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Bitcoin mining is becoming more and more profitable

Bitcoin mining is becoming more and more profitable

As the speed of Bitcoin mining slows and China continues to issue new warnings to banks, tensions intensify and crypto miners are busy moving their mining tools outside of China, but no matter what measures China takes, right? Are you worried? Whether it is important or not, Bitcoin mining will soon become easier and more profitable for everyone.

First of all, it is important to consider why the overall computing power or mining capacity of the Bitcoin network has dropped significantly. To paint a rough picture: According to reports, the BTC hash rate has dropped from a record 180.7 million terahash per second since mid-May to 116.2 million this week.

They pointed out that as more Bitcoin miners shut down due to China’s actions, the participation of other miners in the network will increase significantly. For reference, Kevin Zhang, the vice president of a cryptocurrency mining company called Foundry, told CNBC, “The more the hash rate on the network drops, the difficulty will decrease.

The hash rate remains active on the network, and they learn from their Get more in the relationship”. Rewards for mining minerals.” With China’s widespread crackdown on commerce and the closure of mining in the region, the complexity of the network for measuring the difficulty of mining has dropped from RMB 25 trillion to RMB 19 trillion.

This means that competition for miners is generally reduced, and miners living outside of China will significantly increase their network share. In short, transaction fees will drop, miners will dig more, and we may see Bitcoin become bullish immediately.

Bitcoin mining is becoming more and more profitable

Image Credit: Pro Pakistani

OVERVIEW:

As the speed of Bitcoin mining slows and China continues to issue new warnings to banks, tensions intensify and crypto miners are busy moving their mining tools outside of China, but no matter what measures China takes, right? They pointed out that as more Bitcoin miners shut down due to China’s actions, the participation of other miners in the network will increase significantly. With China’s widespread crackdown on commerce and the closure of mining in the region, the complexity of the network for measuring the difficulty of mining has dropped from RMB 25 trillion to RMB 19 trillion.

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