BITCOIN PRICE TODAY…
The Bitcoin price ($3,844.02 at the time of writing) has been on a rollercoaster ride since January 2018. From the highs of $20,000, the price underwent several ups and downs settling above $3,000. With the Bitcoin price today, traders have either bet on short or long margin calls to increase their gains. However, extreme fluctuations in the price’s movement and lower mining difficulty gives new hope to the miners.
Due to lower demand for Bitcoin mining energy, the chances of profitability is quite higher than before. You might think as to how it can be profitable to mine Bitcoin at the price and rate today. Well, with few barriers to entry into the market and having access to a cheap power source, the chances are more in your favor than last year.
As the popularity of decentralized currencies skyrockets, big tech and institutions are heavily investing in Bitcoin mining to diversify their portfolios. Although, as a miner, if you were locked in cloud hosting contracts through Genesis Mining or any other platform, it might mean you run the risk of unprofitability due to the Bitcoin price today. But the hope for gains is not over yet.
More miners are now flocking towards ASIC miners to take advantage of the current market situation than ever before. Fall in ASIC miner prices now makes it easier to set up your own mining rigs. Here are some ways the Bitcoin price today can help you, should you plan to invest in Bitcoin mining:
Low Mining Difficulty
The infrastructure for Bitcoin mining means the rewards miners receive halves every four years if the difficulty remains the same. However, the Bitcoin mining difficulty fluctuated considerably during the past months, leading to wrong profit estimation. But Bitcoin halving likely due next year is likely to increase the value of your holdings. How about mining and stashing your Bitcoins till the next Bull Run?
Data from Blockchain.com, a popular Bitcoin wallet service provider, shows how Bitcoin’s mining difficulty increased over time. People were probably flocking to mine Bitcoin’s while the difficulty increased but was it the best time to get in? Perhaps not!
Historically, Bitcoin halving, which is likely due next year, might trigger the next bullish momentum. Comparing the data regarding how price reacted to halving, we can see that it always ends with green candles on the price charts.
Bitcoin price today provides a better chance for miners to capitalize on their savings. With the decreased demand for ASIC miners and lower cost of entry, it has become more interesting to enter the game and benefit from the calm market situation.
- Bitmain Antminer S9: Go-to mining hardware for Bitcoin miners.
- Price 12-Months Ago: $5,000
- Price Today: $200
Ever Low Hardware Cost
With the long bear market, the costs to enter the mining industry are lower. Now, you don’t need a heavy budget to start with Bitcoin mining. Instead, a few hundred dollars would work out the same way it could have during the last year’s Bull Run.
Perhaps, the Bitcoin price today has proven beneficial from the perspective of miners and investors.
Miners who are turning unprofitable during the current market situation are flooding their ASIC miner at cheap rates. An S9 ASIC miner 12 months back was worth $5,000 but thanks to the current Bitcoin price, it only cost around $200. This is a whopping 96% decrease in the price of Bitcoin mining hardware, which is insane!
In turn, this brings increase opportunity for individuals having access to low power cost and planning to invest in Bitcoin mining. This brings us to…
- Power costs have never been cheaper due to the decreases demand from Bitcoin miners
Low Power Costs
Well, the power miners need to mine Bitcoin at the price today is lower as well, all thanks to the long bear market that is proving to be advantageous for people looking forward to Bitcoin mining.
Data from Digiconomist, which is a popular service to monitor energy consumption for mining Bitcoin, speaks volumes about the current mining industry. As per the graph, the volatile run of Bitcoin from $1,800 to $20,000 led to an increase in the energy requirements for Bitcoin mining. In fact, the power Bitcoin fetched along peak highs averaged around 75 Kilowatts per hour.
Although thanks to the bear market and Bitcoin price today, limited power is necessary for Bitcoin mining in comparison to the previous year. The energy reduction has revealed the lowest power costs that Bitcoin miners have ever seen. The price today further allows the miner to accumulate their coins before halving in 2020 and sell them along the next bull wave.
Perfect Time To Hodl
Hodling is a term popular in the Bitcoin community when traders keep holding their coins instead of selling them while the bear market hits them hard. The Bitcoin price today allows miners to take advantage of next bull wave likely due on 2020.
For miners, this presents a perfect time to increase their liquidity in Crypto. Bitcoin price today hovers around $4,000 but who knows where it will stand in the next Bull Run? But the bottom line is that as a miner, are you prepared to cash in on this immense opportunity.
But There Are Rumors That Bitcoin Mining Is Dying?
There has been lots of speculation that Bitcoin mining is dead or might be dead in coming days. But ask yourself, why big pools, such as Antpool, Slush Pool, etc, are still operating and functioning well alongside the Bitcoin price today. Simply because it still remains profitable.
In fact, if you are holding your coins to sell them in the not too distant future, you can even reap a higher return on your investment. Bitcoin mining is not dead and probably won’t ever be.
There will always be someone trying to make additional income using their hardware. Why something capable of generating a side income would ever collapse unless there is a law to prohibit it?
- Bitmain S9 Antminers running in a MiningStore BitCave
Why Should Miners Go For ASIC Miner?
Although, initially cryptocurrencies allowed any individual to mine from their home, but those days are long gone. Today, if you are looking forward for mining Bitcoin, Ethereum mining or any other influential cryptocurrency, such as Dash, a better way is to use ASIC miners to perform the job.
CPUs and GPUs as well have become obsolete when it comes to Bitcoin mining. ASIC are rapidly replacing the traditional way of mining. ASIC miners are application-specific hardware designed to meet the needs of the growing mining industry. Bitcoin uses the SHA-256 algorithm to mine new coins.
ASIC miners running this algorithm mine new Bitcoins for investors to make a profit out of it. When it comes to mining, you probably won’t be willing to take the risk by investing in conventional GPUs and waiting for them to generate higher hashrate. Besides, specialization in every industry matters and so does in Bitcoin mining. In addition, an ASIC miner is likely to fetch you a higher hashrate than GPU rigs with the same budget.
In case you are looking forward to getting your own ASIC miner or compare miners, you can visit our shop today.
The Likely Way Forward for Miners
Bitcoin miners are likely at peace with the current market scenario. With negligible fluctuations to worry about, running your own ASIC miner is again becoming popular in the industry.
In addition, the low hardware cost due to the bear market and inflating the amount of supply for ASIC miners increased the chance of profitability for investors. Further, the demand for energy is not as high as it was before. The low power cost combined with increased access to mining markets widened the gap between cost and revenue.
In fact, it might be the best time to get your own ASIC miner from our Store and connect it to your favorite mining pool. This might also serve as a source of passive income for many of you. Besides, at Miningstores, you can ask us about any questions that concern you about Bitcoin mining or are products.
Bitcoin mining is highly effective and profitable if you can get the things right. With cheap power source and low cost of entry, the Bitcoin price today looks like an attractive opportunity for investors to get in.
The specialized ASIC miners are proving to be a far better investment than traditional GPU rigs when it comes to Bitcoin mining. At the Bitcoin price today, risking some capital for higher returns in the future might be a wise decision for many miners.
Further, miners can even take advantage of low mining difficulty and can reap a decent return on their investments. In addition, traders are even betting on the current scenario as the calm before storm. Of course, we are not a fan of bear markets. But, with increased consolidation and developing interest around Cryptocurrencies, the next Bull Run is likely not far.
So, are you ready to make the most of your investment by taking advantage of Bitcoin price today? Our advice would be to hold on to your coins and wait for the perfect opportunity to sell them!