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The software used to mine bitcoins just got its first update since late 2012. A group of companies, including payments giant Block (formerly Square), are trying to help the open-source protocol become an industry standard.
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Bitcoin, the largest cryptocurrency in the world, is finding it tough to retain miners despite the recent price increase. For many operators, Bitcoin mining was a phenomenally profitable endeavor, with gross margins reaching as high as 90 percent at times.
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Despite recent market turmoil, Bitfarms has decided to sell 3,000 bitcoins for $62 million instead of hodling them, a decision that has slashed miners' profit margins.
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The difficulty of Bitcoin mining is increasing, while the network's hash rate has not.
The software used to mine bitcoins just got its first update since late 2012. A group of companies, including payments giant Block (formerly Square), are trying to help the open-source protocol become an industry standard.
