CandleFocus Average mining price for BTC now at $59,542, solo miners earn fewer rewards: Report
2024-11-06
Author: Content Editor
BitFuFu, a cloud mining company backed by Bitmain, has released its quarterly report on the state of Bitcoin mining in late 2024. The report reveals that miners now have to spend more than double the expenses to mine one BTC compared to the previous year. The breakeven price for mining one BTC is $59,452, leaving room for profitability even at current prices. Despite the increased costs, mining remains highly competitive, with miners showing confidence in a future rally. BitFuFu achieved a hash rate of 26.2 EH/s in Q3 of 2024, surpassing most minor mining pools. The company also expanded its capacity and acquired a stake in a mining facility in Ethiopia. Despite a decrease in BTC production, BitFuFu reported increased revenues and earnings. The positive results come after the 2024 BTC halving, and the company expects sustained demand and new customers in the cloud mining sector.
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