March's inverted hammer on the Bitcoin chart ($65k – $76k) demonstrated the fragility of the spring market, while a 7.3% drop in network difficulty pointed to the weakness of miners under current market conditions.
However, March was not a challenge for Minto – we mined 3.94 BTC with a net profit of approximately $56k and a mining cost of $55k per Bitcoin.
Minto continued to increase its computational power, executing the unanimously approved decision made under VOTE#13. On March 7th, we pushed the project's hashrate to an all-time high of 505,000 TH/s (0.5 EH/s) with an AEE/CEE ratio of 26/24 W/TH, after which we began optimization.
Minto's engineers proposed improving the energy efficiency of the existing computational power through equipment undervolting. Undervolting reduces the power supply to the miners to a level that maintains mining stability while improving its parameters.
This solution was implemented toward the end of March, resulting in updated Minto metrics:
- Current project hashrate: 465,000 TH/s (an 8% decrease)
- AEE: 24 W/TH (a 17% improvement)
- CEE: 21.5 W/TH (a 17% improvement)
Despite the hashrate reduction, the Treasury replenishment rate increased by 9%, and $BTCMT staking yield grew by more than 17% month-over-month, thanks to the corresponding improvements in AEE and CEE.
We continue to apply a 65% uptime strategy, sacrificing part of our revenue to maximize net profit. Mining during hours with favorable electricity tariffs is Minto's know-how, which makes us insensitive to market sentiment and allows us to constantly move forward in line with our hardware upgrade and mining infrastructure development strategy.
Under current market conditions, operating equipment 24/7 (100% uptime) would drive the cost of mining each BTC up to $103k. Unsurprisingly, Bitcoin network difficulty is dropping several percent per adjustment – many mining companies are forced to reduce activity due to rising costs. Not all market players have access to Minto's optimization toolkit and are forced to capitulate under the weight of negative market pressure.
Thus, March continues to cleanse the mining market of weak players, while Minto remains unaffected by this pressure and stays on course toward improving energy efficiency. We continue to provide an additional +5% APR to $BTCMT stakers and thank our community for its support and the decisions made.
Stay with Minto to earn on mining regardless of network difficulty and Bitcoin price. Minto is your green candle on the profitability chart, even when everything around is painted red.
