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Read MoreIt is also affected by the number of new miners that have joined Bitcoin's network because it increases the hash rate or the amount of computing power deployed to mine the cryptocurrency. Miners have become very sophisticated over the past several years, using complex machinery and grouping to speed up mining operations. But as the network grew and more people became interested in mining, the algorithm became more difficult. The electricity for one ASIC can use the same amount of electricity as half a million PlayStation 3 devices, according to a report from the Congressional Research Service. NerdWallet rating NerdWallet's ratings are determined by our editorial team.