According to Cloverpool data, Bitcoin’s total network hash rate has broken through 800 EH/s in a short period, reaching a historical high of 803.75 EH/s. The current total network hash rate of Bitcoin is around 750 EH/s. The new high in total hash rate not only indicates the market’s confidence in Bitcoin but also means that miners will have to pay more costs for mining. According to the latest third-quarter mining report released by CoinShares, the cost of Bitcoin mining has also set a historical record. If only cash expenditures are calculated, the production cost per Bitcoin is about $49,500; if depreciation of machines and other hidden or unpredictable floating expenditures are included, the average cost is as high as $961,000. Despite the continuous increase in mining costs, miners remain firmly optimistic about this business, especially large mining companies. According to CoinShares Chief Researcher James Butterfill, cryptocurrency mining companies are still expanding infrastructure and planning further investments in anticipation of future price increases.
A few days ago, after a rapid increase, BTC once rose to $73,650, almost equal to the most recent historical record, and the current BTC price is stable around $72,000. Considering a series of important macro events such as the release of U.S. non-farm data, the U.S. interest rate cut in November, and the U.S. election, BTC prices may experience significant fluctuations in November. The market believes that if Trump is elected, BTC will usher in an extremely exciting bull market. Some other observers believe that the outcome of the U.S. election is still full of uncertainty, but no matter who is elected, BTC will reach new highs, but the timing and magnitude of the new highs will be significantly different. 10x Research in their market analysis pointed out that with the demand for Bitcoin ETFs growing parabolic, it is expected that by the end of January 2025, Bitcoin may reach $101,694. The strong bullish momentum will continue into the first quarter of 2025.
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! SC MINER is selling various energy-efficient and priced professional miners worldwide, including the ANTMINER S21 series , WHATSMINER M50 , ANTMINER S19j xp, and more.
Finally, SC MINER would like to remind everyone that all investments carry risks, so decisions should be made cautiously.
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