July 15th 2020, Cryptoassets Update
Yesterday, July 15th, the Bloomberg Galaxy Crypto Index was at 378.28 after being at 381.55 last month following a low of 217.82 in early March. The market has been slowly regaining but it is still off from both its 2019 and 2020 highs. The BTC halving took place on Monday, May 11th around 4PM which means that miners now produce 6.25 BTC every ten minutes. That’s down from 12.50 BTC prior to the halving. It used to cost about US$6,851 to mine a bitcoin so when BTC was above that price, miners made a profit. Now it’s estimated to cost between US$12,000 to US$14,000 to mine a single BTC which means the current cost to produce a coin exceeds the market price of US$9,179.76 thus, the miners are losing money. July 15th 2020, Cryptoassets Update.