We got another difficulty adjustment tomorrow, and things do not look too good for miners. First of all, the price of Bitcoin has been falling down rapidly again. It is now at around $38,200. 2 weeks ago when the last adjustment happened, the price was $41,000. And at the beginning of April the price was almost $48,000.
I was considering selling some mined BTC when it reached $48,000 at the beginning of the month, mainly to pay for the hosting costs. But I didn’t. So I will cover this months costs from cash and hopefully the price will rebound soon.
Despite the price action, the difficulty is expect to increase by around 5% tomorrow.
So we are getting 18% decrease in price, and 5% decrease in BTC mined, all within one month. This will hurt ROI significantly.
The thing is that even at the current difficulty and BTC price, even old miners are still profitable. For example S17 miners still make around $4.70 a day based on electricity price of $0.08 KWh.
While these old miners are still profitable, I don’t see the difficulty to stop increasing regularly.
Hope you continue your updates. I enjoy reading your bitcoin journey and insight