What Rising Bitcoin Prices Mean for Crypto Miners in Australia
Last night a corrective rally occurred bumping the price of Bitcoin up 10% in less than an hour. It is said the rally occurred on the back of some heavily anticipated positive news involving the government of South Korea regulating the cryptocurrency market. Furthermore, the Financial Stability Board (FSB) recently published a report indicating Bitcoin and cryptocurrency “do not pose a material risk to global financial stability at this time.”
Currently the price of Bitcoin is at USD $7,370. Experts are suggesting that if the price of Bitcoin holds at this level, the foundations will be laid to surpass $10,000. Experts have also noted that the difference between the rally now, compared to other breakouts in June, is the volume. The volume of USD being traded for Bitcoin on Binance, the world’s largest cryptocurrency exchange, surged up from $100 million to $300 million in just two days. This would suggest that more investors are entering the market and seeing the value in cryptocurrency and block-chain technology.
Why now is a smart time to start mining
When Bitcoin rallies, the economics of Bitcoin mining shift quickly — and so does hardware pricing. As coin prices climb, demand for ASIC miners rises with them, and the most efficient machines sell out fast and command higher premiums. Waiting for the price to go “even higher” often means paying significantly more for the same rig, which eats directly into your returns.
That’s where getting set up early pays off. At Mining Store, we’ve helped over 6,000 Australians get into crypto mining the right way with profitable, properly configured mining rigs, expert setup and ongoing support, plus low-cost crypto mining hosting from as little as $0.075/kWh if you’d rather not run hardware at home. As Australia’s leading name in crypto mining Australia, we make it simple to choose the right ASIC miner, calculate realistic returns, and start mining Bitcoin with confidence.
Don’t wait for suppliers to bump up their prices on the next rally. Explore our range of Bitcoin mining rigs and ASIC miners or talk to our team today to build your setup before demand drives costs higher.
