Often viewed as the king of the crypto market, Bitcoin is trading at $ 50,985 at press time, after rising more than 2% in the past 24 hours and 7% in the past week.

Bitcoin price chart | Source: Tradingview

Before the beginning of 2022

Argo CEO Peter Wall recently to speak CNBC told what drives Bitcoin price in 2021 will also drive it in 2022. From a mining perspective, he said:

“We saw the crypto industry mature this year, going from fundamental, insecure to extremely confident.”

Wall further explains that the mining ecosystem is even more mature:

“… The regulators are now taking the space more seriously.”

With that in mind, Wall predicts that more hashrates will crop up in 2022 as more miners are added to the system. This is when miners are “incredibly profitable at a time when everything is very profitable”.

“The margins are still very, very strong … but maybe the profits in 2022 will be a little worse than in 2021.”

Meanwhile, it’s worth noting that the Bitcoin network’s hashrate is 182.82 EH / s at the time of writing – a significant increase from its October level.

Source: yCharts

Bitcoin mining profit

Also check out mining company stocks and Bitcoin mining activities. on analysis from arcane research. The report pointed to an increase in mining profits that lasted through November, but profits have declined since then.

Not to mention, the relative level of Bitcoin network difficulty has risen to $ 24.2 trillion at press time in the past 3 months.

Source: yCharts

Despite the decline, the report describes the mining operation as highly profitable and notes:

“Even though cash flow has decreased, mining is still highly profitable … Even after the recent decline, cash flow margins improved in 2021 as Bitcoin price rises faster than hashrate.”

Looking at last year, another research report found that bitcoin miners had “$ 15.3 billion in revenue, up 206% year over year – a record year”.

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