Crypto

More Bitcoin Miners, Less Bitcoin to go Around

The tools change with time, but mining has never been for everyone.
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More Bitcoin Miners, Less Bitcoin to go Around

Bitcoin had a rally in 2021 which drew thousands of new miners. The increased number of miners has quadrupled the hashrate, which is the combined computational power of all bitcoin miners. When the hashrate goes up the amount of coin each miner earns goes down. With the price of hardware, electricity, and staff becoming harder to cover, most miners are selling their coins which lowers the value of the cryptocurrency.

Burning the bridge at both ends? The total value of coins held in miners' wallets has fallen to $75 billion from $114B at the start of November, with the price per bitcoin dropping from $62,000 to $37,400 in about the same time frame. But with plenty of blocks left to mine (the last bitcoin is expected to be mined in the year 2140) and people joining and leaving like any industry, it is doubtful the current slump will become the long-term trajectory.

Telling it like it is - The tools change with time, but mining has never been for everyone.

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