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Current prices are not far from the cost of producing each bitcoin; A threat to miners?

قیمت‌های فعلی فاصله زیادی با هزینه تولید هر بیت کوین ندارد؛ تهدید برای ماینرها؟

Bitcoin price has been hovering around $20,000 for a relatively long time; According to available statistics, the level is not far from the cost of production (extraction) of each unit of this digital currency. Experts say that this situation can cause an income crisis in the mining industry.

To Report Cryptopotato, the production cost of each bitcoin includes all the costs that miners have to pay to extract each unit of this digital currency. This rate includes and is not limited to the cost of electricity, farm rent (place to store mining machines), salaries paid to employees, the costs of miner machines and everything else that is used in the process of mining Bitcoin.

The analytical platform Glassnode has estimated the cost of producing each unit of Bitcoin in the current conditions and in a generalized way, $18,300.

Golsnod analysts say:

Bitcoin has been trading very close to its production cost since June’s heavy sell-off. “Hardness Regression Model” is now at the $18,300 level, which can be considered as a sign of the possibility of an income crisis in the mining industry.

Current prices are not far from the cost of producing each bitcoin;  A threat to miners?
The model that Glassnode uses to estimate the cost of producing each unit of Bitcoin.

It should be noted that Bitcoin has fluctuated mainly below $20,000 for the past two weeks and is now trying to reach above this level and consolidate its position.

Despite current prices being close to the cost of production, turmoil in international relations, and concerns about the current state of the economy worldwide, Bitcoin’s hash rate has just hit a new all-time high of 282 million terahershes/second.

Current prices are not far from the cost of producing each bitcoin;  A threat to miners?
Bitcoin Hash Rate Chart.

Bitcoin’s current hash rate is 242 million terabytes per second. According to Glassnod’s symbolic comparison, this amount of processing power is equivalent to 7.753 billion people on Earth doing 30 billion hash calculations of the “SHA-256” algorithm every second.

Will the situation get worse?

According to Glassnod analysts, the Hash Ribbon index of Bitcoin has entered a situation since the end of August, which indicates the improvement of the condition of miners and the return of the hash rate to the network.

The price has so far not reacted positively to this trend, but analysts say that in the past, almost every time the 30-day SMA of Bitcoin Hash crossed the 60-day SMA, the price rose in the following months. has been found

However, this does not necessarily mean that we are now out of danger; At least not anytime soon. A potential price recovery would require miners to surrender before it can begin, and Glassnode data suggests that surrender is unlikely to happen yet; At least compared to the conditions of the miners in the past years.

Current prices are not far from the cost of producing each bitcoin;  A threat to miners?
Bitcoin Hash Ribbon (click on the image to view the index in Eurovision).

The chart above actually compares the average interval between network blocks to a target of 600 seconds (10 minutes). Lower values ​​indicate that the block spacing is less than the 600 second target, which means that the hash rate is growing faster than network hardness resets can moderate. In contrast, higher values ​​usually indicate serious shocks to the mining industry, such as the shutdown of some miners.

Having said that, it should be said that unlike the previous years, there is no specific negative event related to the mining industry.

Golsnod analysts have said:

We have to see if the event we are expecting is milder and longer lasting than previous miner surrenders or if the current situation reflects a new dynamic; Due to the fact that most of the Bitcoin hash rate is owned by more powerful and public companies active in the mining industry.

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