Are You As Bullish As Iranian Bitcoin Miners? Check Out These Crypto Mining Pictures
Are You As Bullish As Iranian Bitcoin Miners?
As Bitcoin price crashed more than 80 percent from its peak in December 2017 at $20,000, throughout the last year we report of Bitcoin miners shutting down their rigs while smaller ones made an exit from the market.
Currently, Bitcoin is trading near $4k level while seeing a good surge in its exchange-traded volume. Meanwhile, the hash rate that has been dropping down since August, last year, started making its ascent in early December. Currently, ti back to the July-August level from last year.
When it comes to the difficulty level, it took a drop in October only to make its way upwards in late December. It’s been exactly a month, since the mining difficulty has been stable, at a single point only.
As the Bitcoin hash rate and mining difficulty make their way upwards, miners seem to be getting excited and bullish about the market, Iranian bitcoin miner especially.
Ziya Sadr took to Twitter to share a series of photos where Bitcoin mining rigs are being set up as he explains,
“They are willing to take risks! Import devices at higher rates, no warranty etc.. be on guard from an unpredictable gov, and in the end, the electricity is around 2 cents… So if you add all those expenses and risks to it, it needs you to be bullish.”
Iran Making Progress In Bitcoin Mining
In its latest report, Diar shared that Bitcoin mining had yet again turned profitable. After going through its lowest point in the past 19 months, however, the market has improved as gross margins increased to 39 percent in February 2019.
A few months ago in December, in contrast with the Bitcoin miners in other regions that had closed down their mining equipment, Iran attracted overseas miners because of its $0.006 cost for each kilowatt consumer in an hour.
Being one of the low-cost power activity in the country, Irn gave many the alternative way to keep operating as Nima Dehqan, a blockchain researcher at a Tehran-based crypto startup Areatak had told that time, “We have had investors visiting our farms from Spain, Ukraine, Armenia, France.”
Iranians have turned to Bitcoin mining to cushion the effects of US imposed sanctions that have affected the country in a number of ways. One of the biggest negatives has been kicking the country out of the SWIFT network, making it impossible for the retail banks to process transactions or conduct business with financial institutions from other countries.
The mining market seems to be taking a turn as in another event Canaan Creative, the maker of Avalon miners has closed a new funding round of “several hundred million US Dollars.”