I commented based on observation in October that Bitcoin mining was less profitable than ever. I expressed my hope and believe that hash rate comes first and price is soon to follow. And follow it did!
I kept searching to see how mining profitability changed after the bull run in the past days. And I found an interesting article authored by Michael McSweeney in The Block:
In the month of November 2020 Bitcoin miners brought in more than USD 500 million in revenues. The article displays an interesting graph and this is the most revenue since at least October of 2019. This result comes despite the halving event of May 2020, which reduced the reward to roughly 6.25 BTC. Yet, it is far away from record levels in 2017 and levels from the summer of 2019.
Source: Coin Metrics
I was tempted to check whether my (already?) old Innosillion could be turned on again, however I was disappointed:
Source: https://www.cryptocompare.com
I continue to be sure that hobby BTC mining in the garage is gone for good. Yet, I am delighted with the development. I continue to believe that current BTC price is not a bubble and we have a long-way to go. I continue to HODL and accumulate.
