Bitcoin (BTC) mining may well be the lifeblood of the cryptocurrency but the industry is in a constant state of flux for a number of reasons. 2017 was a banner year for cryptocurrencies in general, but Bitcoin was the standout as it soared to an all-time high of $20,000 in December.
As it gripped people around the world, the demand for Bitcoin saw the price of the currency surge higher and higher. This made mining a lucrative business. As new users flooded the market looking to buy Bitcoin, demand skyrocketed which saw miner’s revenue follow suit.