Commodity Blog

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Technical Analysis of Bitcoin

May 24, 2013 at 4:41 by Nicholas Gager

Today we will analyze the state of the Bitcoin at the moment and in particular the value of the Bitcoin, and the revenue/profitability for mining. Data used is according to Blockchain and Mt.Gox.

The value of the Bitcoin as of the past 2 to 3 weeks has been steadily been rising having hit one of its highest values today at $126.93. We have seen a general trend towards a raising market value on the Bitcoin; this stability of the past few weeks presents potential investors with a good time to get into the market. This slow gain is also a good time for those wishing to day trade with Bitcoins by purchasing them then selling them almost immediately for relatively small profit as many times as possible.

The total miner revenue for the past 24 hours is at $571,333.74 with the electricity estimates for the mining being at $234,238.41. This puts the operating profit at $337,095.33 with a 34.95% profit margin. The hash rate for the total system comes in at 100,101.89 GH/s and the difficulty at 11,187,257.46.  The profit margin of nearly 35% means there is still the opportunity for those looking to get in to mining the chance to do so but with a quickly rising difficulty and an increasingly competitive environment the opportunity is closing fast.

As of 11:39 CST according to Mt.Gox the weighted average of the Bitcoin is at $125.63 having hit a daily low of $123.70.

As always if you have any questions and comments on the commodities today, use the form below to reply.

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