Bitcoin Mining Profits Soar as Ordinals Power BTC’s Price Rise

• 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 has had a good past few days, surpassing the $24,000 mark.
• The recent rise in BTC difficulty and block rewards have been attributed to the Ordinals appearnce, which is helping to reduce miners‘ financial stress.

Bitcoin Miner Reserve Balances Remain Stable

The Bitcoin miner reserve has remained fairly steady throughout February due to the appearance of Ordinals, NFTs on bitcoin blockchain. This has enabled miners to continue their profitability despite the extended crypto winter of 2022 and recent increase (32%) in BTC difficulty compared to July 2022.

BTC Surpasses $24K Mark

In addition to stability of the miner reserve, BTC also had a good past few days by surpassing the $24,000 mark. Currently it is trading at $24 862 with attempts to cross $25 000 resistance zone. Despite some corrections below $24 500 support zone and 100 hourly simple moving average there is an immediate resistance close to $24 550 level and major resistance at 25 000 level that could start another increase phase if crossed.

Ordinals Contributing To Mining Profitability

The increasing block size due to Ordinals have contributed significantly towards transaction fees as well as more effort processing on network and higher fees per block for miners than before January 2023 when most miners were facing difficult financial situations. Consequently, this rise in fee payments is offsetting some of the losses caused by bearish market conditions over last year enabling them to remain profitable despite other factors working against them like lower block rewards or increased difficulty rate.

Risks Of Price Decline

Despite positive developments with regards to mining profitability there are still risks associated with further price decline if BTC fails to clear its resistance levels at 24 550 or 25 000 respectively leading up what would be yet another price correction phase for cryptocurrency markets overall.

Conclusion

In conclusion it can be said that while Bitcoin mining profitability may not be at its peak due to prolonged bearish market conditions from 2022 onwards it is still possible for miners remain profitable thanks largely in part due appearance of Ordinals which are contributing significantly towards rising transaction fees thus helping cushion any potential losses caused by other factors such as lower block rewards or increased difficulty rate while also potentially providing new opportunities for growth should prices break through current resistances levels successfully.