Bitcoin (BTC) has existed for nearly a decade, but a bright future is not guaranteed. After a phenomenal bull run at the end of 2017, BTC prices went in a downward spiral, which cost many enthusiastic buyers dearly.
While the existence of Bitcoin was never guaranteed, it has proved quite resilient. However, using the cryptocurrency as a mainstream means of payment is yet to become a smooth experience. After the protracted bear market in 2018, Bitcoin has a set of difficulties to wrestle with in the coming years.
Miners losing steam: Since 2013, mining Bitcoin has grown immensely. In part, the enthusiasm was stoked by expectations for a rise in BTC prices and much higher earnings from sales at a future date.
Bitcoin’s hashrate has fallen to a three-week low and continues to drop, going as low as 40 EH/s, or 30% down from its recent peak. This is partly due to the “hash wars,” a period of competitive mining for Bitcoin Cash (BCH), but there may be a wider trend of shutting down mining farms. Adding to the dry season is the situation in China, where hydroelectric power would be scarcer, and the Bitcoin ice age may also inc...
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