Cryptocurrencies
Bitcoin Miners to Face Thinner Margins as Competition Heats Up
- Increase in total computing power reaches eight-month high
- Miners are deploying more rigs even with Bitcoin stagnant
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Bitcoin miners are likely facing narrowing profit margins even after a break in the US heat wave allows them to turn rigs back on and add new machines they bought during the last bull run.
Bitcoin mining difficulty, an indicator of the amount of computing power being deployed to secure the blockchain network and earn rewards in the token, has jumped by 9.26% over the last two weeks, according to data from btc.com. The increase is the largest since January.