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| Bitcoin Mining Profits Decreased Due to Algorithm Changes |
Bitcoin is the most important and most attractive cryptocurrency for miners. Here people with powerful computers can mine Bitcoin themselves and then sell it or profit from it in some way. Bitcoin mining seems to be more difficult than ever.
The mining difficulty level changes approximately every two weeks, the algorithm of the mining process and the blockchain network are changed. This process is done automatically without any additional intervention. Bitcoin mining difficulty increased by 7.3%.
If we look at the history of increasing mining difficulty, we see that this ratio is very important. Bitcoin miners in China, in particular, have begun to leave the country after being barred from continuing to operate in other countries.
Hard Bitcoin Mining
Bitcoin miners are making a lot of money. Especially after the hash rate decreased by 41.2 compared to May 2021. China played an important role in this regard, as the bitcoin network lost more than half of its computing power when it banned bitcoin mining last May. Thousands of devices have disappeared from the network.
If these devices stop mining, the process will take longer. This makes increasing the difficulty level more feasible, as it is applied every time a "block" is filled in the blockchain in 2016.
Depending on the definitions, many Chinese miners return to work, but from other countries, as mentioned earlier, or in ways other than the direct methods they used in the past.
The sharp increase in the difficulty level is a direct indication that the number of miners has increased again after the decline in May. Some explanations suggest that some miners in China cannot travel to the United States and other countries for mining.
But these miners were only selling their powerful hardware, which could be worth tens of dollars. Those who buy it is easier to mine in other countries/regions.
However, other forecasts indicate that a large number of extremely powerful devices are still trapped in Chinese territory. These devices were withdrawn from the market, but they made room for others to enter the world.
No matter what happens on the site, bitcoin mining won't end anytime soon. At least it won't end until the 21 million bitcoins that make up the network are used.