Bitcoin miners could be relieved of some selling pressure as electric costs could go down in U.S in the latter half of this year. Currently, miners were observed to be struggling in terms of generating revenue.
in terms of generating revenue, despite the growing prices of the king coin. With increasing difficulty and growing costs attached to mining, the amount of revenue generated by miners has dwindled significantly.However, things could work out positively for miners in the future. According to data provided by Hashrate Index, the U.S. Energy Information Association is anticipating that electricity prices will decrease in 2023., there will be a 1% reduction in electricity demand.
Specifically, at the beginning of the year, the breakeven cost for an S19j Pro, a specific type of Bitcoin mining machine, was $80/MWh. However, by the end of March, the breakeven power costs had risen to $115/MWh, due to the surge in hash price.Despite the potential for improved conditions for miners in the future, their current situation appeared bleak at press time.
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