Home / Blockchain / Bitcoin Miners Flip Worthwhile | Good Information for Cryptos?

Bitcoin Miners Flip Worthwhile | Good Information for Cryptos?

Bitcoin miners

One of the things that do not often come into the surface is the work done by Bitcoin miners when it comes to the overall cryptocurrency ecosystem. Miners are the ones who actually create the Bitcoin tokens and are given a reward for each completed block. Hence, when Bitcoin went through its downturn for the whole of 2018, it was a bad time for miners, and many had to wind up their operations.

What’s Coming Ahead?

However, when the remarkable bull run commenced earlier this year, it made for a better time for the miners and for the first six months of the year, it has proven to be profitable.

The price of each Bitcoin token rose from around $3,000 at the start of the year to around $14,000 by the end of the first six months, and that resulted in a lot of rewards for the miners. Despite the drop off in the price of Bitcoin from the highs of June, analysts have stated that Bitcoin mining is still profitable for the miners. According to one expert, the current cost for Bitcoin miners to create one token is between the range of $7,300 and $8,500. Hence, the whole thing is still profitable.

>> Tether Introduces New Yuan-Linked Stablecoin, CNHT

However, the ultimate question for Bitcoin enthusiasts is whether the profitability of the miners is going to have a bullish effect on the price of the token or not. Some analysts claim the bullish trend among miners may not ultimately be a great thing for the price of Bitcoin. One analyst stated that Bitcoin miners are going to be eager to sell the tokens in which they are already profitable in order to fund their future operations. When that happens, it is going to put pressure on the price of Bitcoin as a whole, and that is something that needs to be watched by traders. However, it cannot be denied that 2019 has been a great year for Bitcoin miners so far.

Featured image: DepositPhotos © zoomteam

BitcoinPrevious

Bitcoin Could Fall Below $10,000 Mark As Altcoins Gain

financial investing, types of financial investment, types of business investments, investments for beginners, financial investments, stock investing 101, investing 101, real estate investing 101, personal finance investing, investing, investments, financial advisor online, financial investment, type of investments, types of investments, all types of investments, types of investing, types of investments, finance investing, forms of investment, Crypto CurrencyNext

A Potential Reason Behind Bitcoin’s Surge

If You Liked This Article Click To Share

Source link

About Ankit Singhania

Check Also

Ethereum (ETH) Posts Vital Positive factors on Worth Shopping for

Ethereum has been leading the crypto rally over the past week after the slump in …

Leave a Reply

Your email address will not be published. Required fields are marked *