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Thursday

26 November 2020

Companies Report Mining Profits Despite Halving

Companies Report Mining Profits Despite Halving


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While there are certainly changes the arena must deal with, bitcoin miners and mining machines are still witnessing some profits creeping into the space, suggesting that the recent halving hasn’t rendered the business of extracting new bitcoin blocks entirely useless.

The reduction from 25 to 12.5 saw the currency become rarer, and while bitcoin was still trading for under $1,000 at the time of the event, things were miles better than where they had been in 2012, so miners were beginning to rake in relatively healthy profits for their work.

Now that the asset’s mining rewards have fallen to 6.5 BTC, many questioned whether it was even worth it for miners to keep their machines on.

But good news has appeared on the horizon in that companies such as Bitmain and MicroBT are still reporting solid profits thanks to specific mining machines.

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