Published On: Wed, Feb 7th, 2018

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

Share This
Tags

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 …

Read more –> click here all content is copyright Bitcoinist.

Need Bitcoin marketing and PR? Bitcoin PR Buzz has been proudly serving the PR and marketing needs of Bitcoin and digital currency tech start-ups for over 2 years. Get your own professional Bitcoin or cryptocurrency press release CLICK HERE..

Powered by ABITCO.IN

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Most Popular Posts

ALL Bitcoin News

Like what you’re reading?

Never miss any breaking Bitcoin news by following us on Facebook and Twitter!


SUBSCRIBE OUR RSS FEED AT: http://abitco.in/feed

×