Bitcoin Miners Face A Harsh December: Rising BTC Difficulty, Falling Hashprice
NegativeCryptocurrency
- Bitcoin miners are facing a challenging December as the network's mining difficulty is set to increase from 149 trillion to nearly 150 trillion, while hashprice remains low at around $38.3 PH/s, just above the break-even point for many operations. This situation is exacerbated by a recent decline in Bitcoin's price, which has raised concerns among miners about the sustainability of their operations.
- The rising difficulty and low hashprice create a precarious environment for miners, forcing them to make tough decisions about whether to continue operations or shut down their rigs. With average block times nearing the 10-minute goal, the pressure on miners intensifies as they navigate these financial challenges.
- This development reflects broader trends in the cryptocurrency market, where significant price fluctuations and increased competition among miners are common. The recent downturn in Bitcoin's value, driven by large holders reducing their positions, highlights the volatility of the market and the ongoing struggle for miners to maintain profitability amid rising operational costs.
— via World Pulse Now AI Editorial System
