⛏ We continue to improve the project characteristics as we receive new miners and disable the old ones. In June, we managed to improve our Average Energy Efficiency, AEE from 49.2 W/TH to 36.0 W/TH, that is, by almost 27%!
This, in turn, allowed Minto to significantly reduce the cost of bitcoin mining, which is a key competitive advantage for any mining company: compared to May, we now spend 8.37% less on mining each bitcoin - $51.3k instead of $56k a month earlier.
As a result, the project resumed its contributions to the Treasury, suspended in May due to the consequences of halving. At that time, the efficiency of the residual hashrate working to fill the Treasury was balancing on the margin of profitability.
Thus, net profit growth in June amounted to almost 40% month-on-month. This happened despite a drop in revenue associated with the fluctuations in the project hashrate as a result of our work on miner rotation and a drop in the bitcoin exchange rate by over 7%. As new hardware is connected, the project hashrate, and subsequently the revenue level, will be restored.
⚙️ Below are the statistics for the end of June:
Notably, despite the 7 percent decline in the bitcoin exchange rate that occurred in June, the BTCMT token rate decreased by only 1.6%, which, as we have repeatedly pointed out, emphasizes the savings essence of BTCMT and its ability to be a reliable safe haven while the cryptocurrency market is in flux.
One of the articles on this topic, Minto Green Candle In Your Crypto Wallet was published in November 2022, at the most difficult time for bitcoin, but remains relevant to this day. Its main idea that “despite the fall, the BTCMT token generates income in Bitcoins” works regardless of the depth of the market decline, and we do our best to support this idea technically.
One of the cornerstones of our success is the smart 65% mining hardware uptime algorithm that’s implemented to minimize production costs. The possible loss in June when using 100% of the capacity would have been half of that in May, however, we are still too far from seriously considering the price of bitcoin mining at $82.7k justified.
So, despite the obvious difficulties of the post-halving reality, we are moving according to plan and successfully resisting resource price pressure, continuing to make profits when some are no longer able to.
Modern energy-efficient miners purchased with Treasury funds are on the way and have almost reached our data center. In the second half of July, we plan to complete all customs procedures and start their sequential launch!
The next month will be quite interesting in general, so stay tuned! A crypto event that can’t be ignored will take place in July, and as it became known recently, a very unexpected guest may speak at it, giving the cryptocurrency market the strongest impetus in history!