The course of bitcoin: the week 600 000 miners stopped work
Stock Markets Group – the bitcoin exchange Rate continued a slow decline, strengthening the flight of investors from digital assets. In recent days, the price fell below 3800 dollars, losing just over 2%.
Most of top ten cryptocurrencies remain faithful to General trends and also fall. So the Bitcoin Cash rate fell to 2.38% and is around 193$, the price Ripple loses 1.99% and reached the level of 0.352$, the value of Ethereum decreased by 2.72% and is now close to 106 USD and the Bitcoin exchange rate Gold was down 1.27%, and for one coin to the current time offer only 18.04$.
Chart bitcoin/dollar has not changed significantly, and the support line held in the district $ 3,600, remains in force.
Today, the cryptocurrency market is devoid of positive signals from the outside, so the buyers will be difficult to organize another attempt of growth. In addition, the negativity continued to weigh on the most popular asset.
The exchange rate of bitcoin miners ruining
In a previous article we mentioned the critical situation that has developed in the mining industry due to the strong depreciation of bitcoin.
The process is gradually reaching alarming proportions and could derail the Bitcoin exchange rate to new historic lows.
So according to the world’s third largest mining pool, F2pool and its founder Mao Chinsinga, only in November this year, about 600,000 miners have ceased their operations due to a sharp fall in the value of bitcoin.
“It is difficult to give an exact figure retired miners connected to F2pool, but only in the last few days we have seen tens of thousands of closings mining farms in China alone,”
The last month has forced many private miners to actively sell their equipment because of the overpriced mining bitcoin.
Experts have previously made predictions that in the case of depreciation, the most popular cryptocurrency is below $ 6,000, will begin the mass Exodus of members of the network, providing its functioning.
The situation is critical as already now it can affect the value of the transaction, and in the future create difficulties when carrying out payments in the cryptocurrency.
Recall that a few months ago, Nvidia, the largest manufacturer of chips for graphics cards announced that it intends to close the unit for the production of equipment for mining due to the sharp decline in demand.
Some of the major manufacturers have not started manufacturing, mining machines because it just did not have time to implement business projects due to the fall of the cryptocurrency market.
Market analyst cryptocurrency
Stock Markets Group™