Since the first Bitcoin ETF was listed in the United States in January 2024, in less than 300 days, 12 U.S. Bitcoin ETFs have accumulated over 1 million Bitcoins. As of 12:45 PM Eastern Time on October 31, the value of these BTC is approximately $7.099 billion. The most prominent asset management company behind these ETFs is BlackRock, known for managing funds for the world’s top wealthy individuals. Its Bitcoin Trust (IBIT) saw a single-day inflow of $875 million just last week. An increasing number of ultra-high-net-worth individuals are indirectly holding Bitcoin through investment in Bitcoin ETFs.
In addition to the ultra-wealthy, governments and politicians from various countries also have varying degrees of interest in Bitcoin. The recent significant increase in Bitcoin is believed to be related to the high approval ratings of “Bitcoin President” Trump. Currently, after reaching a high of $73,650, Bitcoin seems to have entered a consolidation phase, having now fallen below $70,000 and stabilizing around $69,000. This fluctuation resulted in over 90,000 people experiencing liquidations within the last 24 hours, with liquidated amounts reaching $275 million. However, this adjustment may also be preparing the upward price space in advance for the upcoming election.
For BTC miners, the cost pressure of mining remains like a sword hanging overhead. Although $69,000 is already a decent price during the 7 months of BTC’s sideways movement, the current mining cost has exceeded $49,500, which is just the pure cash cost without considering the depreciation of machines and other costs. The total network hash rate has reached 740 EH. To maintain a good mining profit ability, improving machine capabilities or reducing electricity costs are the most direct ways. If you, like international large-scale mining companies, have the ability to purchase better machines and mine more BTC ahead of others, we recommend the ANTMINER S21 series , which is currently the world’s lowest energy efficiency ratio BTC ASIC. If you have low electricity costs, the heat-resistant WHATSMINER M50 or the cost-effective ANTMINER S19j xp are also very ideal choices, featuring low total cost and fast payback periods.
Now is the eve of BTC breaking historical records. Please remember that mining is almost the only way to buy Bitcoin at a low price. Welcome to consult us about various models of BTC ASICs and contact us to get the most suitable mining solution for you! Finally, SC MINER would like to remind everyone that all investments carry risks, so decisions should be made cautiously.
SC MINER is the world’s most renowned international mining equipment trader and a major agent for manufacturers such as Bitmain and Goldshell, with the advantage of priority sales. SC MINER’s sales team has been serving miners in dozens of countries globally since 2017, with sufficient experience and outstanding integrity to maximize your wealth!
