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The fall of Bitcoin by 40% in May 2022 led to a decline in other cryptocurrencies. The miners immediately sold all their reserves, as the cost of mining was no longer justified. Many began to sell even their mining farms. There are many video cards on the market at reasonable prices for gamers.
How mining affects the growth and decline of cryptocurrency
The profitability of mining has definitely decreased, but the complexity of mining has also decreased. The unit production took about 10 minutes. Every 2 weeks, the difficulty score is adjusted based on the value of the cryptocurrency. This is the main reason for mining in the pool, a large organization with thousands of mining installations. They are always more likely to be remunerated than the individual.
Now that some miners have retired, the competition for smaller farms is increasing, so there is now a great opportunity to try out for Bitcoin mining.
