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Bitcoin Mining Is Currently Profitable Even with Older Mining Rigs: Fundstrat Report

  • Alex Dovbnya
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    Bitmain S9 is still profitable at current Bitcoin prices despite being launched in November 2017

Bitcoin Mining Is Currently Profitable Even with Older Mining Rigs: Fundstrat Report
Cover image via www.freepik.com
Contents

According to a recent report published by independent research boutique Fundstrat, mining Bitcoin is still profitable at current prices. Moreover, even some old mining rigs will do their job.

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Good old-fashioned ASIC miners

Fundstrat has estimated that the total cost of mining one BTC with Bitmain’s Antminer S9 at $0.06/kWh is around $8,500. Hence, even this oldie-but-goodie ASIC miner is still able to turn a profit for its owners (the BTC price was at $10,568 during the conducting of this research).

Bitcoin miners who are flocking back to this space might also want to dusk off their Whatsminer M10 miners (their first batch was released about a year ago). These miners will remain profitable until the BTC price hits $7,351.

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New juggernauts on the block

Innosilicon T3+ 52T is one of the most profitable miners that support the SHA-256 cryptographic hash algorithm. With this ASIC, the cash-cost breakeven level is $2,866 while the total cost of mining is $5,126. However, it’s worth mentioning that their ROI will still be negative given that one won’t be able to cover the cost of the equipment.

Meanwhile, the new Bitmain Antminer S17e, which was announced on Sept. 6, is already the second most profitable SHA-256 miner, boasting a whopping 64Th/s of hashing power.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
    📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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