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There’s another reason why Bitcoin is in trouble

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Bitcoin’s collapse over the past six months has been well noted, but there’s another reason why Bitcoin is in trouble – the ability to mine crypto.

The difficulty of mining cryptocurrency is expected to get worse, with prices rising by around 9%.

Miners in North America have begun ramping up production as the northern hemisphere heads towards the cooler months.

Bitcoin’s difficulty adjusts automatically to keep the time required to mine a Bitcoin block to roughly around 10 minutes.

The higher the hash rate, the higher the difficulty.

Analysts are hopeful next generation machines will outpace the older machines being used in countries to increase the hash rate.

So far this year, network difficulty saw its highest month in January, where it hit 9 per cent.

That’s led many to believe a new seasonal trend is emerging, which could further impact the price.

Crypto.com accidentally transfers $10.5m to woman instead of $100 – READ HERE

“The post-summer network hashrate boom is a result of more efficient hardware being delivered, summer temperatures falling in the U.S. and old-generation machines being delivered to low-cost regions,” said Ethan Vera, chief operating officer at mining services firm Luxor Technologies.

Analysts are hopeful next generation machines will outpace the older machines being used in countries to increase the hash rate.

“When bitcoin price fell in [the second quarter] of this year, many miners in North America and Northern Europe unplugged their mid-generation machines. They then began the shipping process to low-cost regions such as Venezuela, and those machines are starting to get plugged in,” Vera said.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Six strategies to build a six-figure property portfolio

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Achieve your dream retirement with these key property investment approaches

Investment Insights is an informative and inspiring interview-style show that dives into the world of money management and wealth creation, making complex financial concepts accessible to all.

Hosted by the Founder of The Investor’s WayAndrew Woodward.

In this episode, Andrew is joined by Moxin Reza, Director of Invest0r Partner Group.

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Money

Experts reveal how to spot investment-grade properties

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Crucial tips for choosing the right property to secure long-term financial success

Investment Insights is an informative and inspiring interview-style show that dives into the world of money management and wealth creation, making complex financial concepts accessible to all.

Hosted by the Founder of The Investor’s WayAndrew Woodward.

In this episode, Andrew is joined by Moxin Reza, Director of Investor Partner Group.

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Money

Tricks of the trade: how to navigate market volatility with confidence

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Strategies to manage risk and seize opportunities in uncertain times

Investment Insights is an informative and inspiring interview-style show that dives into the world of money management and wealth creation, making complex financial concepts accessible to all.

Hosted by the Founder of The Investor’s WayAndrew Woodward.

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