Bitcoin mining is getting easier. The difficulty of mining a Bitcoin block has dropped to its lowest point in three months. This means miners are having a tougher time making money, and some are even leaving the network.
What’s causing this? The recent Bitcoin halving cut miners’ rewards in half, making it harder for them to stay profitable. The price of Bitcoin hasn’t been helping either, making it even more difficult for miners to make a profit.
Who’s leaving? Less efficient miners are struggling the most. They’re either selling their Bitcoin to cover costs or shutting down their operations entirely.
What does this mean for Bitcoin’s price?
The good news is that this “miner capitulation” might be coming to an end. This could mean less selling pressure on Bitcoin, which could help the price recover.
What’s the long-term outlook? Experts believe that Bitcoin will only truly recover once the weaker miners are gone and the network’s hashrate (mining power) stabilizes. This will require some miners to upgrade their equipment or go out of business. /p>
