Bitcoin (BTC) Mining Difficulty Is Decreasing But Miners Are Switching Off – What’s Going On?
One of the most direct ways to own Bitcoin is through mining, but that comes with some costs in terms of power and time. When the network’s hashing power increases, mining difficulty also increases since a surge in hash rate indicates an influx of miners on the network.
Bitcoin Mining Difficulty Dropping
Since October, the difficulty in mining Bitcoin has been dropping, meaning that the crypto’s hash rate has been dropping due to miners shutting down their equipment. This is primarily due to the sudden fall of Bitcoin’s price. The price seems to have dropped below the figure that a miner would consider as viable for breaking even. As such, miners are shutting down their BTC mining operations or re-directing their mining resources to other cryptos like BCH and BCH SV because BTC mining is no longer attractive.
Every two weeks, Bitcoin’s algorithm for hashing difficulty adjusts to maintain the normal 10-minute block times. Three adjustments have occurred since October, and…
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