From the great migration to the bear market, crypto miners went through many challenges throughout the year including a shift in profitability. However, according to Steve Bassi, an expert in Bitcoin (BTC) and Ether (ETH) mining, crypto mining may still be profitable if we look at its long-term prospects.
As the costs of application-specific integrated circuit (ASIC) miners hover around $8,000 to $12,000 and electricity costs take up more than half of the projected income, the current estimated time frame when a miner could cover the cost of one device is five to six years. Commenting on the topic, Bassi said that while mining income certainly looks bleak in the short run, it will change as time goes by. He said:
“In the long run, we’re expecting