April 19, 2024
Bitcoin News

Bitcoin’s High Profitability: Only Six Days of Loss in 14 Years

Bitcoin investors have shown extraordinary success across the cryptocurrency’s 14-year lifetime, with only six days of unprofitability since its launch on January 3, 2009.

Bitcoin just hit an all-time high of $73,600 in mid-March, resulting in significant returns for BTC investors at all investment levels. The price of Bitcoin is currently constant between $68,000 and $70,000, according to Cointelegraph Markets Pro and TradingView.

Bitcoin price chart from February 2024 to date. Source: TradingView

Minority Unprofitability Amid Market Volatility

Despite market volatility inducing fluctuations, only a minority of Bitcoin holders find themselves at a loss. According to Blockchain.com, Bitcoin purchased between March 9–13 and March 25–29 currently sits in a loss position, representing merely 0.16% of the last 3,732 tradable days.

Bitcoin profitable, relative to current price. Source: blockchain.com

Strategic Importance of Bitcoin Holders

Bitcoin’s price chart underscores the strategic significance of holding through bear markets. CoinMarketCap data reveals that the majority of Bitcoin wallets hold amounts up to $10,000, emphasizing widespread retail investor participation.

Anticipation Surrounding Bitcoin Halving

With the fourth Bitcoin halving approaching at the block height of 840,000, expected on April 20, 2024, anticipation is high among institutions and private investors. Despite rewards being halved to 3.125 BTC, the mining community remains optimistic and proactive.

Bitfarms’ Investment in Mining Upgrade

Canadian Bitcoin mining firm Bitfarms has committed nearly $240 million to upgrade its mining equipment fleet, aiming to enhance scale and profitability post-halving. Jeffrey Lucas, Bitfarms’ CFO, expressed confidence in the fleet upgrade’s transformative potential, highlighting significant increases in hash rate, operating capacity, and fleet efficiency.

Bitcoin’s consistent profitability and resilience through market fluctuations underscore its status as a resilient asset class, attracting continued investor interest and mining community investment.

Image from Goodfon

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