Bitcoin Mining Fee Sets lowest Record in 10 Months

Bitcoin Mining Fee Sets lowest Record  in 10 Months

 

Bitcoin (BTC) mining fees have now dropped to a 10-month low, as mining difficulty has also decreased since last May.

The mining difficulty has previously dropped as someminers have stopped and scaled back their operations, due to demands for survival amid the bearish crypto market.

This is also reflected in the BTC selloff from Bitcoin miners of 80,000 coins, which are used to survive and operate.

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Bitcoin Mining Costs Dropping

According to a Cointelegraph report, one of the factors that led to this decrease in Bitcoin mining costs also came from the use of more efficient hardware.

JPMorgan strategist Nikolaos Panigirtzoglou said that Bitcoin production costs have dropped to around $13,000, from $24,000 in early June.

Mining difficulty which has dropped from a May peak of 31.25T to 29.15T, brought mining costs down to their lowest point since September 2021.

“Lower Bitcoin productions costs have the potential to reduce miner selling pressure and increase profitability. However, strategists are still bearish, suggesting that the decline in production costs may be seen as negative for Bitcoin's price outlook going forward,” said Bloomberg.

In fact, some analysts see this drop in fees as a lower bound for the price range of major cryptocurrencies in bearish crypto markets.

Also, some analysts expect the price of BTC to drop again to $13,000, following an 80 percent pullback more like in the previous two bear markets. Meanwhile, the current Bitcoin price decline has been in the range of 70 percent.

Most miners have indeed turned off their old mining rigs, as energy prices soared and falling asset prices slumped.

And from mining profitability data provider Asic Miner Value, the recently released Bitmain Antminer E9 rig is one of the mostefficient units on the market. This is the basis for lowering mining costs.

According to a Bitinforcharts report, miner profitabilityis at its lowest since October 2020, at US$0.095 per day per TH/s.

However, the reduction in production costs is expected to halt the decline in miners' profitability, and turn it into increasing profits in the next few months.

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