Cryptocurrencies do not go through the best period, to the extent that mining etheriumone of the most popular it ceased to be profitable for many miners due to the constant rise in electricity prices.
The bad moment that Etherea mining is going through can be verified by looking at electricity prices in the United States, as the cryptocurrency has seen decrease in value to about 1250 USD Now. The average price of electricity in regions such as New England, Connecticut, Maine, Massachusetts, New Hampshire and Rhode Island has exceeded $ 0.22 per kilowatt hour, which is starting to leave many miners in a difficult situation.
Using a single overclocked NVIDIA RTX 3090 graphics card would generate between € 1.85 and $ 2.13 per day in electricity generating 130mh / s (millions of hashes per second). Ethereum’s reward with that GPU is now only $ 2.03, so if a miner pays more than $ 0.245 per kilowatt hour, he finds that cryptocurrency mining is not profitable because electricity is more expensive than what can be obtained from mining.
At a point where mining is not profitable, it would be better to use the same money to buy Etherea directly. The cryptocurrency created by Vitalik Buterin is not the only one going through such a trance, as the profitability of GPU mining has been steadily declining since the middle of last year. In addition, Ethereum is still the most profitable cryptocurrency for mining through the chart, and its situation is starting to get bad, so you can already imagine how its competitors are doing.
For Ethereum to return to profitability in the United States, one of two things must happen: the value of the cryptocurrency will rise above $ 1,400, or the price of electricity will fall below $ 24.4 per kilowatt hour.. In Europe, it’s not that it’s better, because the price of electricity in countries like the United Kingdom, Germany, Belgium, Spain and Denmark is higher than $ 0.25 per kilowatt hour, which means that mining in the chart is not profitable. none of them.
The current international context makes this very difficult for cryptocurrencies, whose value continues to decline. This, together with very high electricity prices, has stopped the profitability of many of them. Looking at the levels of volatility in this market, a recovery cannot be ruled out, but as long as the context of the war in Ukraine continues, a return does not seem likely.
