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.

Final Take

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.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide