Profitability of bitcoin mining reached its minimum level since September, 2018, Diar estimates show.
As one of the reasons for the unprofitability, Diar points out hashrate’s increase and electricity cost.
However, Diar also notes that the lack of profitability won’t last long, at least for major miners:
“It’s unlikely then that the recent tapering out of the Hash power to last. With big mining operations on low electricity costs running at anywhere between 50-60% gross profit from Bitcoin revenues, the market has a lot of room left to grow and, profits to squeeze.”
Earlier this year, providers of cloud mining HashFlare and Genesis Mining announced the termination of their bitcoin mining services due to unprofitability.
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