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Bitcoin Holders Profit 99% of All Days

03 Apr, 2024 Crypto News

Bitcoin Holders Profit 99% of All Days

For 99.92% of the time since its inception on January 3, 2009, Bitcoin investors have seen profitable returns, with only six days proving to be unprofitable investments over the 14-year span.

Bitcoin reached a new peak price of $73,600 in mid-March, allowing investors to see a significant appreciation in their holdings regardless of their entry point.

The cryptocurrency has since remained in the vicinity of $68,000 to $70,000, based on information from Cointelegraph Markets Pro and TradingView.

Due to price volatility, only a small fraction of Bitcoin investors are currently at a loss.

Specifically, those who purchased Bitcoin between March 9–13 and March 25–29 are in the red, representing just 0.16% or six out of the last 3,732 trading days.

A broader perspective reveals the value of long-term Bitcoin investment, especially through market downturns.

CoinMarketCap data shows that 86.28% of Bitcoin wallets contain up to $1,000, 13.03% hold between $1,000 and $10,000, and a mere 0.69% have $100,000 in Bitcoin.

Bitcoin's resilience in bouncing back from downturns not only benefits investors but also supports the mining sector, enhancing the network's hash rate and security.

With the upcoming Bitcoin halving event, both institutions and private investors are stockpiling BTC in anticipation of a price increase.

The next halving, which will reduce mining rewards to 3.125 BTC, is anticipated to occur at block 840,000 around April 20, 2024.

Miners are preparing strategies to stay profitable after the halving, with significant investments in upgrading mining equipment. Bitfarms, a Canadian mining company, has committed about $240 million towards enhancing its mining fleet.

Jeffrey Lucas, the CFO of Bitfarms, shared his insights with Cointelegraph on the upgrade:

“The transformational fleet upgrade propels Bitfarms in scale and profitability amid the Bitcoin halving. This is a game changer that triples our hash rate to 21 EH/s, increases our targeted operating capacity by 83% to 440 megawatts (MW), and improves fleet efficiency by 40% to 21 w/TH.”

Sources:

https://cointelegraph.com/news/holding-bitcoin-profitable-99-92-all-days

https://www.blockchain.com/explorer/charts

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