The hashprice, the expected value for each daily terahash, is around 0.21 USD, equivalent to 0.00000463 BTC. The price of Bitcoin broke through the USD 45,000 level on March 25th and has continued to rise.
Miners and other members of the Bitcoin (BTC) ecosystem are happy because of the rise in the price. The daily earnings from processing transactions on the network recently reached USD 47 million, a time of significant profitability for the activity.
Data from the Braiins firm indicate that the daily profit from Bitcoin mining is USD 40.95 million. The indicator has maintained that average since the rise in the price of BTC began.
The denomination of those rewards is in US dollars to allow approximating the average. Since miners earn their profits in Bitcoin, some operators may benefit more from keeping their holdings.
Over the last few months, many Bitcoin miners have continued doing their activity despite the price drops and the apparent low daily profitability. They could receive higher profits since they have waited for the value of BTC to increase.
The bullish run occurring in recent days has allowed the profitability of Bitcoin mining to rise. The pioneering cryptocurrency is trading above USD 47 thousand, increasing over 12% since March 23rd.
In fact, on that same day, daily earnings averaged USD 33 million, one of the lowest figures for the third month of the current year. Since then, the indicator has increased significantly, encouraging the profitability of mining Bitcoin.
An Excellent Time for Miners to Enter the Market
Data from analytics firm Hashrate Index indicate that the expected value for each daily terahash (TH), known as hashprice, is around 0.21 USD. When measured in satoshis, the smallest measure of Bitcoin, that metric is equivalent to 0.00000463 BTC.
The hashprice measures how much a miner may earn for a specific amount of hash rate. The metric had risen since March 21st when it marked USD 0.18 per TH.
When the Bitcoin price and profits rise, the hash rate fluctuates around 203 EH/s, maintaining a daily average that makes Bitcoin safer.
Curiously, when several of those indicators increase, the prices of application-specific integrated circuit (ASIC) miners go down. That would allow them to enter the market faster, with less investment, and at times of high profitability.
Momentum Starts with the Breaking of the USD 45,000 Barrier
The increase in the Bitcoin price led to improving mining profitability, which began with the breaking of USD 45,000.
Since March 25th, when trading at around USD 45,078, Bitcoin has recorded surges of up to 7%. BTC is now trading at around USD 47,000 but is still below the price in early 2022. Market analysts are talking about that clear advance in the value of the pioneering cryptocurrency.
It is an excellent time to turn on mining machines and contribute to the prevalence of the Bitcoin network. That crucial activity is now going through unique times to reach high profitability.
BTC is trading at around USD 47,760 and has accumulated a 16.3% gain over the last week. Its daily trading volume is above USD 28.19 billion, and its market capitalization is about USD 907.46 billion, according to CoinGecko.
By Alexander Salazar
