Should you mine Bitcoin now?

In May 2020, a very important event took place in the world of cryptocurrencies – the halving of Bitcoin, which halved the amount of reward to miners. After that, the profitability of mining fell by 2 times, due to which the BTC hashrate (total computing power of the network) decreased by 25%. And about a quarter of the miners were turned off after the halving.

However, soon there was an increase in the bitcoin rate – from May to September, it grew by the same 25%, so by the autumn, many miners returned to work. If at the end of May the Bitcoin hashrate dropped to 93 Ehash / s, today they are already 139 Ehash / s. That is, the network capacity has increased by more than 30% in several months.

Mining BTC is still profitable in 2020, but only on modern hardware. According to a BitCluster research, with the current break-even rate and the price of electricity in Russia up to 3 rubles per 1 kWh, mining will be profitable with a bitcoin price above $ 6,000. These calculations are relevant only for powerful miners of the latest generation – such as the S19 or S17 models with power from 75 TH / s and power consumption up to 2.5 kW / h, their payback period is around 12-15 months.

In addition to Bitcoin, mining of other cryptocurrencies remains in demand, at the moment it is most profitable to mine Monero, Ethereum, Ethereum Classic and Litecoin. It is important that for mining altcoins it is not necessary to use specialized equipment (industrial miners), modern powerful video cards (for example, Nvidia GeForce 2080Ti) are sufficient. But experts believe that in the long term, BTC mining is more profitable due to the high volatility of the altcoin rate.