Connect with us

News

With the fall in the value of Bitcoin and the exit from the business of many cryptocurrency miners, the remaining miners began to earn more.

Published

on

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%.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Latest News

Components30 mins ago

Biostar unveils AMD Radeon RX 6600 XT graphics card

Biostar has announced the release of its variant of the AMD Radeon RX 6600 XT graphics card. Recall that the...

Software35 mins ago

Big Telegram update: video calls for 1000 people, video acceleration and much more

The team of the popular messenger Telegram has announced a major update. Telegram 7.9 brings such innovations as video calls...

Software57 mins ago

Xiaomi started testing Android 12 for Redmi K30 Pro and Poco F2 Pro

The next version of Android (Android 12) has been in beta testing for several weeks now. Google is expected to...

News1 hour ago

Amazon fined in Europe for violating data privacy rules

The European Union has imposed a record high fine of € 746 million on Amazon for processing personal data in...

Gaming1 hour ago

Microsoft has released Windows 10 update with many fixes, including game and performance issues

Microsoft has released a cumulative update for the Windows 10 operating system with many fixes and improvements. Update KB5004296 is...

Components2 hours ago

Sapphire announces RX 6900 XT Toxic air-cooled graphics card

Sapphire appears to be preparing an air-cooled version of its top-end RX 6900 XT Toxic graphics card. Recall that in...

Phones2 hours ago

Why did used Huawei 5G smartphones rise in price after the announcement of Huawei P50 and P50 Pro? Due to the lack of 5G support in new phones

According to sources, after the announcement of the flagship smartphones Huawei P50 and Huawei P50 Pro, prices for used Huawei...

News3 hours ago

Contaminated gas arrives at key TSMC plant that makes chips for Apple

The TSMC plant, which makes Apple processors, has received contaminated gas used in the process of manufacturing microcircuits. This was...

Advertisement

Most Popular