Seventh Largest Indonesian Crypto Investor in the World

The price of Bitcoin (BTC) experienced a decline after halving on April 20, 2024. Meanwhile, the cost of mining Bitcoin has actually increased significantly.

Macromicro.me data records that the average cost to mine one Bitcoin in the days following the April 20 halving was around USD 90 thousand or around IDR 1.5 billion. Furthermore, data released by Asic Miner Value shows the same trend, although with lower operational costs.

“Mining costs which are higher than the Bitcoin market price show the high optimism of miners who continue to mine Bitcoin despite the reduction in rewards after the halving,” said Crypto Researcher Reku, Fahmi Almuttaqin, in his statement, Sunday (12/5/2024).

Meanwhile, Asic Miner Value data shows that the latest hardware tools for mining Bitcoin, with electricity costs of USD 0.12/KWh- compactly show negative profitability. Fahmi assesses that the relatively maintained hash rate or computer power that mines Bitcoin in situations like this also illustrates the resilience of miners. This is said to have an impact on market optimism regarding the security strength of the Bitcoin blockchain.

“With Bitcoin prices historically always following the movement pattern of average mining costs over a slightly longer period of time, this data can certainly provide optimism regarding the future direction of Bitcoin prices,” he said.

He said, if the existing trend continues and the average mining cost will remain at the USDZ 100 thousand level in the following days, this means that there is a possibility that the Bitcoin market price will exceed this figure in the next few months.

This situation is certainly an interesting momentum, especially for novice investors who just want to start exploring crypto assets.

“The positive trend shown by Bitcoin in the medium to long term with the optimism of miners can also support the crypto market rally in general, considering that currently Bitcoin is the largest crypto asset whose price movements are often used as a reference for investors to assess other crypto assets,” he said. .