Bitcoin mining profitability peaks in 2020

Bitcoin miner earnings in terms of terahash per second (TH/s) reached a new record high forcurrent year, according to The Block.

According to the portal, bitcoin miners are nowearn $ 0.19 per day from every TH / s. The previous local high was set in February at $ 0.17, even before the halving in May or the two-fold drop in miner rewards, when Bitcoin was trading around $ 10,500. The calculation was based on a seven-day moving average.

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As you can see in the chart above, the current values are significantly inferior to the historical maximum set on December 22, 2017 at $ 3.56, and the indicators of 2017-2019 as a whole.

This is due to the fact that competition for awards and the level of development of equipment was then significantly lower. At the end of 2017, the bitcoin hash rate was approximately 15 EH / s, and now it is 134 EH / s.

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For yesterday, the income of bitcoin minersamounted to $ 24.27 million, of which $ 21.59 million came from rewards for adding blocks, and the rest from commissions. Thus, the average hourly income of miners is now approximately $ 1 million.

As analysts at Glassnode note,miners did not spend more bitcoins than usual, despite the ongoing updating of the historical highs of the first cryptocurrency in terms of price. According to their observations, the current values in relative terms are significantly inferior to the levels of 2019 and other peaks.

Cloud mining — the best Bitcoin mining option for 2020

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.

The user pays for the work of the rented equipment for a certain period of time.Cloud mining for the received payment should ensure round-the-clock operation of its equipment with conditional capacity, ensuring the accrual of earned cryptocurrency on the wallet of the tenant who paid for the services of cloud mining.

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. Then the user specifies the address (personal wallet) where the mined cryptocurrency will be withdrawn.

Rating of TOP-5 cloud mining services (with actual estimates for December 2020)

Service	Rating	Detailed overview
IQ Mining (Editor's Choice!)	9.5	Read the review
ECOS	7.2	Read the review
YoBit VMining	7.0	Read the review
BitDeer	6.4	Read the review
HashFlare	6.3	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.