$2.4k Is a Lower Point of BTC Mining Profitability

Bitcoin mining profitability research was concluded by DMG Blockchain Solutions
26 March 2018   635

DMG Blockchain Solutions calculated the price of bitcoin, below which the mining will become unprofitable. According to analysts of the company, the  point is at the level of $ 2400. This is reported by The Merkle.

We outline the simple math for mining bitcoin on an operating basis (i.e. excluding capital costs), with a market assumption of 7c per kW-hr operations costs (mainly electricity). With the below calculation, the cash breakeven is currently about $2,400 – this is far below the current price. Generally capital moves around to mine the most profitable coins, which means that the market generally finds profitability equilibrium among mined coins in the long run.
 

Steven Eliscu 

VP, DMG Blockchain

 Every day the bitcoin network generates about 2100 coins. The DMG calculated that the earnings for 1 PH / s is 0.084 BTC. If the price of electricity does not exceed the specified 7 cents, and the bitcoine rate is above $ 2,400, then the mining is profitable, the company is confident.

However, it should be emphasized that in order for the model to work, it is necessary to observe ideal conditions. Moreover, not every miner can afford to produce 1 PH / s. The study, however, indicates that the major mining companies are currently confidently on their feet.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   102

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.
 

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.