Bitcoin Price Fall- Bad news for Miners?

Bitcoin Price recored now is $6418.52 (Subject to change) and mining has become less profitable these days as device rates are also low.

According to a report from Bloomberg, bitcoin mining has remained profitable for some miners who have improved their investments and efficiencies in the space — even against the continued bitcoin price drops.

One of the indicators of this has been the increased hashrate, which is the computing ability for mining bitcoin measured on the Bitcoin network. The increased hashrate corresponds with additional investments made by miners into computing power.

At the start of August 2018, Bitcoinist reported that the Bitcoin network’s hashrate had recorded an all-time high of 52 quintillion hashes per second. This ties in with a hashrate growth that started in late 2017 and has extended into 2018. During this period, some of the larger players in the mining space strengthened their positions by investing in better hardware and setting up operations in countries like Georgia which offer competitive advantages in the cost of power.

These efforts have translated into efficiencies that have made mining activities viable for some operators even as prices remain subdued.

To ensure viability, most cryptocurrency miners are now expanding their capacities and the industry could see increased investments which help them operate close to a break even point. Another effect of any expansion in capacity will be the increased hashrate signifying some form of long-term commitment as miners dig in their heels even with low bitcoin prices.