15 Sep Fundstrat: Bitcoin Hashrate Has Doubled, $7,300 Breakeven Mining Cost
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Hashpower Doubles In Bear Market, Breakeven Cost Skyrockets
Cryptocurrency investors have had a rough year, to say the least, with the collective value of all crypto assets declining by over 80% in the span of eight months. In spite of this violent sell-off, miners have still been upping their investment into this nascent asset class.
As recently tweeted by Sam Doctor, Fundstrat Global Advisor’s quantitative strategist and analyst, the hashrate (hashpower) of the Bitcoin network has doubled since May, from ~28 quadrillion hashes per second (EH/s) to approximately 57 EH/s as it is today.
Despite $BTC bear market, hashpower doubled since May to 57 EH/s – Even with upgrades to existing equipment, implies almost 1GW of new power consumption vs 5.2GW in May ’18. Breakeven now $7300 ($5300 cash BE) vs. $6000 in May – Mining becoming FCF -ive @fundstrat #Crypto pic.twitter.com/pTTWJWlrz0
— Sam Doctor (@fundstratQuant) September 14, 2018
As such, per Doctor’s analysis, in which he…
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