Tag: Bitcoin Miners

Last week, the performance of Bitcoin was close to its psychological level at $10K. However, a rumor regarding Satoshi Nakamoto selling off his Bitcoins emerged thereby bringing about its collapse to $8.7k price level. Some market participants consider this move to be a healthy correction, while a key indicator known as the Hash Ribbons Crossover has suggested more declines for the leading cryptocurrency ahead. Miners’ earnings per block have reduced by 50 percent since the successful block reward halving event…

May 11, 2020, was a big event for Bitcoin miners. The third halving transitioned, cutting the supply of bitcoin in half, from 12.5 to 6.25 BTC every ten minutes for every mined block. But what exactly is mining? It is a ubiquitous term associated with the Bitcoin network and many other cryptocurrencies. Yet many explanations go only as far as indicating the importance of processing transactions, securing the network, and making transactions near-instant. This guide lets you understand more of…

Bitcoin has been consolidating directly beneath critical barrier over the past few weeks and could not surge above $10k price level. A few hours ago, it moved below $9k and traders are wondering whether the leading cryptocurrency will revisit the low levels attained during the crash in March or maybe it is a chance to purchase the dip prior to the real bull run. It has been difficult for Bitcoin to clear the key resistance at $10k as it has proven…

Several things happen before an operation is included in the system when you transact on the Bitcoin network.  Unconfirmed transactions first accumulate in a pool known as mempool. Then, miners choose a transaction at random (but most miners prefer those with high fees) and add it to a transaction block. They then verify the transaction by solving complex mathematical problems, i.e., Proof of Work.  Next, the network confirms the block and adds it to the blockchain. Blocks added to the…

As far as the Bitcoin network's components are concerned, the Bitcoin hashrate plays an integral part. Diving right into its essence, Bitcoin hashrate can be referred to as a parameter that calculates the number of calculations that the network can perform each second. Basically, it's the feature that gives dimensions to Bitcoin's architecture.  When Satoshi Nakamoto designed the world's first cryptocurrency, he had to solve a basic problem of getting nodes that would maintain the system and have an incentive…

The countdown to the much anticipated May Bitcoin halving event is finally over, and all key players expect this event to go down in their favor. Bitcoin miners are perhaps the most affected by this third halving. They had to invest more in equipment, will have to work more complex mathematics, and above all, earn 50% of what they received four years ago. The other groups anticipating this event are seasonal investors for the hype and seasoned bitcoin investors, some…