Bitcoin Price Surged 20% During the Past Week, GPU Mining Remains Dead: The Changing Dynamics of the Cryptocurrency Market
Bitcoin Surges to 18-Month High, But GPU Mining Remains Unprofitable
Bitcoin has reached an 18-month high, crossing the $35,000 mark and causing excitement among holders and traders. This surge in value is believed to be driven by speculation that the US Securities and Exchange Commission (SEC) may approve exchange-traded funds (ETFs) based on the BTC market price. ETFs would allow investors to gain exposure to the cryptocurrency market without actually owning Bitcoin.
The potential approval of Bitcoin ETFs could bring several benefits, including a larger audience and increased liquidity. Investors would have the opportunity to participate in the crypto market’s potential upside while limiting their downside risk. Institutional investors may also be more inclined to invest in BTC if ETFs become available.
Despite the positive news for Bitcoin, PC enthusiasts need not worry about a shortage of graphics cards due to increased demand for cryptocurrency mining. Even with the current surge in Bitcoin’s value, it is still not profitable to mine using high-end graphics cards like the GeForce RTX 4080 or GeForce RTX 4090. The estimated earnings from mining with these GPUs would only be around $0.20 per day, making it unfeasible in terms of profitability.
In conclusion, while the recent surge in Bitcoin’s value is exciting for Bitcoin holders and traders, it does not have a significant impact on the GPU market for mining purposes. Mining with high-end graphics cards remains unprofitable, and the potential approval of Bitcoin ETFs may bring further stability and interest to the cryptocurrency market.