Tuesday , March 2 2021

Despite the decline in Bitcoin mining income (BTC), the challenge is at its maximum! What effect will it have on the price?



While Bitcoin continues to accumulate above $ 30,000, the chain’s data shows positive signs that the price may rise.

The price of Bitcoin rose to $ 42,000, while the daily income of miners rose to $ 45.1 million (January 7). That figure dropped to $ 30.3 million, along with subsequent Bitcoin price drops. Despite this, network density continues to advance to historic highs.

Source: Blockchain.com

Bitcoin’s mining difficulty index, which measures how difficult it is for network miners to receive block rewards, has reached a new high. According to the index updated every 2 weeks, the next 2 weeks will be one of the most difficult periods for miners.

Source: btc.com

Mining difficulty has increased by 37.5% since mid-May. The increase in mining difficulty shows that miners are more competitive in the network to receive rewards for blocks.

Miners who want to deal with this have to mine with more powerful hardware. The fact that there are more miners mining the network in more difficult conditions is an indicator that BTC shortages are increasing.

It is believed that increasing the mining difficulty will contribute to the price positively. At BTC, the outlook is high for miners to stay in line despite falling revenues and rising costs.

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