A paradoxical situation has developed in the cryptocurrency market. It would seem that as a result of a strong decline in the cost of cryptocurrencies, miners should have lost income – and it is: the payback period of the farms has increased greatly, as a result of which sales of video cards and ASIC systems began. But, on the other hand, companies and users who remained in business have now begun to earn even more!
The fact is that the more the power of the mining network, the more difficult it is to mine cryptocurrency and, accordingly, the lower the income. But as soon as the number of people and companies involved in the mining (which, in fact, has happened now), decreases, the difficulty of mining Bitcoin decreases – the income of the remaining miners grows faster, even despite the decrease in the cost of the cryptocurrency. The current situation is closer to the one when Bitcoin could be easily mined using video cards.
In recent months, the global power of systems involved in Bitcoin mining has decreased by about 50%, as a result, last Saturday, there were changes in the algorithm, and the complexity of mining decreased by 28%. This means that now it takes 10 minutes to mine the block versus 14-19 minutes earlier. An approximate calculation gives the following result: when using the same equipment, now the miner’s income is $ 29 per day, while earlier, when the cost of cryptocurrencies was higher, it was only $ 22 per day.
According to Whit Gibbs, CEO and founder of Compass Mining, due to the latest algorithm changes and the reduction in the difficulty of mining BTC, the income of miners who remain in the business could grow by about 35%.
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