Mining costs to outpace the coin price soon?

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July 12, 2018 by
Mining costs to outpace the coin price soon?



Bitcoin mining has been the talk of the town lately, despite the high fluctuations in the coin’s value. Though the woes for the coin are ever increasing, the crypto community hasn’t lost the hots for the coin. Even now, it is dominating the crypto market’s trade volume, standing tall at 43.4%. But, the bitcoin mining community is in a state of panic as the mining costs have hit the skies despite the fall in the coin’s value!

Bitcoin mining is the process of verifying the Bitcoin transactions, thereby adding new blocks to the Bitcoin blockchain. Mining requires a huge amount of computing power, electricity, a highly efficient cooling facility, etc. which all add up to a lot of investment in monetary terms. At the moment, the reward for adding a block to the chain stands at 12.5 BTC.

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A mechanical engineer turned journalist, Shekar takes a keen interest in the study and analysis of cryptocurrencies and blockchain strategy. With the cryptocurrency world blooming in the recent days, he finds great interest in monitoring their growth and gathering every possible piece of information about them. He works as a crypto-journalist for the website Kranbitcoin.

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