The ongoing plunge has made it far less economical to mine the digital token, a notoriously compute- and energy-intensive process — to the point that large-scale computing companies are starting to unplug their equipment, as Bloomberg reports.
According to Coindesk, the average cost to mine one Bitcoin is currently around $87,000 — far higher than its current going rate, making it an extremely unprofitable proposition.
Turning off mining hardware during extreme weather conditions or surges in prices isn’t unheard of — but given the crypto’s ongoing demise, a far rarer situation is playing out.
Peat_Ardbeg on
With the ever increasing cost of energy for mining, how long will it take for Bitcoin to recover and start mining again? Will not mining have a long term negative effect on Bitcoin’s recovery?
Romano16 on
Why is it crashing again? I thought that the goal was to devalue the dollar and replacing it with this?
If the dollar loses value and Bitcoin (and other cryptocurrencies) does too….then the U.S. is fucked.
But again? I think this is part of the plan thanks to insider threats like foreign assets in government and dumb Americans electing them in.
dickhertzfromholdn on
What goes up must come down.
bindermichi on
That means they cannot process and verify as many transactions, making it harder to sell in a short time. So people will lose even more money on selling.
6 Comments
The ongoing plunge has made it far less economical to mine the digital token, a notoriously compute- and energy-intensive process — to the point that large-scale computing companies are starting to unplug their equipment, as Bloomberg reports.
According to Coindesk, the average cost to mine one Bitcoin is currently around $87,000 — far higher than its current going rate, making it an extremely unprofitable proposition.
Turning off mining hardware during extreme weather conditions or surges in prices isn’t unheard of — but given the crypto’s ongoing demise, a far rarer situation is playing out.
With the ever increasing cost of energy for mining, how long will it take for Bitcoin to recover and start mining again? Will not mining have a long term negative effect on Bitcoin’s recovery?
Why is it crashing again? I thought that the goal was to devalue the dollar and replacing it with this?
If the dollar loses value and Bitcoin (and other cryptocurrencies) does too….then the U.S. is fucked.
But again? I think this is part of the plan thanks to insider threats like foreign assets in government and dumb Americans electing them in.
What goes up must come down.
That means they cannot process and verify as many transactions, making it harder to sell in a short time. So people will lose even more money on selling.
Bitcoin is up almost 9%