Bitcoin Miners in Selling Mode; Booking High Profits With The Cost of Mining 1 BTC At Over $12k

2021-1-11 18:25

Over this weekend, the crypto market took a big hit.

Bitcoin went down hard from $42,000 on Friday to about $32,600 during Monday's wee hours.

Interestingly, around the new all-time high, Bitcoin miners sold a lot of their BTC stash, as per Miner Position Index, which went above 11.5.

This is not the first time in Bitcoin’s bull market that miners sold their BTC; they have actually been selling the digital asset ever since December when the hardcore bull rally started.

However, “the correction was tiny due to institutional buying power,” noted Ki Young JU, chief executive officer at CryptoQuant.

Meanwhile, the correction happened on the weekend, which has been when the retail usually gets involved. While panic selling led to a cascading effect on the prices, people were ready to buy the dip, as seen in the skyrocketing stablecoin transaction inflow.

Also, MRI has been sliding, currently at 143.3 (above 100 points to selling), as per ByteTree.

The market is now back to recovering, with BTC around $33,450.

This bull market has been proven to be extremely beneficial for the Bitcoin miners. With their bitcoin mining profitability going to $0.28 per 1 THash/s and average bitcoin transaction fees at $11.5, miners have been earning $40 million every day in revenue, up from less than $10 million in early October.

Meanwhile, the cost to mine one BTC is $12,168.84, based on the current difficulty, $0.04/kWh and S9 with 14 TH and 1100 watts (efficiency 85 W/T), said Thomas Heller, Chief Operating Officer at HASHR8.

Both the network difficulty and hash rate meanwhile hit an all-time high today — strong on-chain fundamentals point to a healthy network.

Bitcoin/USD BTCUSD 31,921.0941 -$6,100.12 -19.11% Volume 109.95 b Change -$6,100.12 Open$31,921.0941 Circulating 18.6 m Market Cap 593.65 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD"); The post Bitcoin Miners in Selling Mode; Booking High Profits With The Cost of Mining 1 BTC At Over k first appeared on BitcoinExchangeGuide. origin »

Speed Mining Service (SMS) на Currencies.ru

$ 1.9622 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.9622 - H: $1.9622
Капитализация $205.406k Rank 99999
Доступно / Всего 104.68k SMS

mining cost btc bitcoin selling profits mode

Источник: bitcoinexchangeguide.com

mining cost → Результатов: 126


Фото:

Washington State Utility Increases Power Rates for Bitcoin Mining

Due to Grant County’s lower power cost that comes from the local hydroelectric plant, many cryptocurrency mining operations have flocked to Washington state. However, their luck is bound to change as the Grant County Public Utility District (PUD) recently announced a rate hike for electricity used by cryptocurrency mining farms by as much as threefold, the International Business Times reported...The post %%POSTLINK%% appeared first on %%BLOGLINK%%.

2018-9-7 15:00


Фото:

Is Mining Cost the Best Indicator for Determining Bitcoin Price Trends?

Bitcoin mining cost has been a good but cliched indicator for crypto market trends. However, the costs are based on a plethora of internal and external factors that may make them less reliable. Could there then be a way in which mining costs become the most reliable method of determining crypto prices? Medium user BarclayJames makes […] Is Mining Cost the Best Indicator for Determining Bitcoin Price Trends? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-8-28 17:38


Фото:

Russia’s Leningrad Region Unveils the Largest Crypto Mining Farm

The Leningrad region crypto mining facility is built at an investment cost of 500 million rubles (US $7. 3 million) and has more 3000 mining machines installed with an energy capacity over 20mW. Cryptouniverse Builds the Largest Mining Farm On Monday, August 20, the government of Russia’s Leningrad region inaugurated “the largest data processing center in Russia, designed to extract digital currency – Bitcoin,” reports local publication Chianing.

2018-8-24 04:00


Bitcoin Energy Consumption Exaggerated says Energy Researcher

In Jan 2018, an independent article was published online which shows the different energy consumptions associated with Bitcoin mining with regards to different destinations. From the published article, it was seen that bitcoin miners in Venezuela will maximize cost as it was the country with the cheapest energy consumption for bitcoin mining, which stood below […] The post Bitcoin Energy Consumption Exaggerated says Energy Researcher appeared first on ZyCrypto.

2018-8-21 16:43


SCAVO Technologies ICO

SCAVO Technologies is based on the commercial model of the SCAVO Token. Each SCAVO Token acquired by investors represents the right to receive profits from everything produced by the mining farm for life (as long as it is the Token holder), understood as the period during which the profits exceed the operating cost necessary to maintain in operation the farm.

2018-8-3 14:17


Фото:

‘Delusional’ Paul Krugman Says Bitcoin Sets Monetary System Back 300 Years

Cryptocurrency industry figures are reacting with scorn after US economist Paul Krugman likened Bitcoin to “setting the monetary system back 300 years. ” Bitcoin Is No Evolution, Suggests Krugman In an opinion piece for the New York Times July 31, Krugman took aim at the high cost of Bitcoin mining and the “speculatory” nature of its users, claiming it undermined stability compared to fiat currency.

2018-8-1 19:00


Фото:

Governance, Part 2: Plutocracy Is Still Bad

Coin holder voting, both for governance of technical features, and for more extensive use cases like deciding who runs validator nodes and who receives money from development bounty funds, is unfortunately continuing to be popular, and so it seems worthwhile for me to write another post explaining why I (and Vlad Zamfir and others) do not consider it wise for Ethereum (or really, any base-layer blockchain) to start adopting these kinds of mechanisms in a tightly coupled form in any significant way.

2018-7-21 23:03


Фото:

Pessimistic crypto markets see BTC falling below $6,500, ETH below $500

Market visualization from Coin360 Bitcoin (BTC) has taken an over 11 percent negative hit, trading around $6,449 to press time, bringing its monthly losses to almost 25 percent. The leading cryptocurrency has now fallen below what some commentators consider to be an average BTC mining profitability threshold of $6,500. Aside from hardware costs, the local cost

2018-6-13 21:11


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Mining Stocks Up

In early November, Bitcoin mining profitability experienced a notable uptick, with the hash price—a key indicator of miner earnings—rising by 29% since the end of October.