Bitcoin mining has become much more difficult
Bitcoin is an amazing currency with a phenomenal ability to remain in the news headlines even many years after its release. It really deserves respect, but far from always the first coin is remembered in a positive way. For example, today it became known that Bitcoin mining has reached its maximum complexity. Now getting this coin is much more difficult. Next, we will analyze whether it makes sense to continue working with the first crypto, or in the realities of 2020, the first crypto should be abandoned. So let’s get started.
A bit of theory
In matters of Bitcoin mining, it is impossible to do without basic definitions. To fully understand the effectiveness of Bitcoin mining, we will touch on several fundamental terms. This paragraph may be skipped by those who already understand cryptocurrency mining. Let us remind everyone else that any coin with a limited issue over time becomes significantly more complicated. Bitcoin is becoming more difficult. In order to maintain a market balance between high cost and the difficulty of obtaining an asset. Algorithms laid down by the creator of the crypt also work in our time. In addition to complicating production, the reward for the block received is also reduced.
This is done so that each user can have time to join the industry, until all the coins have found their owners. Bitcoin mining complexity is growing steadily, updating every 2016 block. This indicator is measured in the so-called “EH / s”. The higher this number, the more difficult it is for equipment to find the right key to receive a reward for processing a transaction.
At the moment, the figure is 125 EH / s. This is a fairly large indicator, especially for beginner miners. However, the value is absolutely justified. It is much more important to find the answer to the question – is it worth it to mine BTC in mid-2020. Consider the objective pros and cons.
Mining Efficiency Assessment
First of all, we note that the first coin really has a high entry threshold. It is much easier for newcomers with relatively weak equipment to make money on little-known currencies than to devote their own efforts to the first cryptocurrency. Bitcoin is more and more suitable for experienced users of the industry. You can efficiently connect to the Bitcoin Blockchain and start profitable work. With a powerful farm or several ASIC devices at your disposal. But only with sufficient starting investment and patience.
But in general, the first coin is still in demand. This was indicated by a recent halving, because, despite the decrease in the reward for mining, users still continued to work with cryptocurrency. Analysts predicted a complete disconnection of the equipment from the Bitcoin network. And this did not happen. Users continued to use the device to mine coins, sell and buy coins. Therefore, Bitcoin is still interesting and promising. Of course, the complication of mining affects the price. But the changes are not critical.
Thus, the use of the functionality of the first coin remains justified. Yes, now the work is becoming much more complicated. But this does not mean that you cannot combine several currencies. Try combining different assets using altcoins and Bitcoin. Productive work with various tools will certainly bear fruit.
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