For several months the cryptocurrency market is down. The price of the first cryptocurrency, Bitcoin (BTC) has stabilized in recent weeks around $20,000. But for a week the price of Bitcoin has risen sharply to reach a price that we had not seen for some time, $23,000 / $24,000. So is this a new opportunity to start Bitcoin, or should we be careful of this rise? Let’s see it together through this article.
Is it the right time to start mining Bitcoin?
As previously explained, a recent surge in the price of Bitcoin has emerged, seeing the price soar from $20,000 to $24,000. So is now the right time to start mining Bitcoin? Explanations.
The difficulty of mining the first crypto-currency, Bitcoin (BTC) has recently experience the biggest drop in a yearwhich greatly helps the various miners to increase their profitability during this bear market.
What is the current difficulty for mining Bitcoin?
The current difficulty in mining Bitcoin has down 5% yesterday during the day. This took it to 27.69T. For information, the last date that thehas difficulty mining bitcoin has dropped as low was last July 18, when it was only 13.67T.
Indeed, this fall followed a substantial drop of approximately 28% over the previous two weeksmaking it currently the largest drop in network history of the first cryptocurrency, Bitcoin (BTC).
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It is therefore relatively interesting to start mining Bitcoin in this period of decreasing difficulty, always keeping in mind that it is strongly advised to properly inform yourself before making major investment decisions.