Great news for anyone trying to earn a buck mining Bitcoin and another cryptocurrency. After more than three months of stagnation, the profitability of Bitcoin mining has made another step up toward what it once was.
I started this website about 4 months ago when the price of Bitcoin was as low as $3200. It didn’t take long before recovering a bit, yet it stayed in a range of $3600 to $4200 for more than 3 months.
In fact, most of my texts were written in a period when the Bitcoin price was around $3700. Bitcoin Mining Profitability and Bitcoin Mining Hardware Comparison both reflect the price around this level.
Luckily for us, things have changed. After a long period of silence, the beginning of the week started great for crypto markets. On Apr 02, 2019, the Bitcoin price went from $4150 to $4800. Today it’s April 03, 2019, and the current Bitcoin price is $5,127.32.
The Profitability of Bitcoin mining has reflected greatly on altcoins as well
The whole crypto market is green, and there are some amazing gains to be seen.
The overall market has gone up from 140 billion to over 180 billion over the last 48 hours.
The Bitcoin price currently has a gain of 8.43% over the last 24 hours, and the overall gain over the last 48 hours is almost 30%.
Yet, there are altcoins performing even much better over the last 24 hours, like BitcoinCash(52.56%), Litecoin(31.11%), and Cardano(20.34%).
So the conclusion is simple- these days are great for both miners and traders.
What caused the Mining Profitability of Bitcoin to spike up?
It’s all over the news, Bitcoin prices are soaring again. Yet, the reasons behind this are a mystery- why are the prices up after 3 months?
As I already explained in my article Bitcoin Mining Business in 2019, there are certain reasons why I believe the Bitcoin Profitability will go up as time goes by:
- The mining difficulty is down and it’s keeping the keenest miners in the game.
- The mining hardware prices are down thus making it cheaper to enter the mining business.
- The next reward halving is set to happen in 2020 and this is a huge factor. It’s a simple supply & demand mechanism and it means that in 2020 there will be less Bitcoin to mine than it is now.
There could be some other reasons, like large recent buys, but those reasons are more temporary, and usually doesn’t hold for long. The time will tell, but this is definitely a good motivator for many Bitcoin miners out there!