⭐ Merited by Welsh (6)
It's not profitable because it's converted to USD.
If you convert it to another currency then you will also look at the economy of the country that owns that currency.
If you convert it to another currency then you will also look at the economy of the country that owns that currency.
It doesn't matter what currency you use the drop would still be from 102% to 2% be it dollars rupees or pesos.
Now, about the 2%, we're talking about an extreme calm situation, when we mine empty blocks when transactions are the lowest in the last 3 years. If we look at the graph over a longer period you will see that it spiked to over 20%
- 2021-03-09 they are earning $309,525 per block
All the above values are with 0 fees per block!
Although the price rise is not guaranteed but there is also no reason for the growth to slow down let alone stop. So historically speaking we have no reason to believe hashrate would drop just because profitability of mining bitcoin would decrease.
As for the profitability, we have a clear example, the March 2020 crash that triggered an instant drop in difficulty.
Quote
2020-03-26 04:51:46 13,912,524,048,945 - 13.91 T - 15.95 %
Aso at this point we're not counting energy expenses which are going through the roof in all countries, so I wound't expect the same hashrate at same levels, especially not with the cheap coal energy from China out of the picture.