Bitcoin rally has pushed hashprice up by more than 37%, thereby lifting miners’ revenue.
According to Hashrate Index, since March 11 the metric has risen from $0.061 per TH/s per day to $0.083.
For us, this is simply pure profit. When you look at the rise in Bitcoin’s price, it’s effectively about $200,000 in additional daily cash flow, assuming the mining output during this period is around 20 BTC, as we have,” commented Matthew Schultz, executive chairman of CleanSpark, to The Block.
Another factor contributing to the hashprice rise was the decline in electricity tariffs this year.
“The market has really helped us. Electricity prices have fallen sharply. And when you are mining Bitcoin, that is the main cost item,” said a representative of Core Scientific.
According to Glassnode, since the start of the year the hashrate of the first cryptocurrency (seven-day moving average) rose from 254 EH/s to 321 EH/s — about 26%.
According to Schultz, the company’s specialists believe the rise roughly aligns with the pace at which the already acquired equipment is being deployed.
According to various estimates, mining difficulty, correlated with hashrate, at the next adjustment around March 23 will rise by 2-4%. This will be the third consecutive increase that hurts Bitcoin mining profitability.
As ForkLog notes, in February the aggregate revenue of digital gold miners $627.4 million, up 4% from January, according to analytical report ForkLog.