Anybody have estimates for the current cost of production to mine one bitcoin based on hardware and electricity cost as changing variables?
An analyst has estimated that Hut8 is mining at a cost of $7.1 k based on their financial reports but I believe this would be close to the upper bound of estimates.
I believe miners with access to cheap electricity and latest-gen hardware are likely still mining at high margins.
This would explain why we are not observing a significant drop in hash rate estimates after the price drops last week.
With miners still profitable, it is unlikely many are turning off their equipment.
However, if prices drop another 20-60%, we may see a drastically different story where hash rate comes offline and we observe a number of consecutive difficulty decreases.
Submitted November 27, 2019 at 01:59PM by johnleequigley1 http://bit.ly/2QRoVrH
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