Will Bitcoin mining become profitable for miners in 2019?

The recent rise in Bitcoin has boosted the profits of Bitcoin mining. Since the beginning of April 2019, the profits of Bitcoin mining have increased significantly and hit a nearly six-month high on April 15, 2019.

According to cryptocurrency analyst Alex Kruger, the current breakeven point for effective Bitcoin mining operations is between $3,550 and $4,350, while the price of Bitcoin is above $5,500 at the time of writing. Considering that the upward momentum of Bitcoin prices continues, this ensures a profit of more than $1,000 per Bitcoin mined, and also ensures that Bitcoin miners can make a considerable profit.
Krueger said the breakeven cost was calculated based on an electricity price of 5.5 cents per kilowatt-hour, although the cost of electricity varies from region to region, so the breakeven cost will also vary.
“The exact number depends a lot on the cost of electricity,” Kruger said. “For example, in December last year, Coingeek reported an electricity cost (including all operating expenses) of $0.073. Mine was $0.055.”
Considering that electricity prices in China are much lower, as some mining farms claim at 3.5 cents per kilowatt-hour. When the rainy season in Sichuan began, Chinese miners could earn more than $2,000 in profit for every bitcoin mined. However, in the second half of 2018, the break-even cost fell below the BTC price, resulting in inefficient Bitcoin mining and losses, and some miners even closed their operations and sold their hardware.

As mining profitability increases, the hash rate of the entire Bitcoin network is also climbing. This means that more miners are returning to or just entering the market. As shown by the BTC.com website, Bitcoin hash power has grown by 25%, from 36.55 Eh/s in mid-December 2018 to 45.76 Eh/s in mid-April 2018.

The ASIC miner market has also started to recover, launching new generations of faster mining equipment. In late March, Canaan launched the Avalonminer 10, which has a hash rate of 31 terahash per second (TH/s) and a power consumption of 1736 watts (W). A few days later, Bitmain revealed its Antminer 17 series, achieving hash rates from 50 TH/s to 56 TH/s and rates from 42 watts/terahash (W/TH) to 45 W/TH. MicroBT recently released the Bitcoin ASIC M20S, which can reach up to 72 TH/s.
The data suggests that the market is showing signs of recovery after several of the worst months ever. Bitcoin mining is finally becoming profitable, and the outlook for the industry is recovering after a year-long slump.