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❕NEWS Mining has reached a high this year with $20 million being mined in a single day in bitcoin

AudraMiller

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With the halving event that occurred toward the start of this current year, the mining of bitcoin expanded in difficulty, with the new coins that are being added per block being mined, being diminished considerably. This had significant impact on the cost and estimated value of bitcoin that was being mined by mining rigs. Nonetheless, with the expanding price of bitcoin that we are seeing right now, mining income has hit a year high that is at a similar level as the mining income before the halving event.

Before the halving of bitcoin occurred, bitcoin was esteemed at about $9,000, and now the cost is twofold that, which implies that the splitting occasion more than compensates for itself in the value of bitcoin.

On the eighteenth of November there was a sum of $21.2 million worth of bitcoin that was mined. This is the most elevated income from mining in a solitary day for the time of 2020. Besides, the hash rate/power of bitcoin mining is simply 10% away from its pinnacle, demonstrating the notoriety of mining is developing and that miners are content with the situation of mining the crypto.

What do all of you think about this new mining disclosure? With the estimation of the new coins that are hitting the market being at an untouched high, is this useful for bitcoin cost pushing ahead, or will this reason the cost to plunge as the supply of the coin increases with this mining?
 

sagefave

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Traditionally the making of money usually involved commerce, through buying and selling, mining of crypto currency has added a new invention to making money and this has been a great discovery for the he generation as the industrial revolution is slowly deteriorating and inflation has badly affected commerce.
As to the Bitcoin halving, miners are no longer getting as much Bitcoin as they used to for their mining efforts but like you said the increase in the Bitcoin value has compensated the reduction in Bitcoin supply from mining, even if more miners get into the business of mining the supply would never again be at it previous record and there is to me a low chance of the increase of more mining supply causing a decrease in Bitcoin price.
 

Brain

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If the mining is coming in a positive direction then I don't think it bad mining that high but it is when it has an adverse effects that we could be worried about. For now it seems it for a supply of bitcoin in the network
 

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This really shows that many people are involving themselves in mining and the pandemic effect is also part of it , with the rise in price of bitcoin ,so there are many cause to the high price
 

Brain

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The lock down saw a lot of people looking for other means of making money so it seems a lot more were engaging in mining which brought more increase
 

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I also believe that the pandemic was related to these statistics, mining increased and with it the amount of Bitcoin mined.
Yeah there was a noticeable increase in the amount of bitcoin mined and the rate of mining , because due to the lockdown people were working online
 

JamesSemaj

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I actually saw bitcoin mining as a waste of time, but i never doubted the coin itself. This year came with a lot of surprises and i am actually happy to invest in Bitcoin.
 

Josemendez

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I believe the increase in the number of miners can be attributed to the increase in the price of Bitcoin , miners have seen that they will make more after Mining and selling Bitcoin .
 
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