Some CRYPKYP functionalities are depricated as of October 2022 and will no longer be populated until further development and future version.
Although all here is visible and interactable you can not Contribute to those articles.
Try looking at other information on the Platform and Contributing there!
Have a great day,
CRYPKYP Team
Mine a single Bitcoin is now less expensive, which might help reverse the declining profitability trend while reducing the network's power consumption.
As mining technology grows more efficient, the cost of mining one Bitcoin (BTC) has decreased to ten-month lows, while difficulty has declined 6.7% from its high in May.
Wednesday, JPMorgan strategists led by Nikolaos Panigirtzoglou informed investors that Bitcoin manufacturing costs had decreased to around $13,000 from $24,000 at the start of June.
According to experts quoting a graphic from Bitinfocharts, this is the lowest since September 2021, as mining difficulty has decreased from its May highs of 31.25T to 29.15T.
Lower Bitcoin production costs may reduce the selling pressure on miners and increase their profitability. According to Bloomberg, the analysts remained gloomy, adding that “the decline in the production cost might be perceived as negative for the Bitcoin price outlook going forward.”
Some experts view the manufacturing cost as the bottom limit of the BTC price range in a bear market. Several analysts have forecast that the price of Bitcoin will fall to roughly $13,000, which would be consistent with the 80%+ drawdowns in the past two bear markets. Bitcoin is presently selling 70 percent below its all-time high from November.
In April and November 2021, Bitcoin production costs rose soon after price peaks and have since declined, indicating that they are connected but lag price changes.
The decrease in manufacturing costs has been connected to a cut in power usage.
The Bitcoin energy consumption index maintained by Cambridge University estimates the network’s daily power usage to be 9.59 gigawatts. This is a 33% decrease from the previous month and a 40% decrease from the February 2022 high demand of about 16 GW.
In addition, many miners have shut down older and less efficient mining rigs since they have become unprofitable to operate due to rising energy costs and a decline in BTC pricing.
According to Asicminervalue, the recently announced Bitmain Antminer E9 is one of the most energy-efficient devices on the market, with a maximum hash rate of 2.4Gh/s and power consumption of 1,920 watts.
In contrast, miners have been subjected to the double whammy of rising global energy prices and plummeting BTC prices. This has produced a 63 percent decline in mining profitability since the beginning of the year. According to Bitinfocharts, the profitability of mining has been at its lowest level since October 2020, at $0.095 per day per terahash per second.
However, the decline in manufacturing costs may prevent a further reduction in profitability and even reverse the trend over the next few months.
