Holding Bitcoin now profitable 99.92% of all days

    2024.04.03 | exchangesranking | 33onlookers

    Bitcoiners maintained a profitable portfolio for 99.92% of all days, leaving just six days when investing in Bitcoin (BTC) did not turn out to be profitable since it launched over 14 years ago, on Jan. 3, 2009.

    Bitcoin recently marked an all-time-high price of $73,600 in mid-March, ensuring that BTC holders across all price points saw their investments appreciate.

    Since then, Bitcoin has continued to hold a price close to the $68,000- $70,000 range, according to data from Cointelegraph Markets Pro and TradingView.

    Bitcoin (BTC/USD) price chart from February 2024 to date. Source: TradingView

    As a result of the market volatility-induced price fluctuations, only a handful of Bitcoin hodlers remain unprofitable. According to crypto financial services firm Blockchain.com, Bitcoin purchased between March 9–13 and March 25–29 currently stands at a loss.

    In other words, 0.16% or six days of the last 3,732 tradable days did not turn out to be a profitable investment.

    Number of days in which holding bitcoin has been profitable, relative to current price. Source: blockchain.com

    Zooming out, the price chart solidifies the strategic importance of holding Bitcoin during the bear markets. CoinMarketCap estimates that 86.28% of all Bitcoin wallets hold up to $1,000, 13.03% hold anywhere between $1,000 to $10,000 and 0.69% hold $100,000 in Bitcoin.

    Additionally, Bitcoin’s consistent comebacks from bear markets and subsequent price retention allow the mining community to thrive, contribute to the hash rate, and inadvertently increase the security of the Bitcoin network.

    As the Bitcoin Halving event approaches, institutions and private investors are accumulating BTC, anticipating a price surge.

    The fourth Bitcoin halving is expected to commence at the block height of 840,000, expected on April 20, 2024.

    Related: Memecoin madness is breaking the Bitcoin halving cycle

    The mining community is also strategizing a game plan to remain profitable post-Bitcoin halving despite rewards being slashed in half to 3.125 BTC. 

    Canadian Bitcoin mining firm Bitfarms pledged nearly $240 million to upgrade its fleet of mining equipment. 

    Speaking to Cointelegraph, Bitfarms chief financial officer Jeffrey Lucas gave his reasoning behind the ongoing fleet upgrade:

    “The transformational fleet upgrade propels Bitfarms in scale and profitability amid the Bitcoin halving. This is a game changer that triples our hash rate to 21 EH/s, increases our targeted operating capacity by 83% to 440 megawatts (MW), and improves fleet efficiency by 40% to 21 w/TH.”

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