Not only has the world’s first cryptocurrency turned 13 years old as of October 31, 2021, but Bitcoin is officially up by 112% this year so far, at the time of writing. The digital coin’s price has hit some major highs in the last few months, including a storming entrance into 2021 at $65,000 per coin, with a further roar back from the July slump to reach $67,000 in October 2021, and $69,000 in November. Wall Street has also made the long-awaited move to endorse cryptocurrencies with some major financial industry players like Paul Tudor believing that Bitcoin could replace gold as a digital store of value and hedge against inflation.
Bitcoin hit an all time high in November, and many industry gurus are predicting that the Bitcoin price has not yet reached its peak for the year. While some are saying that the BTC price will double in value by December, one crypto executive expects the Bitcoin price to hit $100,000 before year’s end. “Most of the folks at CoinList will bet that we’re at $100,000 by the end of the year,” CoinList chief executive Graham Jenkin told CNBC. “It’s getting pretty tight so I’m not sure that we’re going to make it there, but that’s what we’re predicting toward the start of the year.”
According to CoinShare’s weekly report, crypto investment products saw inflows of $288 million for the week ending on October 31, and Bitcoin accounted for 93% of that total at $269 million. Industry insiders see this as a sign of Bitcoin’s value increasing rapidly in the foreseeable future, as more ETFs will flow in and legitimize Bitcoin as an investment asset, at the very least.
That being said, entering the crypto mining industry now could pay off greatly by the end of the year, and could turn miners parabolic. To put that into perspective, at the $100,000 Bitcoin price with the existing difficulty in place (approximately 21 trillion at the time of writing), the S19 miner will be profitable at $55 per day. At the $18,000 price tag, the S19 will generate $180/TH compared to $110-$120/TH today. Therefore, purchasing an S19 at $110/TH will generate a return on investment in half the time. In addition, to maximize your yield, locking in your hosting prices at $0.089/kWh is paramount — as more hosting resellers are seeking profit sharing, hosting prices may rise to between $0.12-$0.20/kWh in most regions.
As of November 17, 2021, according to a weekly report by Arcane Research, miners are now making upwards of $62 million per day, a significant rise in daily profits. Transaction fees have gone up by 3.64%, but only amount to 1.6% of the total mining revenues. These large Bitcoin mining revenues play a significant role in the increase in mining stock performance, with Marathon Digital Holdings (MARA) leading with 521% in positive returns.
With such bullish predictions, backed by Bitcoin’s steady performance, now is the ideal time to start considering crypto mining on any scale. However, due to the increase in demand, many leading mining equipment providers are experiencing shortages of supply for mining hardware and related equipment. At Bitmain, for instance, the industry giant’s miners are on backorder all the way up until November 2022, with futures as the only currently available option, in addition to some second-tier resellers. Fortunately, Wattum is a great resale resource for those looking for premium used miners and mining equipment that will arrive soon and in great condition.
Additionally, Wattum offers a full suite of services for getting started in crypto mining, offering end to end solutions that range from equipment and mining pools to management and hosting. So, whether you’re looking to purchase new or used equipment, build out your own facility, or mine with flexibility with a Wattum Mining Container, our expert team can help you join one of the fastest growing industries in the world. Get in touch with us to learn more today.
