Bitcoin mining is becoming less lucrative and less cost-effective as hash rates and energy prices rise. This has an effect on mining firms.
Marty’s Bent Issue #1206 contains the following excerpt: “Hashprice reaches the lowest point since November 2020” You may subscribe to our newsletter here.
Is everything well where I am? Do you still have a bad taste in your mouth after the price crash? Say hello to bitcoin. In the next decade, there will be many more days like this. Introducing a new global reserve currency that is utterly unfamiliar to the typical person is to be anticipated. It’s going to be a difficult ride to get to a Bitcoin standard.
The present hash price, which is at its lowest position since November 2020, when bitcoin was trading at $15,000 and the hash rate was roughly 100 exahashes lower, is something I’d like to call your attention to.
Since energy costs are on the rise, mining difficulty is increasing, and the price of bitcoin is flat, we’ve been warning you crazy people about the impending stress the bitcoin mining industry will feel soon enough.
Right now, we’re in a situation where energy costs are expected to rise during the summer, mining difficulty is increasing, and the price of bitcoin is plummeting (and could continue to fall). In the mining industry, this should lead to some turbulence.
Take a deep breath and reassure yourself of the core service bitcoin serves the world if current price activity is worrying you. Bitcoin is a decentralised peer-to-peer electronic payment system with a limited quantity of 21 million units.
It gives people all around the globe access to a monetary system that is free of the parasitic system’s reliance on cheap loans and the capacity to push problems off into the future. The road to recovery is coming to an end because the Federal Reserve is out of ammunition and the U.S. economy is at risk of stagflation. Truman Style yourself. It’s inevitable that the Fed and Treasury will attempt to put off the inevitable by kicking the can down the road, only to have it bounce back.
Bitcoin will be ready and waiting when that day comes. Anyone who has access to the network may produce blocks and facilitate peer-to-peer transactions. This is a wonderful thing to have happened. Recall it always.
Also Read: Looty, a Nigerian company, aims to return digitally stolen African art back to its rightful owners
