BTC Miners Breathe a Sigh of Relief with Latest Data

Bitcoin BTC mining difficulty dropped by 2.14% on Tuesday after four consecutive increases, one of which was as high as 9.26% in August.

The network's hash rate has also dropped by 2.04% since the last update on September 13, according to the data released. Ethan Vera, CEO of Bitcoin infrastructure company Luxor Technologies, said in a statement: "Declining mining economics are leading to high-cost and low-efficiency miners shutting down." While Hashrate will only grow as a function of increased machine efficiency for the remainder of the year, as Bitmain S19 XPs are delivered to mining farms, they will replace less efficient machines and increase network hashrate. In parallel, according to Vera, these machines are going offline as some miners liquidate their hardware in the midst of the bear market. In contrast, Bitcoin mining company CleanSpark made headlines last month for buying machines and facilities from other operators. In early September, CleanSpark bought its second facility in Georgia from a competitor and agreed to provide it with temporary hosting of up to 30 megawatts while it transfers miners elsewhere. The mining challenge records the complexity of the process behind mining, where miners are constantly trying to find a hash below a certain level. Miners who discover this hash earn rewards for the next block of transactions. The difficulty level is adjusted every 2,016 blocks, or about every two weeks. The investment information, comments and recommendations in this article do not constitute investment advice. Investment advisory services are provided on a personalized basis, taking into account the risk and return preferences of individuals. The content contained herein is in no way directive and the recommendations are general in nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in line with your expectations. Source: Bitcoinsistemi Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!