March 12 became “Dark Thursday” on Twitter after Bitcoin dropped about 40% and bottomed out in the $ 3,900 area. Since then, the king coin has partially recovered losses and is currently trading in the $ 5,253 zone according to data from CoinMarketCap.
Meanwhile, a cryptocurrency asset manager shared an interesting chart that shows some Bitcoin miners may begin to disconnect their rig due to the recent Bitcoin price crash.
‘Bitcoin miner is currently not profitable profit’
On his Twitter page, digital asset manager Charles Edwards said the current Bitcoin price is becoming unfavorable for miners.
The cost of electricity bills for mining BTC is higher than the price of 1 coin. If the current situation lasts longer, the miner will turn off the device and stop trading.
#Bitcoin miners now unprofitable.
Bitcoin Electricity Cost tested, this is the point where miners start to turn off rigs, b / c the electricity bill is more than 1BTC.
These conditions don't last long.
Expect we hold (mostly) above $ 5000, and then start to see Hash Rate drop. pic.twitter.com/AW7H3T3Q1D
– Charles Edwards (@caprioleio) March 13, 2020
“MBitcoin iner is now unprofitable.
Electricity costs for Bitcoin is check, this is time The point where the miner starts shutting off the rig, the electricity bill much more than 1 BTC.
These conditions will does not last long.
We hope BTC Hold (almost) over 5,000 dollars and then began to see Hashrate reduction ”.
What happens if the price stays at $ 5,000?
A Twitter user asked the same question about Bitcoin mining with Quantum Economics founder Mati Greenspan.
Dimi Arhontidis wondered what Bitcoin miners would do if the BTC price remained at the same or less until halving and during that time. Because halving halves rewards for miners, it can become a serious problem for them.
“Honest question. What happens to BTC miners and BTC in general if this situation continues during the halving process? ”
Mati Greenspan believes that certain miners will leave and the hashrate will drop. However, newcomers who want to support the network will quickly take their place and start verifying transactions on the Bitcoin chain.
Some miners will drop out. The hashrate goes down. Difficulty adjusts, making it easier for new miners to enter the market. Bitcoin continues producing blocks uninterrupted. https://t.co/l4RzOWM4Nj
– Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) March 13, 2020
“Some miners will leave. Hashrate goes down. A.Adjustments Level of difficult, help miner new market entry easier. Bitcoin continues to produce uninterrupted blocks. ”
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