According to several mining sites, active bitcoin miners may see their profitability double following the 28% downward adjustment in bitcoin mining difficulty on July 3, Coindesk reports.
The margin between bitcoin mining revenue and the respective energy costs has almost doubled to $449 from an average of $225. According to industry experts, bitcoin miners who have not yet become disillusioned with that business will continue to see their profitability grow in the near future or even in the medium term.
“It’s become both easier and more profitable to mine bitcoin,” said Nick Spanos, co-founder of Zap Protocol. “That’s a recipe for enticing more miners back in.”
“Mining economics have improved significantly,” Sam Doctor, chief strategist at BitOoda, wrote in a newsletter.
However, the market’s prospects continue to be negatively affected by the fluctuations of the bitcoin’s value. The world’s top cryptocurrency has lost more than half of its value since reaching the all-time high in April.