumulate capital to finance the increase of its capacity.

The teams Antminer S9 can be achieved for around $ 30, when its launch price was 2800 dollars.

In terms of fees of transaction, it is currently more profitable to mine Ethereum than Bitcoin. At the beginning of June Breaking News reported that the miners in the main altcoin earned more than their peers of Bitcoin.

Almost a month and a half after this situation is maintained, as can be seen in the Web site Cryptocompare.

It is more profitable to mine Ethereum than Bitcoin. Source: screen capture/ Cryptocompare.com

This is due to the high amount of commissions that have transactions in Ethereum. If you were to implement some of the proposals suggested in the network of Ethereum to lower this amount, the situation could change significantly.

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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