Monday Mining Metrics: Bitcoin Keeps Ripping - $67,000!
Bitcoin Mining Update - 7/11/2024
Bitcoin to $67,000
Bitcoin is now up nearly 25% from its July 5th bottom. Many are dubbing this “The Trump Pump”; as favorable comments by the presidential hopeful have coincided with this rally.
All eyes are on Nashville, Tennessee this week as the former POTUS is set to headline the 2024 Bitcoin conference. Rumors are flying about what will be in his speech, but one thing is for certain: Bitcoin is going to be front and center for the entire world to see.
Miner Capitulation is Over
With the price pumping, we’re seeing a tremendous amount of hashrate coming onto the network. Mining difficulty is projected to rise by nearly 10% at the next adjustment. The miner capitulation which we have been closely following for the past couple months has now come to an end. Miner capitulations mark local bottoms with incredible accuracy; this time is shaping up to be no different.
A 9.95% rise will put mining difficulty at a new all-time high; recouping all of the drops post-halving.
Hashprice (Miner Revenue per Terahash)
Throughout the recent BTC price dip, hashprice held the line without going below $0.045/Th/Day. Hashprice is now up to $0.053 which is a significant boost for Bitcoin miners.
Capitulations reward the most efficient miners at the expense of the least efficient. The weaker miners unplugged → difficulty adjusted down → surviving miners increase profits.
Mining Profitability by ASIC Type
Here’s an updated table on miner profitability with hashprice now at $0.053/Th/Day.
S19j Pro+’s at all electricity rates are now back in the money. And even the standard S19j Pro, which is now more than three years old, is still profitable at most electricity prices. The S21 at $0.078/kWh is operating with profit margins well over 50%.
Bitcoin Nashville - Promo
The biggest event in Bitcoin history is set to take place this week in Nashville, Tennessee. Blockware is celebrating in a big way.
That’s all we say for now…
More details will be released later this week 👀
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