The bitcoin breakeven price is estimated to be $8,000 that is the average price. But the miners are detained to mine BTC even at the break-even price which shows that they are satisfied as according to many analysts the value will be increased after halving event.
According to many experts, the average breaks even the price of digital gold is around $8,000.This is also stated and confirmed by Alistair Milne, the chief investment officer at Altana Digital Currency Fund. If explains in simple terms, it unveils that $8,000 is the overall cost including miners and electricity to mine 1 bitcoin. And the current price was also hovering nearly about $8,000; so, they are facing difficulty to get one BTC by selling their resources at a low price.
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Bitcoin mining difficulty dropped the most since Dec 2018 after the last adjustment on 8th Nov 2019 (-7%)
… seems to confirm the cost of mining (on average) is ~$8000 https://t.co/vKiJgaxzZh
— Alistair Milne (@alistairmilne) November 11, 2019
As you know that technology is evolving day by day and smart machines are replacing the old machines as they are more cost-effective and takes less space. The mining process within some recent years has evolved; cost-effective and power-saving miners are also available in the blockchain industry.
Hash rate is Accumulating
The increasing rate of hash rate is a good signal for digital gold. The data calculated by Blockchain.com revealed an interesting thing that the network of the dominant cryptocurrency, BTC, has bubbled by threefold from 38 to 110 exahash in the year-to-date calculation.
Miners are using their resources to mine BTC even at the difficulty because their eyes are fixed on something more important aim. It seems that they are anxiously waiting for the halving event as they are expecting a good rally on the part of digital gold.
The CEO of BKCM, Brian Kelly, stated while talking to CNBC that most of the miners have gathered enough resources for a year to mine since they are expecting some big move after halving.
The long term perspective is more important for miners as compared to the short term trend. In the short-term game, bitcoin is not in a good position and has to test many support levels while pushing back from resistance levels.