Never ending super-profits for bitcoin miners
The increasing bitcoin price coupled with a stagnating hashrate has made 2021 a very lucrative year for bitcoin miners.
Oct 11th 2021
Source: Hashrateindex, Tradingview
Bitcoin mining has been highly profitable during the whole year. The bitcoin price has increased by 92%, while the hashrate is at the same level as it was last year.
Why hasn’t the hashrate followed the bitcoin price? Firstly, the network lost 50% of its hashrate in the early summer when China banned mining. Secondly, hashrate lags bitcoin price increases since it takes time to manufacture and deliver new ASICs.