While markets around the world suffered significant turbulence this week, bitcoin climbed 6 percent.
The cryptocurrency is well known for its wild swings in valuation, but many say the digital currency is back on a more stable path and could prove a worthwhile investment in the New Year. In 2015, bitcoin fell as low, as $183 as confidence in the cryptocurrency's staying power waned. However, on Thursday, bitcoin was trading at $429, a significant increase.
Mining Returns
With bitcoin on the upswing, bitcoin mining has begun to gain popularity once again, according to Bloomberg.
When cryptocurrencies were first introduced, miners set up their computers to solve complex problems and be rewarded with the release of new coins. As the value of bitcoin went up, so did the profitability of bitcoin mining. However, last year as bitcoin prices plummeted, the number of miners significantly declined as the cost to buy hardware and pay electric bills to run the machines outweighed the rewards.
Now that bitcoin has made its way higher, mining efforts are increasing – especially among those who bought the necessary hardware last year, but haven't been able to make use of it.
Read more: http://www.benzinga.com/trading-ideas/long-ideas/16/01/6126993/interest-in-bitcoin-mining-returns
Topic: [2016-01-08] Interest In Bitcoin Mining Returns (Read 246 times)
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