Bitcoin Can Drop 50% and China Miners Will Still Make Money
- Miners break even at $6,925 at China’s top power price: BNEF
- About 75% of the world’s bitcoin mining capacity is in China
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Bitcoin mining is so profitable in China that the cryptocurrency could fall by half and miners would still make money, according to Bloomberg New Energy Finance.
Even at the country’s highest regulated electricity tariff, miners can profit from bitcoin as long as it’s worth more than $6,925, BNEF analysts including Sophie Lu wrote in a report Wednesday. The digital currency was last in that range back in mid-November and currently trades at about $13,900.