The Bitcoin mining industry has for long staged remarkable performance despite the crypto market?s challenges. The crypto sector has been facing tough times and the trend has been persistent.
It is indeed true the price of Bitcoin went down by almost half. However, its hash rate rose steadily. The passage of time pulls along with changes since reports show significant cracks in the Bitcoin sector. The flagship crypto no longer upholds the stability it has shown all along.
Current state of affairs
The hash rate of Bitcoin rose steadily even though the price went down significantly. The sector is currently experiencing a major blur and analysts are making a close follow up. They seek to establish the cause.
Bitcoin network difficulty became a matter of great concern at the start of this particular month. Sources indicate that it keeps shifting in a dynamic way after every two weeks, which translates to about 2,016 blocks. Experts link the network difficulty to the hash rate fluctuations. Analysts say that the 15.1% decline is the second-biggest decline historically.
A closer outlook
There was a point when the crypto segment experienced a 7.4% decline. One analyst described the figure as rather extreme, but the passage of time unveils even tougher realities. Confusion surrounds the matter with certain groups outlining that Bitcoin is already on its death march. Whether this is true or not is a matter that we will just have to wait and see.
Miners continue bearing higher costs and the small profit margins continue worrying them a huge deal. A large number of these miners looked forward to a rather attractive and profitable crypto market. Investors were looking forward to a promising 2019, but right now that looks like a dream.
BitMEX Research has given out a statement outlining that Bitcoin?s situation hasn?t been looking quite good since November. Its hash rate has moved down by almost 31%. This represents quite a large number being cut off.