Bitcoin mining profitability is under pressure

Bitcoin mining is still very profitable, but margins are under pressure from a decreasing bitcoin price and increasing hashrate
Source: Hashrate Index, CoinMetrics

Since January, the cash flow of mining one bitcoin has stayed flat, at a substantially lower level than for most of the previous year.

The Antminer S19 yields $31k per BTC after electricity. The current bitcoin price is $39k, meaning that mining one bitcoin with an Antminer S19 costs $8k worth of electricity, given a power price of $0.05 per kWh.

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