Bitcoin Miners Feel the Heat as Hashrate Climbs and Profits Drop

Quick Summary:

Bitcoin (BTC) mining profitability took a hit in September 2024, as rising network difficulty and a steady Bitcoin price put pressure on miners.U.S.investment bank Jefferies highlighted that the network’s hashrate saw a 1.7% increase, making it tougher for miners to generate rewards despite Bitcoin’s value remaining mostly unchanged.

As the competition heats up, miners face increasing pressure to balance costs and output in an evolving landscape.

They increased their share of total mining from 19.9% in August to 22.2% in September.

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Article Details

Author / Journalist: Sarala

Category: Crypto

Markets: United Arab EmiratesGermany

Topics: Bitcoin Miner Bitcoin Bitcoin Mining Bitcoin News

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-14 @ 12:22:07 (15 hours ago)

News Timezone: GMT +0:00

News Source URL: thenewscrypto.com

Language: English

Article Length: 210 words

Reading Time: 2 minutes read

Sentences: 20 lines

Sentence Length: 11 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TheNewsCrypto

News ID: 23043970

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About TheNewsCrypto

Main Topics: Crypto

Official Website: thenewscrypto.com

Update Frequency: 27 posts per day

Year Established: 2020

Headquarters: United Arab Emirates

News Last Updated: 14 hours ago

Coverage Areas: United Arab Emirates

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Publisher ID: #125

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