Since BTC prices slid below the $8K price range, mining operations have been making less revenue. On Sunday, December 1, only 13 mining rigs with an average electricity cost of $0.12 per kWh are profiting at current prices. Of course, miners from China and other regions pay far less per kWh but older mining rigs currently struggle for profits.

Also read: Gocrypto SLP Token Starts Trading on Bitcoin.com Exchange

High-Powered Mining Rigs Are Still Profitable at Current Prices, Older Devices Not So Much

Mining the SHA256 algorithm is still profitable, no matter which coin you mine, whether it be BTC or BCH. For instance, on Sunday it’s between 0.4-3% more profitable to mine on the Bitcoin Cash blockchain according to Coin Dance statistics. During the last three hours, the BCH hashrate has been around 4.14 exahash per second (EH/s), while the BTC chain has had around 98.03 EH/s. In the last seven days, BTC has averaged around 87.34 EH/s and BCH has seen 2.60 EH/s.

The past two weeks’ cryptocurrency markets have seen deep losses while

Click to continue reading on its source location…

Source: https://news.bitcoin.com/despite-bitcoins-price-drop-high-powered-mining-rigs-still-profit/