Miners Continue To Pull Out Of The Crypto Market As BTC Mining Becomes Increasingly Less Profitable
Miners Continue To Pull Out Of The Crypto Market As BTC Mining Become Increasingly More Loss Prone
Over the course of the past 3-4 years, Bitcoin mining has remained one of the most lucrative avenues for making money within the world of cryptocurrency (with mining entities, both big and small, having flourished all over the globe). However, it now appears as though the interest towards Bitcoin mining seems to be fading, especially since it is becoming increasingly more profitable to mine the different forks of Bitcoin (than the premier crypto asset itself).
Since the start of this latest bear run, sluggish market conditions seem to have engulfed the crypto space at large — with many miners across the globe having reported that they have been running at a loss for quite some time now. Not only that, many of these mining entities (barring some large conglomerates) have had to shut down their operations for good since they found it easier to cut down their losses by selling their equipment (rather than continue to mine crypto at highly unprofitable rates)
At this point, it is also worth mentioning that a lot of people have speculated that the recent drop in Bitcoin’s value could have been due to the BCH hard fork that took place a few weeks back (which saw the currency get divided into two entities called BCHABC and BCHSV). This split also sparked a hash war between the aforementioned projects (however, BCHABC has since won and has been conferred with the BCH title).
More On The Matter
For those who may not be in the know how, as soon as the BCH hard fork commenced, it was found that various miners had started shifting their resources to mine new blocks on the two new networks. However, after the price of Bitcoin started to tumble over the past few days, it started appearing as though mining BCH and BCHSV had become more profitable than Bitcoin itself.
If that wasn't enough, it is also interesting to note that just over a fortnight back, mining Bitcoin was nearly 300% more profitable than mining BCHSV. However, as things stand today, mining BCHSV has become 25% more profitable than Bitcoin.
Regardless of what happens within the global crypto space, one thing is for sure that Bitcoin will continue to remain the alpha-dog of this burgeoning digital domain. It now remains to be seen how the future of the premier digital currency plays out from here on end.