Bitcoin mining faces new challenges as mining rig prices hit all-time lows. Miners are anticipating the next Bitcoin Halving by investing in next-generation machines. The goal: to maintain profitability.
Purchase opportunity for minors
Rising volatility in bitcoin prices, rising energy costs, hashrate growth… These are all factors that are currently affecting the profitability of bitcoin mining. The latter has recorded a significant drop in recent months. Upstream, this leads a fall in the prices of bitcoin mining platforms.
Concretely, the price of the platforms has fallen by 66% to $20 per terahash since July 2022. For fans of bitcoin mining, however, this constitutes a buying opportunity.
Colin Harper, Content Manager at Luxor Miningexplain : “When the platforms make less money, the prices of the machines themselves go down”. Particular mention is made Bitmain S19 XP series and WhatsMiner M50S which have become very attractive.
Bitcoin mining: Preparing for the halving
Like almost all crypto communities, miners are also preparing for the next Bitcoin halving scheduled for April 2024. By this is meant a significant reduction in their rewards. They will pass from 6.25 BTC current to 3.125 BTC per block.
Some analysts even estimate that the cost of mining a bitcoin block could reach $40,000 after the halving. Hence the importance of energy-efficient extraction machines. For example, CleanSpark invested around $145 million in Bitmain Antminer S19 XP.
Faced with low profitability and above all to remain competitive, bitcoin mining enthusiasts have no choice but to adopt next-generation platforms. The most recent machines offer for example higher efficiency with less than 25 joules of energy per terahash of computing power.
Purchasing next-generation platforms is a key strategy to maintain profitability in the face of bitcoin mining challenges. Optimizing energy efficiency is just as essential in a context where the energy consumption of Bitcoin continues to be debated.
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