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COINTURK NEWS > Cryptocurrency Mining > Bitcoin Miners Increase Profitability and Diversify Services
Cryptocurrency Mining

Bitcoin Miners Increase Profitability and Diversify Services

In Brief

  • Bitcoin hashrate is crucial for assessing network security.

  • Miners adapt by exploring AI services and diversifying investments.

  • Profitability projections indicate potential growth in the Bitcoin market.

Fatih Uçar
Fatih Uçar 7 months ago
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Bitcoin (BTC) $111,068 hashrate is an indicator measuring the total computational power used to process transactions on the proof-of-work network. This metric is crucial for assessing the adoption rate and network security.

Contents
Bitcoin ProfitabilityIncrease in Service Diversity

Bitcoin Profitability

Since the Bitcoin halving event, mining difficulty has increased. Nevertheless, mining investments have significantly grown to date. According to the 7-day Moving Average, the BTC hashrate has surpassed the 700 EH/s range, marking a 13% increase since the last halving event.

Hashprice temporarily exceeded $50 PH/s, aligning mining profitability with costs. While Bitcoin halving has reduced block rewards allocated to mining, miners are compensating for this with transaction fees. Although profitability has not yet reached its peak, projections suggest that the potential rise in Bitcoin prices will contribute to this profitability.

Increase in Service Diversity

Bitcoin miners are now also exploring artificial intelligence (AI) services. This shift is becoming evident in data center organizations and is viewed as a viable way to enhance miners’ significance and profitability.

Some large Bitcoin mining companies, such as Marathon Digital, have adopted this trend by investing in AI data centers. With this diversification, most Bitcoin miners keeping pace with this trend are motivated to add more mining devices to increase hashrate.

The increase in Bitcoin’s hashrate is an important indicator for network security and adoption. The rise in mining profitability, the natural selection process among miners, and service diversification stand out as key factors supporting the sustainable growth of BTC hashrate.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 22 October, 2024 - 1:38 am 22 October, 2024 - 1:38 am
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