September is traditionally a quiet month for Bitcoin. This is the time to accumulate energy for a breakthrough next month, which, according to the same tradition, is often called Uptober. However, calm does not mean a pause - mining never stops, and Minto mined 2.5 BTC in September, earning more than $116k net - the second-best result in the entire project history!
Against this background, a year-on-year comparison of current and last year's September results is very clear-cut: + 275% in net profit and + 165% in dollar revenue!
We always focus on the fact that regardless of how the market is feeling, we are continuously developing our mining infrastructure, which allows Minto to set profit records during favorable market periods. Today we are pleased to see the materialized results of our painstaking work!
The growing competition in BTC mining affects the cost of mining each bitcoin. In Minto, it is one of the lowest - the current value is $66.5k /BTC.
The mining market is growing more mature - new and more energy-efficient miners from global players are being connected to the Bitcoin network, resulting in a difficulty increase of almost 10% - from 129.7 T to 142.3 T - in September alone, and by almost 60% over the course of the year.
Nevertheless, Minto continues making record profits, paying out daily rewards and filling our BTC reserve - the Treasury. This month, we topped it up by $97k. Thus, the fund has accumulated 3.92 BTC (+28% month-on-month). This is the result of a systematic infrastructure upgrade and competent energy management.
We are observing the dynamics of mining in a hypothetical 100% uptime mode with great interest. There are interesting effects: for instance, a 6.4% decrease in potential revenue in September leads to a 43% decrease in potential profits due to huge electricity costs, and the cost of mining 1 bitcoin would be over $100k/BTC!
So, the 100% uptime mode is still far from ideal, and we sticking to the 65% uptime strategy, where electricity costs are 2.6 times lower ($166k vs $429k), and net profit is 2.2 times higher ($116k vs $52.5k).
We are getting used to the records, and even feel a little disappointed that the September results did not exceed those of August. However, let's be realistic - our results are proof of the maturity and strength of the Minto model. We are entering Uptober with optimism and confidence and setting out to reach new heights!
Stay with Minto to consistently conquer all the mining peaks this halving cycle!
