The more actively miners mine, the more they have confidence that bitcoin will advance to a new ATH. They bet for that by bringing in more miners.
I think the market will continue to go up again. I wonder if ETH has a higher hash rate since I heard they will release ethereum 2.0 in November.
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Perhaps miners keep doing their job because they believe it's a good investment into the future. Namely, while the profits are not great right now, they expect the price to rise in the future and then those bitcoins they are mining now will cost way more in the future. Or maybe it's a very temporary thing that would be followed by some miners leaving and the rate will go down. Either way, I still don't understand why people buy expensive equipment and invest time and money into the activity that will take a while to even compensate the cost of the machinery and its maintenance, whereas one can just buy BTC directly and wait for it to rise.
Despite the fact that Bitcoin fell in price by more than 10% and bullrun seemed to take a break, the hash rate continues to grow.
Actually that is the main reason why they are increasing the more hashing power, to mine more when it's low in price, stable in price!!
When a miner is into the business he needs mine more coins when prices are less and then later in the times of ATH rates they sell to cover the cost of mining and profits. This increases the marginal pattern and helps them recover the mining investment on faster basis.
Im just having small rig but I know how hard it is to count for such times. Adding just single ASIC in such times can lead to vast differences. May be not for solo miner but surely for big fish farmers.
So, is mining proftiable now? New asics becoming outdated so fast
As the hash rate generated by miners is increasing, the mining difficulty will be increasing so that bitcoin mining reward will still be 10 minutes on average, this is corrected in every two weeks in accordance to the hash rate generated by miners. This have effect on the mining reward but with the increasing bitcoin price, miners still find it good to mine bitcoin as always. Do your calculation, find out if bitcoin mining is profitable in your area, check what will be the reward for you in certain time range, check the electricity cost in your area. Know that mining is not for everyone. If the calculation does not favour you, then do not mine bitcoin. But there are many miners profiting from bitcoin mining, that is why the hash rate is increasing, so commenting asics are getting outdated so fast is wrong. Just do your calculation to know if it favours you or not in your location.
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