A new research from Diar shows that Bitcoin (BTC) miner revenues for the first six months of 2018 have already surpassed results in 2017, but for the first time has become unprofitable for most miners when factoring in the retail price of electricity.

Diar’s research suggests that electricity prices, along with greater involvement in the space from big corporations, are pushing small time mining operations out of the market.

As per the Diar report, the rewards and fees for BTC miners have already reached $4.7 billion in the first three quarters of 2018, around $1.4 billion more than the profits in all of 2017. Miners still gain 54,000 Bitcoin monthly, the outlet continues.

But to the disappointment of small-time mining operations, the growing cost of electricity to support increasingly advanced computing mechanisms for mining are turning Bitcoin mining into a losing investment.

This is a big change for Bitcoin miners, essentially making it impossible for a miner to make money mining Bitcoin under normal circumstances.

Keeping Bitmain’s dominance on the Bitcoin network in mind, the company must keep mining profitable for retailers–controlling its hashing power at all times and shifting operations between its Chinese and U.S. units to ensure profitability.

Bitcoin Mining Becomes Less Profitable for Retailers and Favours Big Corporations

Read More Via the Link


Like it? Share with your friends!

519
1.2k shares, 519 points

What's Your Reaction?

lol lol
466
lol
scary scary
400
scary
omg omg
333
omg
wtf wtf
200
wtf
win win
66
win
fail fail
667
fail
Love Love
601
Love
hate hate
333
hate
confused confused
533
confused

Leave a Reply

avatar
  Subscribe  
Notify of
Choose A Format
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Meme
Upload your own images to make custom memes
Image
Photo or GIF
Video
Youtube, Vimeo or Vine Embeds
Gif
GIF format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Countdown
The Classic Internet Countdowns