“Interestingly, so far in the entire lifetime of Bitcoin, the average miner has spent 2,184 days enjoying profits, while they have spent 2,447 days in losses. This means that 47% of all days have been profitable, meaning that there is a pretty even split between profitable and unprofitable days.

“According to economic theory, a perfect market is one where supply and demand reach equilibrium, and the price of the asset approaches the point of cost (production price),” explains Glassnode. “Given how close these numbers are to a 50:50 condition, one could argue that the difficulty adjustment has done a remarkable job of targeting just such an equilibrium.”