Tom Lee: mining of Bitcoin is almost completely destroyed

Mining Bitcoin has become unprofitable.

Tom Lee Fundstrat's analytical Agency concluded that"Bitcoin mining (BTC) is now almost completely destroyed... in the midst of the current market downturn."

Bitcoin mining-the end is near
Whether noted in the report Fundstrat that the current measure of cost of production of one Bitcoin is 8 038 USD, and BTC is trading at around 8 221 dollars, at the time the report is published according Сoinmarketcap. Now, the price of Bitcoin there is about 8490 dollars.

Fundstrat counted the cost of mining Bitcoin including the cost of equipment, overhead costs such as cooling devices, the cost of electricity, presumably 6 cents per kilowatt.

At the same time, the head of the Department of quantitative data research Fundstrat, Sam Doctor, said that the cost of replacing the equipment takes more than half of the total cost of production.

However, miners earn money on transaction fees, which, however, have recently fallen. According to BitInfoCharts, referenced By Cointelegraph, the average transaction rate on March 15 was about $ 0.21, and on December 23 last year — more than $ 34.

Charlie Hayter, CEO of the site CryptoCompare, said that the miners now earn half what it was in December.

According to Sam the Doctor, the miners would probably stop mining altogether if the price of BTC will fall to about $ 3,000 or $ 4,000.