Bitcoin miners hit $4.7B in revenue this year, but it’s becoming unprofitable

Bitcoin miners have raised over $4.7 billion in revenue so far this year, but rising electricity prices have rendered cryptocurrency mining almost completely unprofitable, even for the world’s biggest pools. Blockchain research unit Diar has published data mapping the profitability of mining Bitcoin. For the first time, it appears small-time cryptocurrency mining operations, who pay retail rates, are no longer profitable. Bitcoin miners currently earn 54,000 BTC ($355 million) every month for processing transactions by mining blocks. They are also paid by users in the form of transaction fees. A sustainably high hash rate and increase adoption has meant Bitcoin mining…

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https://ift.tt/2ynU23f David Canellis October 09, 2018 at 09:01AM