Cloud Mining Suffers as Hash Rate Plateaus
The latest bitcoin price crash has started a new debate on the long-term viability of many aspects of the mining industry. Notably, one of the first segments to take a hit in the days leading up to the crash was cloud mining - services that lease out hashing power from usually large-scale mining enterprises based in data centres. On January 12th CEX.io announced it would suspend cloud mining activities due to low prices. In a blog post, the company said cloud mining is simply no longer profitable. Number of bitcoin miners goes down. Over the weekend, Organ Ofcorti published a comprehensive....
Related News
The bitcoin hash rate currently nears 3 exahashes, representing an all-time high for the processing power of the Bitcoin network. The escalating hash rate concurs with continuing social media reports that Beijing-based Bitmain Technologies Limited, a company which supplies bitcoin mining equipment, suffers consistent supply shortages due to high demand.....
The Ethereum mining hash rate has reached a new all-time-high (ATH) value after completely recovering from China’s crackdowns. Ethereum Mining Hash Rate Makes New ATH The ETH network hash rate has made a new ATH record as the average daily hash rate reached 715k GH/s on Sunday. As Ethereum currently uses a Proof of Work […]
Hash rate plays a vital role in every Proof-of-Work (PoW) blockchain. It measures the computational drive for all transaction verification and block additions to the network. Hence, the Bitcoin hash rate represents the number of people involved in BTC mining. As the number of miners increases, the hash rate will also increase. This results in maintaining the security and stability of the Bitcoin ecosystem. Many investors will consider hash rates before engaging in any project. Before now, the BTC price and hash rate have maintained a direct proportionality relation. This is because there....
Operational costs are high, but Bitcoin miners are making money hand over fist. Here’s how to join them and profit. Bitcoin’s (BTC) rapid recovery above $46,000 has renewed calls for a $100,000 BTC price by the end of 2021, while the effects of China’s crackdown on the mining industry are slowly beginning to fade as the Bitcoin network hash rate shows signs of recovery.Bitcoin mean hash rate vs. price. Source: GlassnodeOne of the side benefits of China’s crackdown is that it has lowered the barriers of entry into the Bitcoin mining space, which has been shown to provide profits in both....
On April 15, a widespread power outage in North China led to a sharp decline in the Bitcoin hash rate. Because major mining farms are located in China, there was a 20% corresponding decline in hash rate. The China Hash Rate Crash Of 2021 As a result of the decline in hash rate, backlog in […]