Bitcoin Mining Profitability Starts Falling After Stellar Year: Research

Posted on by American Coins & Gold

Bitcoin Mining Profitability Starts Falling After Stellar Year: Research
The profitability of mining bitcoin has been slipping since November after a very profitable few months, Arcane Research said Wednesday in its monthly report.In the month following China’s crackdown on miners in May, the bitcoin hashrate – a measure of computing power on the network – almost halved, data from mining pool BTC.com shows. With less competition from Chinese miners and soaring bitcoin prices, the remaining miners saw returns steadily grow until November, Arcane’s data show.Galaxy Digital’s head of mining Amanda Fabiano compared the period to a “gold rush” in an inteview with CoinDesk.But between Nov. 9 and Dec. 22,…