On May 25, as a result of another recalculation, the complexity of mining the first cryptocurrency decreased by 4.33% to 29.9 T. The reduction was the maximum since July 2021.
According to Glassnode, the smoothed 7-day moving average of the first cryptocurrency network’s computing power fell to 205.9 EH / s from a record high of 208.5 EH / s on May 5.
According to Arcane Research analyst Jaran Mellerud, mining profitability continues to fall sharply.
The profitability of #Bitcoin mining continues plummeting.
In November, a miner could earn $ 500 by feeding an S19 with 1 MWh of electricity, but now this number has dropped to $ 146.
S9s with the industry median power price ($ 40 per MWh) are now close to the turn-off point.
– Jaran Mellerud (@JMellerud) May 25, 2022
In November 2021, Bitmain’s Antminer S19 miners, consuming 1 MWh, brought the owner $ 500. At the moment, this figure has dropped to $ 146. S9 series devices with a corresponding figure of $ 40 have approached the break-even point.
In April, the company’s experts noted pressure on mining profitability due to lower bitcoin prices and hashrate growth.
Recall the complexity record collapsed in July 2021 amid a ban on cryptocurrency mining in China.
In December, experts suggested that China generates up to 20% of the hashrate bitcoin, contrary to the view of the cessation of miners in the country.
Experts from the Center for Alternative Finance at Cambridge University confirmed this opinion – China remains second by share in the computing power of the digital gold network.
Found an error in the text? Highlight it and press CTRL + ENTER