Bitcoin Mining Finally Profitable – Does That Prove We’re in a Bull Market?

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By CCN: According to Alex Krüger, an economist and a global markets analyst, the breakeven cost for efficient bitcoin mining operations currently hovers at around $3,550.

The bitcoin mining operational breakeven for efficient mining operations currently stands around $3550. pic.twitter.com/gQrNYBcvLH

— Alex Krüger (@krugermacro) April 21, 2019

Across major cryptocurrency markets, the bitcoin price is at $5,265, which for miners presents a substantial profit per every block mined considering the breakeven price of $3,550 and the potential appreciation of bitcoin.

Does it Mean the Start of a Bitcoin Bull Market?

While the analysis Krüger uses the rate of electricity at $0.055 per kWh, depending on the region miners are based, the rate could vary.

For instance, Krüger said that CoinGeek reported a rate of electricity at $0.073 per kWh to mine proof-of-work (PoW)