By CCN: According to Alex Krüger, an economist and a global markets analyst, the breakeven cost for efficient bitcoin mining operations currently hovers at around $3,550.
Across major cryptocurrency markets, the bitcoin price is at $5,265, which for miners presents a substantial profit per every block mined considering the breakeven price of $3,550 and the potential appreciation of bitcoin.
Does it Mean the Start of a Bitcoin Bull Market?
While the analysis Krüger uses the rate of electricity at $0.055 per kWh, depending on the region miners are based, the rate could vary.
For instance, Krüger said that CoinGeek reported a rate of electricity at $0.073 per kWh to mine proof-of-work (PoW) cryptocurrencies like bitcoin in last December, which would raise the breakeven cost of bitcoin mining.
reference:
https://www.ccn.com/bitcoin-mining-finally-profitable-does-that-prove-were-in-a-bull-market
