Prospect of Cryptocurrency Mining Industry

“Let Mining Solution Bee Fully Mine”

Since the cryptocurrency market confronts an ice-cold phase, mining pools also suffered severely in their business operation. Generally, it costs a tremendous money to maintain the mining business due to high electricity charge. Additionally, price of the coins had fallen significantly. Although the payability of cryptocurrency mining dropped, Bitcoin and Ethereum Network hashrates grew and retained until November 2018. Unfortunately, the sudden drop of hashrate was followed from November to December. It infers that a number of miners ceased operations in this tougher-prevailing climate.

Referring to the graphs above, the hashrate starts rising since January. Moreover, some glad tidings are brought from China that miners who left mining industry begin to resume their business.

What is the reason?

Mostly, the price of coin is affected by its supply and demand. For both Bitcoin and Ethereum, the number of coin rewards for mining will be lessened after the halving stage and hard fork. Bitcoin’s halving stage is a year left. Based on the past records, there were substantial uptrend right after the halving stages because of diminished number of coin rewards. Also, the number of coins that miners will receive as a reward will be decreased through the hard fork of Ethereum. Consequently, a similar result as a Bitcoin’s is expected.

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