Cryptocurrency prices are trading mostly higher on Tuesday, looking to claw back some of the ground lost on Monday.
After falling as much as 8% on Monday, bitcoin, BTCUSD, +2.90% the best-known cryptocurrency, was last changing hands at $3,954.90, up 2.2% since Monday’s level at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.
Bitcoin mining getting cheaper
With bitcoin and major cryptocurrency prices well off their all-time highs, there has been debate about the profitability of bitcoin miners. According to Sam Doctor, head of data science at Fundstrat Global Advisors, miners are getting some reprieve as prices decline.
“Our model suggests the cash cost of mining each BTC on the Antminer S9 is now $4500, down from $5300 in September,” he wrote. The Antminer S9 refers to specialized computer hardware used to mine for bitcoins and other digital assets.
“Depreciation expense has fallen to $1300 vs. $2000 in September, reflecting a lower rig cost as newer devices have come to market. Fully loaded breakeven is now $5700, compared with a breakeven of $7300 in September.”
Bitcoin Cash struggles, other altcoins move higher
Altcoins—the collection of more than 2,000 coins other than bitcoin—are mostly higher on Tuesday. Ether ETHUSD, +2.11% is trading up 1.3% at $109.75, Litecoin LTCUSD, +1.78% has gained 1.5% to $31.40, XRP, XRPUSD, +1.91% the cryptocurrency that runs on the c was trading at 35 cents, up 1.4% and bucking the trend was Bitcoin Cash BCHUSD, -3.74% that is down 3.8% at $151.90.
Bitcoin futures are in the green to begin Tuesday. The Cboe Global Markets December contract XBTZ8, +3.62% is up 3% to $3,915 while the CME Group December contract BTCZ8, +3.68% is up 3.4% to $3,930.