Published On: Wed, Feb 7th, 2018

As Crypto Winter Continues, It’s Survival of the Fittest Among Bitcoin Miners

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As the price of Bitcoin continues its steep correction in 2018, Bitcoin miners find themselves fighting over scraps.
Hunger Games
The price of Bitcoin has fallen roughly 70% from its all-time high of nearly $20,000 in mid-December. Early Tuesday morning, the price of one Bitcoin nearly touched $6,000, before bouncing back to $7000.
While this sharp decline in price potentially signals a buying opportunity for some savvy investors looking to grab some of the dominant cryptocurrency at a steep discount, Bitcoin miners are left feeling the pain.

Over the last two years, the computational power needed to successfully complete a block has risen 18-fold. A 21-fold price increase over the same time, however, had helped Bitcoin mining remain profitable against rising energy costs. Today, that’s simply not the case.
Mining Bitcoin has suddenly turned into a dog-eat-dog fight for survival. According to analysis made by Bloomberg, only the largest miners utilizing top-of-the-line equipment bought at wholesale prices are turning profits amid the recent market downturn – and even then, only barely.
A Chinese miner running a top-of-the-line Bitmain Technologies Ltd.’s Antminer S9 at 13.5 TH/s, for example, would be pulling in roughly $80 a week in profits – assuming Bitcoin remained at …

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