Bitcoin Mining Success Rate Skyrockets 155 Percent in 2018
After Bitcoin spiked at $20K in 2017, following massive increases in price, 2018 is proving to be a poor one for the leading cryptocurrency so far. Its value has dropped from its previous $20000 mark to around $6200 as of this week. As reports have uncovered, although Bitcoin is performing weakly at this stage, its hash rate has seen a huge spike since 2018 started, showing off 155 percent more.
Cryptoslate, a crypto-hub of news, information, trade, rankings and more, explained that mining was seeing such a significant boost due to the worth of each successful mined block on Bitcoin’s chain. As each individual block consists of 12.5 Bitcoins, this totals to almost $80K in worth which keeps miners hashing for as much profit as possible, although this is not a permanent situation.
Within two years, Bitcoin will witness its next “halvening”, cutting down successful block mining rewards by half and reducing the number down to around $40000 per mined block. This is another reason as miners furiously mine these blocks to draw in maximum profit before the event.
While Bitcoin has taken a hit in popularity, many choose to still believe in the cryptocurrency. Tim Draper, a distinguished investor known for his contributions to big-name businesses like Tesla and Hotmail, said that Bitcoin would be valued at an incredible price of $250000 in two years’ time.
Several leading figures in the industry expect a huge climb in Bitcoin. Jack Dorsey claimed that Bitcoin would become the world’s only currency within ten years, serving as an international currency on a global scale, although many governments and regulators continue imposing more restrictive rules or flat-out banning crypto in their respective countries.