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Why is the mining capability of 6800XT low?

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Why is the mining capability of 6800XT low? What are the reasons for the low mi

Why is the mining capability of 6800XT low?

Why is the mining capability of 6800XT low? What are the reasons for the low mining capability of 6800XT? After reaching its all-time high in mid-May, the price of Bitcoin started to decline. According to data from bitinfocharts, the price of Bitcoin reached its lowest point since June in April 12th, but it bounced back to around 7.8% of its January peak. However, as the price of Bitcoin rose to the end of February, the market generally believed that BTC would face a risk of correction.

Due to the fact that the current block height of Bitcoin has reached 664,000, there is a saying in the market that the mining cost of Bitcoin will decrease. So, what is the reason behind the high price of Bitcoin?

Firstly, due to the recent surge in demand for cryptocurrencies in the market and the continuous increase in the difficulty of the Bitcoin network, it has become very difficult for some investors to buy Bitcoin futures contracts. Secondly, the hash rate of the Bitcoin network is increasing. Historically, when the speed of Bitcoin transactions exceeds 30 million per second, it means that the average daily processing capacity can reach 10 million transactions per day. However, for most people, this situation may not be entirely true. For example, the current number of active Bitcoin users is only 2 million (less than 10% of the total population on the network), but if calculated based on this, Bitcoin can only generate a daily fee of more than $50, equivalent to consuming about $6 million worth of energy per year. Therefore, if the network usage of Bitcoin continues to grow and Bitcoin is not only sold at the current price but also continues to create new highs – because it is much slower than previous historical records, this also brings more burden and volatility. Therefore, many investors are concerned that the price of Bitcoin may further decrease or even fall below the returns during the peak of the bull market in 2017.

On the other hand, Bitcoin miners also face another problem, which is the inability to determine which algorithm can effectively change the consensus mechanism of the Bitcoin blockchain, thereby affecting their mining results. For example, a new algorithm called “Ethash” on the Bitcoin network, designed by Bitcoin Core developer Peter Todd. He said, “EthHash is an open-source software project, and our goal is to improve the credibility of Bitcoin by introducing new cryptographic methods.”

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