The profitability of mining the first cryptocurrency has demonstrated a noticeable positive trend, increasing by ten percent over the past month. According to the CloverPool analytical platform, the hash price reached $32.52 per 1 Ph/s. This indicator reflects the daily income of miners per unit of computing power of the equipment. In early July, the value was at $ 29.67, and at the beginning of the year it was $37. Despite the local growth, the annual dynamics remains negative. Bitcoin has fallen in price by almost twenty-six percent in the first seven months of this year. The difference between a drop in exchange rate and a decrease in profitability is explained by a natural adjustment in network complexity.

Mining difficulty has decreased by about fifteen percent since the beginning of the year. This was due to the massive shutdown of inefficient equipment and a decrease in the overall activity of market participants. The simplification of the mining process partially compensated for the drop in the market value of the coin. However, the average cost of mining one bitcoin still exceeds its current market price. According to the Checkonchain service model, the average cost is about 77.7 thousand dollars. The current market price of the asset is around 64.7 thousand dollars. JPMorgan analysts note that about twenty percent of miners continue to work at a loss. The reward for the found block in the amount of 3,125 BTC is now estimated at about 202 thousand dollars, whereas at the beginning of the year this amount was 273 thousand dollars.

Despite the improvement in performance, miners are in no hurry to increase capacity. There is no single cost for the entire industry, as it depends on electricity tariffs, type of equipment, and jurisdiction. The next recalculation of the network's complexity is scheduled for August 9th. Current forecasts suggest a slight increase of 1.2 percent. However, the average global hashrate has dropped to 857 EH/s over the past 24 hours against the weekly average of 935 EH/s. If the downward trend in computing power continues, the complexity of mining may not increase, but decrease, which will additionally support the marginality of the remaining participants in the network. The market continues to adapt to the current conditions and look for new equilibrium points.

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The material has been prepared solely for informational purposes and does not constitute financial advice or recommendation.