Bitcoin’s 5% Drop in Value Puts Pressure on BTC Mining Operations and Older ASIC Rigs

Bitcoin’s 5% Drop in Value Puts Pressure on BTC Mining Operations and Older ASIC Rigs


During the last seven days, the price of bitcoin has dropped 4.8% from a high of $9,700 on June 24, to a low of $8,965 on June 27. Since then the price has increased and the price per bitcoin is back above the $9k zone but much lower than before. The lower price has affected the profits of miners hashing away to find blocks on the network. Ever since they lost 50% of the block reward on May 11, gathering profits have been tough on miners with bitcoin prices at these levels.

Mining bitcoin is an extremely competitive industry and after the BTC reward halving on May 11, 2020, it has been much harder to mine the rare digital currency. At the time of publication, the price of a single BTC has been hovering between $9,050 to $9,250 during the last few days.

This has given the crypto asset an overall market valuation of between $165 billion to $170

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