Ordinals Boost BTC Mining Profits: Bitcoin Tries to Cross $25K

• The bitcoin miner reserve has remained stable in February, with miners still making a profit due to the appearance of Ordinals, NFTs on the Bitcoin blockchain.
• BTC had a good past few days and surpassed the $24,000 mark.
• In January 2023, BTC miners were in difficult financial situations after the prolonged crypto winter of 2022, but Ordinals have made mining profitable again.

Bitcoin Miner Reserve Balances Stable Despite Difficulties

The bitcoin miner reserve has remained stable in February despite challenging conditions for miners during much of 2021. This stability is largely attributed to the appearance of Ordinals, NFTs on the Bitcoin blockchain which have made mining more profitable again. In addition, BTC has seen an increase in price over the past few days and recently passed $24,000 mark.

Mining Profitability Low During Crypto Winter

In January 2023 most miners were facing significant difficulties due to the prolonged crypto winter of 2022. As a result some BTC miners sold some of their coins when cryptocurrency markets began to rally again. Consequently miner reserves decreased substantially at this time according to CryptoQuant data. Additionally BTC difficulty levels also increased by 32% compared to July 2022 further reducing mining profitability.

Ordinals Make Mining Profitable Again

The arrival of Ordinals on Bitcoin’s blockchain has allowed block size to increase with additional videos and images – resulting in higher transaction fees for miners as well as more effort needed to process blocks on the network. With block rewards remaining relatively unchanged this extra income from transaction fees is helping keep mining profitable again for many miners.

BTC Attempting To Cross $25k Level

At present time BTC is attempting to cross resistance at $25,000 level with current trading prices at $24,862 – 14% up from last week’s figures showing positive gains for cryptocurrency overall. If successful then it could pave way for another surge with next major resistance level being set at $26,200 however could go lower if not able to clear current resistance point at $24,550 .

Conclusion

Overall it appears that Ordinal’s have been beneficial for mining profitability allowing miners to maintain steady reserves even during difficult times such as those experienced during crypto winter earlier this year. Although there are still obstacles ahead for BTC regarding its attempt at crossing $25K level its recent price rise shows that cryptocurrency remains attractive investment option currently and may continue doing so going forward into 2021-2022 period