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spotty

Mining Bitcoin is currently more expensive than its market price

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You will have to spend more than the crypto is worth. JP Morgan chase analysis revealed that, on average, you will have to cough out $4060 to produce just one bitcoin.

 

To process transactions, Bitcoin requires volunteers. Once in every ten minutes, their computers speed up to solve a mathematical puzzle. After getting the solution, a group of transactions will be processed and the first to reach there gets some bitcoin as a reward.

It is usually very costly, buying and running these computers. As the number of people involved increase, the puzzle becomes more difficult to solve, needing more computer power. From estimates, the bitcoin network utilizes almost the same amount of energy consumed by Ireland.

In recent months, the price of Bitcoin has dropped down from its all time high of almost $20,000 attained in 2017. This result shows that, it is no more profitable processing transactions. However, this will lead to people dropping out of the race, which will make it more easy and economically viable once again.

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