With the fourth Bitcoin halving approximately 15 days away, miners are focused on increasing their profitability before their block rewards are significantly reduced.their selling activity, they still face challenges like lower transaction fees, increasing mining competition, and the need for higher computing power to produce the same amount of BTC.record levels in 2024 due to the rise in BTC prices.
Besides the lower hashprice, Bitcoin hashrate has more than quintupled since the previous halving, rising from 116 EH/s to 600 EH/s at the time of writing. This means miners need more computing power to produce the same amount of BTC per day.In addition, Bitcoin transaction fees have plummeted 90% from a daily total of 412 BTC in mid-December 2023 to 29 BTC at press time.
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