Bitcoin (BTC) traded at the $34,000 level for the third day in a row. The cryptocurrency has barely risen above the $32,000 mark for the past 17 months, but has solidified its market dominance with 54% this October.
Analysts believe that halving is one of the two important events that are contributing to the rise in the price of BTC. The other factor driving the upward BTC rate is the approval of spot bitcoin ETFs in the US. A Bitcoin fund will make it easier for different categories of investors to buy the asset. In other words, it will increase the demand for bitcoin.
Thus, with the combination of these two factors, the price of BTC will overcome its current resistance by 2024, when these events are expected to occur. However, the new coin, BTCMTX, could bring profits to investors sooner than the original bitcoin.
How to earn more BTC before halving with Bitcoin Minetrix?
At the moment, a fast, efficient and decentralized way to participate in BTC mining is to invest in Bitcoin Minetrix pre-halving. The project has already managed to attract the attention of investors, as it is developed based on the Ethereum network, but allows you to mine bitcoin in the cloud.
Mining is still an expensive operation that requires the use of powerful equipment. Moreover, the dominance of large mining pools makes it extremely difficult for regular retail traders to access the rewards. This is why more and more investors are opting to rent bitcoin mining power in the cloud. With Bitcoin Minetrix, retail investors don’t have to pay for expensive mining equipment or contract with centralized companies.
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Thanks to an Ethereum smart contract, holders of the project’s own token, called BTCMTX, can send their assets to be staked. The cloud earns mining credits and also accrues passive income.
Although the ERC-20 tokens obtained through steaking cannot be sold, when burned in the Bitcoin Minetrix control panel, they provide time for BTC mining. The user interface allows assets to be burned, sold, or sent to steaking. Investors can also view other key metrics – such as the number of credits earned or remaining mining capacity.
The initial market capitalization of BTCMTX will be much smaller than that of BTC, and the staking mechanism will lead to an even greater scarcity of tokens. Thus, the cryptocurrency may register a higher growth than Bitcoin.
The Bitcoin Minetrix pre-sale has already raised $3.5 million, which may indicate a strong interest in the project from the investment community looking for alternatives to the largest digital currency. The current value of one BTCMTX is only $0.0114, and by the final stage of the presale it will rise to $0.0148.
Among the advantages of the project are:
- Mobile application, which will allow you to mine bitcoin anytime and anywhere.
- Minimum contribution to the share of the mining pool, which is $10.
- An environmentally friendly and cheap alternative to mining BTC through third-party services.
The challenges of bitcoin mining in 2024
Bitcoin issuance is scheduled to be halved in April 2024. This process is expected to make mining this coin more difficult. To remain competitive after the halving, miners in 2024 will have to purchase the most advanced equipment and store as much BTC as possible in their reserves.
This means that some will have to throw away recently purchased ASICs with lower efficiency and purchase new models to maintain the same level of token production. In the meantime, others will have the opportunity to get into mining or increase their processing power with cheap, low-efficiency hardware.
At the height of the development of cryptocurrencies, market participants’ desire to participate in the process of their mining, especially bitcoin, grew rapidly. According to data provided by Blockchain.com, the current hashing rate is 438,672,581 TH/s. However, after halving, miners’ rewards will decrease. Thus, now is the best time to get BTC by mining it.
In any case, there are a number of conditions that determine the price of used devices. The first is the decline in profitability. In two years, the payback has decreased by 85%, and the hash rate is currently 0.073 USD/TH/day. In fact, with the price drop in mid-August and the steadily increasing complexity of bitcoin mining, profitability has dropped 12% since July. BTC mining has never been more expensive, and there has never been more competition for asset rewards.
For these reasons, Blockstream plans to invest in mining equipment to then sell it on the used market. As the team explains, this investment is based on two factors. First, they consider bitcoin “mining” devices to be undervalued. Second, they hope that after halving the potential bullish growth will drive up the price of the hardware. In other words, ASIC hardware becomes currency.
Aftermarket availability will also depend on the number of units produced. Whatsminer M30S and Antminer S19 will probably become the best selling used hardware.
Every miner realizes that the only way to prepare for the halving and potential bull market is to use new technology. However, the increased price of electricity is also driving many decisions.
Industry experts expect market participants to see a redistribution of mining equipment in different parts of the world over the next few months. Those with purchasing power will be able to buy the latest generation hardware from Bitmain, MicroBT and Canaan. This could be a lucrative opportunity for many entrepreneurs looking to increase their profits or get into bitcoin mining.
Wrap-up
Analyst companies are predicting that bitcoin will see a stronger uptrend. According to the assessment of the CryptoQuant portal, it is now important for the coin to stay above the $31,900 level in order to continue its growth. In general, experts are of the opinion that BTC will enter a bull market due to the approaching halving and possible fund approval of this cryptocurrency.
In addition, cloud mining will remain a potential alternative to traditional bitcoin mining methods. It provides quick access, low costs, and greater convenience.
To profit from cloud mining, it is important to use proven and secure platforms such as Bitcoin Minetrix. The project has been audited by Coinsult, which increases its legitimacy. In any case, each investor should do their own research to make sure that the mining options chosen meet their needs.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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