The recent bitcoin rally has driven bitcoin mining profits. Profits earned from bitcoin mining have seen a clear rise since the start of April 2019 and hit a near half-a-year high on April 15, 2019.
According to crypto analyst Alex Kruger, the breakeven cost for efficient bitcoin mining operations currently hovers around $3,550 to $4,350, while the price of bitcoin is in the $5,500-plus range at the time of this writing.
This article was originally published by 8btc and written by Lylian Teng.
Many Chinese cryptominers have migrated to places with cheap electricity and favorable policies as a result of the escalated government crackdown on cryptocurrency and its production process.
At press time, the price of bitcoin is still trapped in the $6,300 range. The price has been here for the past few days, following a slight recovery after bitcoin briefly fell to $6,200 for the second time in less than a month.
Thus far, one of the predictions made in our previous price article is coming true.