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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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Money

ASX positioned for strong start after positive stock rebound

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The ASX is set for a solid opening today, bolstered by overnight gains in the banking, commodities, and energy sectors.

Despite these positive movements, analysts are suggesting that the stock rebound and bond decline appear to be technically driven, noting that it may not mark the beginning of a longer-term trend.

Market analyst David Scutt from StoneX joins to discuss the latest market movements. #featured #trending

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Elon Musk is projected to become the world’s first trillionaire

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Elon Musk, the visionary entrepreneur behind Tesla and SpaceX, is projected to achieve an unprecedented financial milestone by becoming the world’s first trillionaire by 2027.

Currently the richest person alive, Musk holds a staggering net worth of $251 billion, with Tesla playing a major role in his fortune.

At this rate, experts predict his wealth could skyrocket, reaching the trillion-dollar milestone in just three years.

Tesla itself is growing at a remarkable pace, with a market value nearing $670 billion. #featured #trending

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Treasury Secretary believes the U.S. are on track for a “safe landing”

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Treasury Secretary Janet Yellen pointed to a “soft landing” for the economy, with unemployment slightly down despite slower job creation.

In a recent interview on Bloomberg, Yellen stated that “For the US, the kinds of metrics that we would monitor that would summarise risks — whether it’s asset valuations or a good degree of leverage — things look good, I don’t see red lights flashing”. #featured #trending

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