0
📰 News
1214 views

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

  • Alex Dovbnya
    📰 News

    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
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.

👉MUST READ

Litecoin Halving Pushes LTC Price Over $100, Block Mining Goes Faster Than Expected

Litecoin Halving Pushes LTC Price Over $100, Block Mining Goes Faster Than Expected

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.

👉MUST READ

John Bollinger Warns Crypto Traders About Major Bitcoin Price Move

John Bollinger Warns Crypto Traders About Major Bitcoin Price Move

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.

Cover image via www.freepik.com
Only the most important posts per day. Infographics, analytics, reviews & summaries. Join our Telegram channel!

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.

👓 Recommended articles
0
📰 News
278 views

Crypto Crime: 21-Year-Old Australian Woman Faces 53 Charges for Laundering Stolen Funds with Cryptocurrency

  • Alex Dovbnya
    📰 News

    Jasmine Vella-Arpaci, who was part of the major identity fraud ring, faces up to 53 charges after stealing millions of dollars

Crypto Crime: 21-Year-Old Australian Woman Faces 53 Charges for Laundering Stolen Funds with Cryptocurrency
Contents

On Sept. 17, Jasmine Vella-Arpaci, a 21-year-old woman from Australia, made her first court appearance after being accused of shipping millions of dollars with the help of crypto. The young mother has been charged with 53 counts of fraud and theft.

👉MUST READ

"Crypto Wizard" Arrested for Taking Part in $16 Mln Cryptocurrency Scam

A multi-million identity fraud

According to the Australian Securities and Investments Commission (ASIC),.the group of criminals, whose members referred to themselves as “Team Awesome,” would purchase stolen sensitive information on the dark web to open fake bank accounts in Australia. The funds were stolen from superannuation accounts and share-trading accounts of the gang’s unsuspecting victims.

The money was then transferred money to their accomplice in Hong Kong to trade expensive jewelry before sending it back home via cryptocurrencies.

Cybersecurity threats such as data breaches and financial system attacks are a major concern for ASIC and we will continue to pursue not only cyber-related market and superannuation offending but also the need for institutions to maintain their obligations to ensure they have adequate cyber resilience, says ASIC deputy chair Daniel Crennan

The investigation into the major crime syndicate continues with further arrests expected.

👉MUST READ

Canadian Police Shed Light on New Bitcoin ATM Scam

Canadian Police Shed Light on New Bitcoin ATM Scam

Crypto scams on the rise

As reported by U.Today, cryptocurrencies scams have grown by more than 200 percent in Australia in 2018 with victims losing about $6.1 mln.

In 2019, this number could be easily topped. Back in July, an elderly couple lost a whopping 900,000 to an elaborate crypto scam, thus wasting all their retirement savings.

Cover image via
Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

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.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings