Is the "mining" business going to cool down?

June 21, 2021
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Since May, China has intensively introduced policies to combat cryptocurrency mining. Bitcoin prices have plummeted and HashRate has declined, which has significantly affected the income of miners. On June 2, the Sichuan Regulatory Office of the National Energy Administration held a symposium on "virtual currency" research. This symposium became the focus of the crypto industry. As of the time of posting, the official results of this symposium have not yet been posted, and there is still a string hanging in the hearts of Chinese mine owners.

To a certain extent, compared to chasing ups and downs in the secondary market, mining is a lucrative business that “lays and wins”. However, due to regulatory issues, the income of miners has been significantly affected. Moreover, because the current currency price is still at a high level, even if the price plummets, it will only reduce income and the profitability of mining by miners is still very high.

The most important thing is that many miners can no longer mine. data shows that since May 13, the average HashRate of the entire Bitcoin network has dropped from 179.25 EH/s to 150.48 EH/s; the difficulty of the entire network has dropped from 25.05 T to 21.05 T, a decrease of more than 15%; On June 4th, the computing power of many major mining pools was declining; Antpool dropped by 6.71%, 1THash dropped by 3.31%, and BTC.TOP dropped by more than 15%.

In other words, when the bull market continues, many miners cannot participate in mining to obtain profits due to problems such as mine closures and power outages. Nowadays, some large mining companies have begun to seek overseas mining. Relatively speaking, the miners at the RHY mine are better off, because RHY has invested and constructed 27 blockchain data centers in Eastern Europe, the United States, Canada, and China, with a power supply scale of more than 600MW. Even if the current situation in China is not good, mining can still be done normally in Eastern Europe, the United States, and Canada.

Mining is a new way of making wealth, and even a more stable investment method than speculation. As long as the price of the currency does not fall so badly that it is lower than the cost, then mining will always be profitable. Moreover, the mining time is long, and a mining machine can always go through several rounds of bull market. If you want to mine, you can consult with the customer service of the RHY platform.