##Is Bitcoin mining still profitable in 2020?

       

                  Visit - https://t.me/freebitmexsignals

For more latest update on Cryptocurrency, Free Bitmex signals with 80-90% accuracy & BitMEX ByBit trading BOT which does trades automatically in your account join above given Telegram group

If you have access to cheap hardware and/or electricity, then Bitcoin mining can still be a profitable endeavor.

In brief

Bitcoin has more than doubled in value since March, but halving rewards have also been cut in half.

The Bitcoin hash rate also recently reached its all-time highest value, leaving smaller Bitcoin miners at a disadvantage.

The profitability of Bitcoin mining comes down to hardware acquisition and running costs; most modern miners are currently net positive in terms of daily yields.

Since reaching its lowest value of 2020 back in March, the price of Bitcoin (BTC) has been on a meteoric uptrend, with the leading cryptocurrency more than doubling in value in the last five months.

At the same time, the Bitcoin hash rate has increased by more than 25% since March, recently reaching its highest ever value. In May 2020, Bitcoin also completed its third halving event, which saw the amount of Bitcoin mined each day cut in half.

With all these factors coinciding with one another, it can be difficult to keep track of whether Bitcoin mining is still profitable in 2020. Here's what you need to know.

Mining difficulty tends to increase with time

One of the main things that miners need to consider when mining Bitcoin is the difficulty change. Briefly, the Bitcoin difficulty determines how much work a miner needs to put in to solve the complex mathematical problem that will allow them to add a new block of transactions to the blockchain.

This difficulty is either increased or decreased after every 2016 blocks, or roughly every 14 days, depending on how quickly the previous 2016 blocks were found. If the previous 2016 blocks took less than 14 days to discover, then the difficulty increases, whereas it decreases if it took more than 14 days to discover—all with the goal of returning the average block discovery time to 10 minutes.