Metrics related to mining of Bitcoin (BTC) continue to indicate safety records on the network. The mining difficulty rate has grown to historic levels, which indicates strong mining activity. mining. Below, the mining difficulty graph shows that mining has never been harder. cryptocurrency.
Currently, miners’ revenue is US$ 20.26 million. At the beginning of the year, this value was US$ 15.19, according to data from the The Block.
Even so, the levels are still far from the profitability of a miner in 2021, when they earned more than US$ 60 million.
One reason is that miner rewards are in Bitcoin. Thus, the fall in the price of cryptocurrency directly affects the profitability of the operation.
Hash rate at historical levels
Even so, the hash rate points to a strong recovery in activity. The term refers to the amount of processing and computing power provided to the Bitcoin network through mining.
The metric is a cross between the number of blocks mined and the mining difficulty.
Understand the mining and bitcoin relationship
The Bitcoin network adjusts this difficulty grid according to the level of competition in the market. This is because the issuance of cryptocurrency is scheduled for a certain amount per year.
Therefore, the adjustment takes into account the original programming. Thus, more active miners are unable to influence the amount of Bitcoin issued in the market.
So that’s why the difficulty level of the network is increasing. And this directly implies that more miners have started to work in the activity.
It is something that makes the investors fundamentalists. After all, this action guarantees more security to the network.
Source: Moneytimes
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