Bitcoin mining profitability peaks in two years

Revenues of bitcoin miners have risen to the levels of January 2018 due to a combination of several factors.

AlongBlockchain.com On November 4, miners' revenue was $20.8 million, exceeding the levels seen before halving in May, when the block premium was reduced from 12.5 BTC to 6.25 BTC.The last time comparable values were recorded in September 2019.

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Bitcoin price since MaydoubledThus offsetting the decline in the award.annual highs above $15,500.

In addition, fees for processing Bitcoin transactions play a significant role in miners’ income. At the end of October theyincreased by 200%and began to account for over 20% of miners’ earnings.

Analyst company Crypto-uant expects that at current prices miners canbe prone to selling bitcoins.in favor of sales.

CryptoQuant CEO Ki Yong Joo says the "whales"show increased activity on exchanges. He gives a graph showing that the indicator of the inflow of assets to the exchanges approached 2, that is, close to the danger zone. On the other hand, all indicators that indicate an overbought market are quite expected after the price has risen 8% in 24 hours and almost 50% in a month.

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According to ByteTree, miners' savings are reduced on all tracked segments.Over the last day they spent 192 BTC more than they did, and 897 BTC in a week.

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Thus, the question of absorbing the increasing offer of buyers remains open.According to alternative.me, the Fear and Greed Index is now in the "extreme greed" zone.The current values exceeded only once - against the background of reaching a price peak in the middle of 2019.

Regular mining &#8212; the best option for bitcoin mining

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Cloud mining is a model of earningcryptocurrency, which creates groups (mining pools), with one goal: to generate more income, in comparison with conventional distributed mining, due to the management of equipment by a contractor who solves all issues related to technical and software components.

In this case, the user simply paysthe work of the rented equipment for a certain period of time. The cloud mining provider for the payment received must ensure the round-the-clock operation of its equipment with the specified capacity, ensuring that the earned cryptocurrency is credited to the wallet of the tenant who paid for the cloud mining services.

Cloud mining setup does not requirea productive computer or knowledge in the field of blockchain and cryptocurrencies in general. Setting up in this case consists in going through the standard registration procedure on the pool, depositing money (usually ordinary money or bitcoins) and choosing a tariff plan.

The user then specifies the address (personalwallet), where the mined cryptocurrency, withdrawal limits and other parameters will be displayed. Cloud mining starts after balance replenishment. After that, you need to periodically check the balance and funds received from the cloud provider.

Rating of the TOP 5 best cloud mining sites, with current estimates for 2020

Service	Rating	Detailed overview
IQ Mining (Editor's Choice!)	9.5	Read the review
ECOS	7.8	Read the review
YoBit VMining	7.2	Read the review
BitDeer	7.1	Read the review
HashFlare	6.8	Read the review

The criteria by which the score is given in our rating:

• Profitability and profitability– we calculate the payback period, clarify the reality of mining.
• Prices and commissions– we take into account the validity of tariff plans and compare them with competitors.
• Deposit / withdrawal, discounts, reliability– we analyze reviews, test the correctness of accruals and withdrawals.
• Convenience of the platform and site– we evaluate the functionality, errors and failures when working with the service.
• Features of the company– unique services and useful services, period of work on the market.
• final grade– the average number of points for all indicators determines the place in the ranking.

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