Why is the cost of mining Bitcoin increasing?

1 answers

• Dec 18, 2021 · 3 years ago
  As a representative of BYDFi, I can tell you that the cost of mining Bitcoin has been increasing due to various factors. The complexity of the mining algorithm has been steadily increasing, requiring more powerful and specialized hardware. This has led to higher equipment costs for miners. Additionally, the electricity consumption associated with mining has also contributed to the rising costs. With the growing number of miners and the limited supply of new Bitcoin, the competition has become fierce, further driving up the costs. These factors combined have resulted in the increasing cost of mining Bitcoin.
  614307