Bitcoin(BTC) mining difficulty represents a yardstick of mining competition. Compared to 2021, the BTC price is less half than before. Nevertheless, the mining difficulty is more 4 times than before.
If a miner find a nonce of a block of the Bitcoin blockchain before 10 minutes, Bitcoin mining difficulty will increase. Because, it is set to mine Bitcoin blocks in average 10 minutes.
That means miners have been pouring tons of computing power for mining Bitcoin blocks, and the degree of the mining competition has intensified. The miner profitability also has been decreasing.
Let's assume that you are a miner. Your business profitability has been collapsing. But, you're putting more capitals to find Bitcoin blocks as soon as possible. What do you think the reason? The answer is yours.
Upvoted! Thank you for supporting witness @jswit.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You've got a free upvote from witness fuli.
Peace & Love!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Your post has been rewarded by the Seven Team.
Support partner witnesses
We are the hope!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Your post has been a necessary pill to take in order to stay focused on the predictability of the market. it shapes my action in the market whether to buy, hold on or sell and that's a massive gain for me being on steemit. I recently increased my holding of BTC on trezor and bitget wallet when I saw your post on reduced exchange liquidity and high number of BTC holders.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
As the miner profitability keeps decreasing as you've said, Bitcoin price will always go up and become stronger because selling pressure will reduce. For me, I trade and I trade with exchanges that brings event. Im currently waiting for Bitget's KCGI Futures trading event to start cos there is $2.5 million dollars prize pool. The registration is currently going on.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Any possible solutions?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit