It is no surprise that Bitcoin has been on a massive upswing these last few months. With such an increase from small and institutional investors, the bitcoin mining scene has become more and more popular as individuals attempt to cash into the hype. Even with a significant correction of around 20%, bitcoin is still sitting at the $32,000 support level. All of these factors have continued to drive more and more people to mine for bitcoins.
- This race for more processing power has resulted in a global chip shortage.
- With so many individuals looking to get involved, new systems prices have more than doubled, and used systems seeing at least a 50% increase.
- Many small players continue to be pushed aside with so many institutions and whales looking to become involved.
- With such high demand, prices are not expected to decrease anytime soon.
Furthermore, these are not the only prices to think of when looking at mining. As more and more turn to this, we may begin to see an increase in electricity costs. Places such as Iran have already started to associate bitcoin miners as one of the leading causes of smog and power-outages. Although many of these claims are being argued or proven false, it creates a negative image for bitcoin and its mining operations.