Bitcoin and its crypto-partner coins have dropped to a point where it's not that profitable to produce, according to some estimates.
Here are some bullets and thoughts for you
"Bitcoin currently trades essentially at the break-even cost of mining a bitcoin, currently at $8,038 based on a mining model developed by our data science team," Fundstrat's Thomas Lee said in a report Thursday.
"In some cases the miners may simply turn off the machines until the price comes back a bit," said Shone Anstey, co-founder and president of Blockchain Intelligence Group. Right now, "it's got to be getting to the point that some of them may be losing money." This is more likely hell arn't we going to see bitcoin moon to $100,000?
Miners' earnings have roughly halved this month from December due to a surge of interest in bitcoin mining, as measured by hashrate, according to Charlie Hayter, CEO of industry data site CryptoCompare.
I am pretty sure you have also read or heard about Google banning crypto ads , Bitcoin prices slammed as the news spread around my thoughts is google and facebook are scared of decentralized competition. You know since we have @dtube, and this wonderful place.
Come to think of it STEEM blockchain's offers multiple platforms that competes to google and facebook. So my question is are you ready for Steem to hit over $100?
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RIP Stephen Hawking Theoretical physicist - May the Cosmos take you in.
I would assume miners would just switch to another coin which could still be profitable such as Bitcoin Cash or others using the same algo. Is this no longer true?
Steem $100 would change the lives of many Steemians. Together we can make it happen. Continue to prompt, create good content and show others the way to success.
Thanks for the information.
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The diff may just drop which will increase the profit for the miners (if some of them quit:) tipuvote! 0.1
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Hi @chronocrypto! You have received 0.25 SBD @tipU upvote
from @cardboard !
@tipU!- upvotes with with 2.5 x profit + daily 100% payouts to investors :)Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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I like the idea of steem offering a real and decentralized alternative to the BIG centralized GOOGLE, FACEBOOK, and co...
Where they can decide what you can or can not post due to their financial partnerships or political/governmental influences
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Have you tried Brave Browser yet? sounds up your street. I just started using it today. Pretty impressive :)
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Yes good men
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Nice post my friend
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Can't wait for the day steem will hit 100$. I will be so joyful :D
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I want see first 30$ a steem ... then I can think 100 .
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kostet steemdollar bald 100euro
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I see why google can't afford to shoot itself in the foot.
Steemit, dtube, steepshot and the likes are the greatest threat to their profitability modules. There isnt a more viable threat now to google and facebook than the steem ecosystem.
Let's see how this plays out.
Perhaps there will be a peaceful coexistence of cryptocurrencies and centralized giant companies.
But the story of bitcoin being almost profitless for miners is a serious blow to all cryptocurrencies.
As bitcoin drops the value of all cryptocurrencies somewhat drop with it.
What can be done? Steemians ?
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Hopefully the drop in prices also means that all these cloud mining companies are also squeezed out as it’s not very profitable! Cloud mining contacts have been such a speculative purchase with many investors only breaking even
Also making mining less profitable ensures that we don’t have large centralized miners holding all the crypto currency it needs to be better distributed and that’s why I feel staking is a better option
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Good post!!
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I may have to move to Iceland and start a crypto mining farm.
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nice post and insights. well, due to the high cost of btc mining, these bearish trends or deep may lead to many miners to shut down for real which means haters are winning in that direction. After facebook, then google, who knows next but at last btc will come out strong. I wish steem exceeds 100$ as it has better and stronger community with products than those who moon above 1000$
thanks for sharing this post with us.
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This post has received a 40.51 % upvote from @boomerang.
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