Riot Platforms (RIOT), among the leading companies involved in Bitcoin mining, revealed a loss in the second quarter of 2024 tripled compared to the previous year, due to the still too high hashrate.
The cause: the halving
On April 20th, twenty days after the beginning of the second quarter of 2024, there was the fourth halving of Bitcoin.
This halving has suddenly halved the reward for the miners who mine the new blocks of the blockchain of Bitcoin, reducing it from 6.25 BTC to 3.125.
Although the miners also collect the fees, which have not decreased, the halving has suddenly reduced their revenues significantly.
The event was scheduled and well known for a long time, but what was not known was by how much the hashrate would decrease.
The problem of hashrate: Bitcoin mining companies like Riot start to suffer
The Bitcoin mining is in all respects a competition that rewards especially those who have greater computing power.
In the field of crypto mining, computing
We współpracy z: https://en.cryptonomist.ch/2024/08/01/bitcoin-mining-riot-in-crisis-hashrate-too-high/
