Mining BTC has become easier. A hance to make money?
If you are following the first cryptocurrency, then you probably heard about today’s decline in the difficulty of mining coins. Hardware requirements have fallen sharply, now getting Bitcoin(BTC) is much easier. Is it worth switching the farm to mining BTC, or does this event mean nothing and will not change the crypto industry? We will answer all of these, as well as many other questions related to Bitcoin mining, in this article. So, without further ado, let’s get started.
What exactly happened with the first cryptocurrency?
It is worth noting that Bitcoin began 2020 quite productively. Having almost overcome a protracted crisis, BTC reached a price of $10,350, and the capitalization of the entire system also increased. However, then Bitcoin began to fall steadily. Not the best situation is observed at the moment. Amid falling prices, trading volumes fell very much, because people do not want to work with an unreliable asset. Due to the decline in network productivity, the decrease in mining complexity has begun. Now, to process a new transaction and receive a new block, 16% less power is needed. Such a strong drop is due to attempts to “reanimate” the cryptocurrency network, to restore user activity and thereby increase the value of the coin. Due to active mining, new coins will go faster, market rates will increase and the price tag will go up. This is why mining difficulty has fallen and is likely to continue to fall.
Is BTC mining justified right now?
We would advise to wait. Wait for the first cryptocurrency to survive difficult times. It is worth following the BTC schedule to turn on your ASIC devices or farms at the right time and start mining new blocks. Unfortunately, it is very difficult to clearly state when the price will change and it will be possible to sit down for mining. But at the moment there are definitely more promising and profitable cryptocurrencies.
Now you should make a choice in favor of altcoins, postponing Bitcoin mining until better times. However, if you are already working with the first cryptocurrency, do not disconnect from the Blockchain. No one knows for sure when the price increase will begin, it is important not to miss the right moment.
Thus, we can conclude that the decline in the difficulty of mining BTC is not something supernatural. Those who already work with the first cryptocurrency perfectly understand all the risks and therefore can not worry about the profitability of production. But young miners who are just planning to start working with a specific cryptocurrency should not be nervous and get involved in the work of Bitcoin abruptly. Again: there are better cryptocurrencies. Moreover, mining in the modern sense, that is, depending on the speed of the equipment, will soon be replaced. The Proof of Stake algorithm, which does not require the use of a powerful farm, is gaining more and more popularity.
In the near future, all cryptocurrencies will begin to switch to a new algorithm. In order not to miss such important events, follow the news of the crypto industry on our website. We publish only high-quality, interesting material. Thank you for your attention. Good luck!