Crypto market pioneer Bitcoin (BTC) is currently trading at $22,624.
Bitcoin miners now earn a $3.8K profit for minting a BTC coin.
The crypto market pioneer Bitcoin (BTC) is surging steadily. The coin has crossed over the $22K limit after four long months. BTC is currently trading at $22,624 at the time of writing. And it is to remember that last time the crypto was in the $22K range during September 2022 with the price of $22,371.
BTC Price Chart (Source: CMC)
Amidst this bear market, 2023 has so far been a good year for cryptocurrencies. The three consecutive weeks of green candles have brought to both investors and miners. The average buying and selling rates as per Glassnode are $19,700 and $21,000. This is definitely a profitable exchange for the traders.
Euphoric BTC Miners
Crypto miners are one of the occupational provinces that got affected drastically due to the downfall of the blockchain-backed virtual asset. Especially the BTC Miners, who have employed high-tech and expensive machines on the job. The price of mining a BTC token fell below the trading price of the coin, reflecting a loss to the miners.
The situation is different at present. And, the average amount spent on the resources to mine a BTC coin costs $18,800 and the trading cost is over $22.6K. Leaving a $3.8K profit for the miners.
The price surge started at the beginning of 2023, and some of the reasons for this action are considered to be the settling down inflation rate in the US. The rate hikes directly affected the stock and crypto market. In the Q4 of 2023, the market witnessed bankruptcies of lots of crypto firms, exchanges, and mining companies.
This present scenario has brought hope among miners but the surge is not guaranteed forever. The crypto community is just hoping that no more rug pulls or conspiracy firms boom out in the crypto circle.