Bitcoin’s mining ecosystem under pressure
While Bitcoin pricing has remained relatively well supported, its mining ecosystem is going through one of the strongest bear stretches in its entire history.
As reported by Cryptovest, recent data from blockchain sector analysis provider Diar reveals that miners have not fared well over the last few months. This has led to concerns on how this could effect Bitcoin’s future.
Despite the price of the cryptocurrency being 40% higher than it was a year ago, there are many more miners operating in the market now.
Bitcoin miners may have made more so far in 2018 than they did through the whole of of 2017, but the increased price they pay to run their operations is outpacing revenue growth.
Bitcoin’s hashrate has been rising steadily since the initial dramatic rise in value in 2014. Since the beginning of 2018, a more dramatic hike than usual has occurred, and it does not follow Bitcoin’s price movements.