Bitcoin mining is now a highly competitive industry that’s not just expensive but technology-intensive as well. Individuals interested in joining the growing mining industry must invest in a specialized computer system, steady internet, reliable energy supply, and a good amount of skill to manage the process. Related Reading: Why One Analyst Says Now’s The Time To Buy XRP—Before It Hits $14 As such, miners often turn to credit facilities to fund their operations. Today, mining costs continue to grow, with some experts saying that costs have skyrocketed to $49,500 as of the second quarter. CoinShares reports that the second quarter data is $2,300 more than the first quarter when mining costs average $47,200. The investment company further explained that the miners’ cash expenses average $85,900, and prediction costs amount to $96,100. Failing to secure a credit line is now a common complaint among BTC miners, while others say rising interest rates worsen their situation. BTC Miners Fail To Capitalize On Recent Price Rallies Bitcoin mining is inextricably linked to the digital asset’s extreme volatility. For example, many of our min ..
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