Bitcoin’s mining rate has reached an unprecedented peak, aligning with optimistic forecasts for the cryptocurrency’s performance in 2024. “Buying bitcoin six months before a halving has historically proven a sound trading strategy,” notes one analyst, emphasizing that the upcoming halving is scheduled for April 2024.
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Bitcoin Mining Increase of Over 100%
Surging to levels not seen in over 18 months, Bitcoin’s current price reflects a remarkable increase of over 100% since the onset of 2023. This surge has elevated Bitcoin’s market cap beyond $700 billion. Propelling the overall crypto market close to the $1.5 trillion mark. Although it falls short of the previous all-time high of approximately $3 trillion in late 2021. Some crypto analysts anticipate these recent gains as the prelude to another historic rally.
Highlighting the robustness of the network, Bitcoin’s hash rate. Indicating the computational power needed for transaction verification and mining new units. Achieved a record high this week, according to data from Blockchain.com. This signals a resilient network, attracting a growing number of miners in anticipation of future price gains.
Reports suggest significant investments in cryptocurrency mining from state-backed and commercial ventures. Tether, the issuer of stablecoin USDT, plans to inject $500 million into mining. Satellite imagery analyzed by Forbes indicates Bhutan’s government is establishing an extensive bitcoin mining operation in the Himalayan foothills.
Additional data reveals miners leveraging cheap energy sources to cut their average BTC production cost by 35%, from $21,100 to $13,800. Fintech investment firm Fineqia International’s research analyst, Matteo Greco. Notes,
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“This data underscores considerably stronger profitability in the mining sector compared to challenges experienced in 2022 and part of 2023.”
In approximately six months, Bitcoin undergo a “halving,” reducing the new bitcoins awarded to miners by half. Satoshi Nakamoto introduced this event in 2009 as an anti-inflationary measure. Occurring roughly every four years, the lead-up to halvings traditionally proves the most profitable time for crypto investors. “Buying bitcoin six months before a halving and selling 18 months after has historically outperformed a ‘buy and hold’ strategy,” affirms the analyst.
Bitcoin mining explained.
Bitcoin Mining is the industry where the largest institutional party BlackRock is betting big and has recently become majority shareholder in four of the five largest mining companies.
You buy one or more Bitcoin mining machines and within 6-8 weeks it is mining for you with a current rate of 5.2 cents including hosting, security and maintenance. What does a miner cost? How can these power rates be so low? Want to know more?
Attend the free Q&A about mining:
With Mitchell Weijerman (CEO of Epic Mining) on wednesday the 17 of januari at 7PM for free. Where Mitchell answer all your questions live.
Also you can calculate profit in this spreadsheet. By simply selecting the number of machines you get a calculation on how profitable you are.
Full article about mining in depth you can find here. Bitcoin mining – Buy Low Mine High.
The simple way how smart investors can profit from a broken banking system. How crypto miners made 16.7 billion USD in 1 year and how we can get a piece of it. How anyone can make money with crypto mining within 4-8 weeks, regardless of your knowledge or experience.
