Even if Bitcoin Fell 50%, Chinese Miners Would Still Profit

[kreslik.news]

Despite the crypto-related troubles that China has had with cryptocurrency in recent months, some Chinese citizens are still managing to profit off of crypto. According to report from Bloomberg, the practice ofmining Bitcoin is so profitable in China that miners would continue to make money with their rigs even if the coin were to drop by 50%.

The high profitability of mining in China is largely due to low electricity costs.  Even in areas where electricity is the most expensive, the electricity needed to mine a singleBitcoin only costs about $6,925.  Bloomberg New Energy ... (read more)