Bitcoin (BTC) Mining May Be Profitable 'Above $4000': Top Analyst Jacob Canfield

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Tue, 03/10/2020 - 13:00
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Vladislav Sopov
After bloody Monday, the overall CT narrative has turned optimistic once again. Top-ranked analyst Jacob Canfield is sure we shouldn’t worry about mining profitability
Bitcoin (BTC) Mining May Be Profitable 'Above $4000': Top Analyst Jacob Canfield
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Jacob Canfield, trading analyst and founder of SignalProfits analytical service, allayed fears about the unprofitability of Bitcoin (BTC) mining below $8,000. According to him, the crypto king has other shoes to fall.

Miners, you are welcome in Venezuela, Kuwait, and Uzbekistan

Yesterday, analysts from the well-known Bitcoin (BTC) mining pool, F2Pool, published their calculations of the break-even price for Bitcoin (BTC) mining with different ASICs. According to them, with the popular Antminer S9, mining is profitable when the orange coin trades above $7,518 while consuming electricity at $0.05/kWh.

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Bitcoin (BTC) Mining Worldwide in Danger with Price Below $8,000, Here's Why

Jacob Canfield highlighted the last words of this prediction. He listed five countries with very cheap electricity and called them the ‘top 5 places to mine Bitcoin’:

As for the less exotic options, Mr. Canfield is sure that the critical level is $4,000 for the price of Bitcoin (BTC). If it trades above that, mining operations are profitable for ‘many’ entrepreneurs.

Difficulty rises, break-even price follows

By the way, with the last mining difficulty adjustment, this indicator surged almost 7% yesterday. With this new input, the owners of Antminer S9 can make profits off their occupation only when the Bitcoin (BTC) price is above $8,037. Also, this adjustment didn’t go unnoticed for the operators of Canaan AvalonMiner 821 as they began bearing losses.

Bitcoin (BTC) mining profitability after March 9, 2020 adjustment
Image via Twitter

This adjustment led to a new all-time high of this indicator. It increased by roughly 7%, from 15.48 TH to 16.55 TH while the previous peak was 1 TH lower.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)