Could Bitcoin’s security be compromised as a result of this update? Decoding details

Bitcoin [BTC] succeeded in outperforming The level is $19,000 by the end of October. The Royal Coin has been confined to this level for the longest time and has made several attempts to break it. Observers and fans alike cheered as they believed that the end of long-term resistance this time around could signal the start of a new rally.

Moreover, those who took short positions against BTC during this small price increase were also liquidated. Despite this encouraging trend, things don’t seem to be going well Miner in the ecosystem.

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Here AMBCryptos Bitcoin Price Prediction [BTC] For 2022-2023

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Rattle and difficulty in rising

A review of several metrics revealed that Bitcoin mining is becoming less profitable and more difficult. The hash meter revealed it BTC The hash rate was relatively high, especially in October. The latest information collected from coinwarz indicated that Hash rate has increased.

On October 31, this number was additionally over 285 Exahash (EH/s). This rate increased, indicating that miners need more energy to add new mass.

Source: CoinWarz

Mining difficulty has also increased, with the last increase observed around October 23. With a rise of 17.46% in the previous 30 days, the current BTC difficulty is seen at 36.8T. Difficulty has also increased by more than 33% in the past 90 days.

Source: CoinWarz

Revenue decline and risk surrender

However, a comparison of miners’ earnings showed a difference. Contrary to what was found with the difficulty of mining and mining, a decrease in the income scheme of miners was observed. The difference basically means that the miners, given the current bear market, were losing money.

A persistent downtrend may force miners to give up, in which case they will have to sell their assets and stop mining.

Source: blockchain.com

A decrease in network security can occur as a result of too many miners surrendering. Mining can become more centralized as more miners leave the network and are replaced by others with greater financial resources. This manipulation can result in blocking, which could lead to theft or other illegal activity on the network.

Although Bitcoin has never been in this position before, the difficulty and hashing decreases as the number of miners decreases. In practical terms, this means that when fewer resources are used, mining can become somewhat economical again and more miners will be involved. Around the 7th of November, the next difficulty adjustment is expected, and it is expected to drop 1.32% to 36.35 tons.

At the time of writing, the price of BTC is around $20,700, and an increase in the value of BTC will eventually increase miners’ profits. This can give them a break and make bitcoin mining profitable again.

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