Bitcoin Miner Price Soars to $244,000 – Charles Edwards, Here’s What It Means

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Charles Edwards, an analyst and founder of Capriole Investment, recently shared on Twitter his predictions for Bitcoin’s future following the halving event that occurred over the weekend. He outlined three potential scenarios in a simple and clear post on X/Twitter.

Bitcoin miner price spikes

Edwards revealed on Twitter that the electrical expense for generating a single new Bitcoin coin through mining had surged dramatically to an astonishing $77,400 following the recent Saturday halving event. This figure represents the raw electricity cost essential to power the Bitcoin network.

Despite the reduction in new Bitcoins being created, or “halving,” the cost for mining one Bitcoin has significantly increased. The total price for a Bitcoin miner now hovers around $244,000. This impressive number takes into account both block rewards and fees per mined Bitcoin. Edwards reported that transaction fees alone have reached over $230 – a 4x jump from the previous record high of $68, which was hit in 2021.

Welcome to a new paradigm.

Bitcoin Electrical Cost is now a whopping $77.4K.
This is the raw electricity cost to power the network, per Bitcoin mined.

Bitcoin Miner Price hit $244K on Saturday!
This is the block reward + fees per Bitcoin mined. It boomed as transaction fees hit…

— Charles Edwards (@caprioleio) April 22, 2024

He determined that Bitcoin, the leading cryptocurrency, is currently being sold at a significantly lower price than its actual value. Furthermore, he mentioned that this price drop below the cost of production usually only lasts for a few days every four years.

Three likely scenarios for Bitcoin now, per Edwards; Bitcoin to top $100,000

Edwards has identified three possible outcomes for Bitcoin’s future:

The expert believes that a combination of all three scenarios will unfold. He expressed optimism in his tweet, predicting that Bitcoin’s price will rise above $100K soon.

During the same period, Michael Saylor, the founder of MicroStrategy and a Bitcoin advocate, made a significant statement about Bitcoin’s price development over the weekend. He highlighted that exactly two years ago, the leading cryptocurrency was valued at $8,618 on the day of the last Bitcoin halving, and since then, its price had surged an astounding 800%.

Saylor’s tweet can be interpreted as an expectation of at least a similar rise. Eight times from today’s Bitcoin price would constitute roughly $528,300 per Bitcoin since, at the time of this writing, it is changing hands slightly above $66,000. Bitcoin halvings create a “quantitative hardening,” according to influencer Samson Mow.

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2024-04-22 14:48