Bittime - The world of cryptocurrency is once again enlivened by the activity of Bitcoin miners (Bitcoin miners). Bitcoin (BTC) miners, important actors who support the security of this digital currency network, are facing two crucial phenomena: the steady increase in Bitcoin prices and the imminent difficulty adjustment.
The solid rise in Bitcoin prices above $60,000 since February 28, 2024 has brought a breath of fresh air for Bitcoin miners. This condition pushed the overall hashprice beyond $95 per petahash per second (PH/s). Hashprice itself is a metric that shows the profitability of Bitcoin mining. The higher the hashprice, the more profitable the mining activity.
Based on the latest data, the next difficulty level adjustment is predicted to occur around March 28, 2024. Indicators suggest these adjustments will take place in the next 950 blocks. The block interval is currently observed to exceed an average of 10 minutes, even reaching 10 minutes 12 seconds a few days ago. This indicates a potential decrease in the level of difficulty in future adjustments.
Current data on block 835,701 predicts a drop in difficulty between 0.13% to 2.1%. However, these estimates may change over time.
Bitcoin Miners Adjustments and Their Impact
Difficulty adjustment is an important mechanism in maintaining the stability of the Bitcoin network. When the hashrate (network computing power level) increases significantly, the difficulty level will be increased to slow down the process of mining new blocks. This is done to keep the average block mining time around 10 minutes.
For Bitcoin miners, adjusting the difficulty level upwards can be a challenge in itself. This is because they have to increase their computing power to remain competitive in discovering new blocks. This of course results in an increase in mining operational costs.
On the other hand, a downward adjustment, as predicted to occur at the end of March, could provide a breath of fresh air for miners. They can find new blocks more easily and save energy.
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Performance and Prospects of Becoming Bitcoin Miners
Throughout this week, Foundry USA led the block count by finding 275 blocks, followed by Antpool with 222 blocks. With 10 days left in March, Bitcoin miners have so far collected $1.33 billion in combined block rewards and transaction fees. This is slightly below the $1.39 billion it earned in February.
The ratio of subsidies to transaction costs in March was observed to be similar to February. March interim data shows cost earnings of $63.77 million, compared with a total of $71.56 million in February. Information gathered by intotheblock.com reveals that miners' transaction fee income was higher at the start of the month before decreasing.
The daily fee contribution for using the Bitcoin network on-chain decreased by 1.5%, but was followed by an increase of 4.54%. Under these conditions, transaction fees are currently 89.75% lower compared to 90 days ago. This indicates that miners are currently processing fewer transactions per day compared to three months ago. At block 835,701, there are 137,000 transactions that are still waiting for confirmation from Bitcoin miners.
BTC/USDT Bitcoin Price Today
Source: Bittime.com
On March 22, 2024, the price of Bitcoin BTC/USDT was at $65,720 per coin, down 2.54% in 24 hours.
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A Look at the Halving and the Future of Bitcoin Miners
Apart from the stable Bitcoin price factor, there are other positive sentiments that influence the profitability of Bitcoin miners. Bitcoin's next halving event, expected to occur in April 2024, has also attracted attention. Halving is an event where the Bitcoin block reward is split in half. These events are designed to maintain Bitcoin scarcity and in theory could drive Bitcoin prices higher.
Industry observers expect the upcoming halving event to have a significant impact on mining profitability. This is because as the block reward decreases, competition among miners to obtain new blocks will become more intense. Bitcoin miners with more efficient hardware and good energy management will benefit in this situation.
With the prospect of Bitcoin price increases post-halving and the potential for a downward difficulty adjustment in the near future, Bitcoin miner activity is expected to become increasingly fierce.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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Bitcoin (BTC) on Watch! Sharp Post-FOMC Rise and $151 Million Short Liquidation
DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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