Interest in Ordinals helps miners earn more again!
According to Mempool.space, November became a very successful month for miners not only due to the Bitcoin exchange rate growth hovering around 34-38.4k, but also a new surge in user interest in Ordinals - digital artifacts in the Bitcoin blockchain. We have already seen something similar in May.
As the number of those who want to leave an inscription in the Bitcoin blockchain grows, the load on its network increases. That means that network commissions also grow, sometimes reaching values commensurate with the block rewards (6.25 BTC).
For instance, in block #817303, the commission earned by the miner was 3.843 BTC or $139.785, which is more than 35% of the total reward for a block (about 10 BTC)!
HashrateIndex also shows how significant the contribution of commissions turned out to be in November compared to previous months:
As a result, Minto’s Autofarm profitability soared to 50% (APR=34%, APY=49%), and the final values in November are very positive and speak for themselves:
📈 Numbers
Hypothetical results with 100% uptime:
Mined: 4.5767 BTC (164 361 USD)
Electricity cost: 173 072 USD
Net profit: -8 710 USD
Actual results with 65% uptime:
Mined: 3.4871 BTC (125 398 USD)
Electricity cost: 82 785 USD
Net profit: 42 613 USD
Coupled with the bitcoin exchange rate growth, Minto's net profit in November was more than 2-3 times higher than in the previous months.
⚙️ Updates
Nov 01. The migration from Autofarm contract v1 to v2 is completed. From this point on, BTC rewards are no longer distributed to the old version.
⛏ Events
Nov 15. You spent your Wednesday night in the Twitter space organized by the Minto team 🚀. We discussed a hot topic: BTC trajectory for 2023-2024
Nov 29. You joined us for a dynamic discussion on «Will it be a BTC Xmas?»
In addition, in November we announced a hashrate increase of 5,000 TH/s starting on December 1. We decided to dive into the winter with a total hashrate of 83,000 TH/s and an average energy efficiency (AEE) of 53.5 W/TH.
So, the market is gaining momentum, and we are fully prepared.
Stay with Minto and let's earn even more!
