Expect a BIG CRASH of Bitcoin in the coming months, maybe below 1K!
The Chart of Doom above shows the declining profitability of cloudmining, in this case with Genesis Mining SHA-256 Bitcoin. We already saw a huge crash in mid July 2017 and since the beginning of December 2017 we saw step-wise ever decreasing profits and they hit some kind of new bottom yesterday. When we connect upper and lower profits, we see a channel formed, that comes to an end somewhere between March and July of this year.
At this moment Bitcoin mining to be profitable needs a level of minimum 3000USD, because the mining difficulty as well as the number of miners increases all the time. This minimum will go up in the months to come and when Bitcoin falls back to let's say 5000USD in 2 or 3 months from now, it's GAME OVER with Bitcoin mining.
One mining contract after the other will become "unprofitable" and those who stepped in After April 2017 will be in loss. Those that bought "new" contracts, will see their mining contracts become "unprofitable" even before they have started mining and will loose everything they invested.
We will also see one Bitcoin mining farm after the other shut down, because they can no longer bear their maintenance costs. After this HUGE SHAKE OUT only a few Bitcoin mining farms will be left and these will be the only ones mining Bitcoin.
With 90% of the Mining farms out of business, the Bitcoin mining algorithm will be made easier and maybe some old and new ones will try again, but BIG TROUBLE is AHEAD for BITCOIN.
People may well loose their faith in the coin and flee into other cryptocurrencies and will buy Gold and Metals or return to Fiat and Stocks.
Dont say 1K @pagandance...it will lead to a heart attack of many people including me.
Thanks.
Didn't I tell you to get out of BTC when it was at 11-12K ? ;-)
POW is less attractive now a days POS system of mining is future but yess bitcoin mining is no more lucrative.
Thank you...steem on and stay blissful....
I think with such costs for Bitcoin mining and its volotility in this case, only big players who have large production farms, and small miners are likely to refuse production, will remain in this business. This is the normal position in the business, the strongest survive. Thank you @pangandance
Funny thing is, there is absolutely no need for huge mining farms. It suffices to introduce a maximum power use into the bitcoin mining system and the algorithm will be adjusted to work with less computing power. The cost of energy for mining Bitcoin can easily be reduced to one billionth of what it is now.
@pagandance Wow Jerry that was a lot of work, thank you!##Upvote/Resteem###
i tried it but its not worth a single penny now a days
That means some more and severe pain is there ahead for bitcoin and if so I will not be surprised to see the price as 2000.
Thank you and Have a great day.
Btc would be on 1k $ , very low price
i've also doubt about it... let's see what wil happen... 😫
I disagree with you. In sometimes, BTC goes deep and regains. It is the typical trend.
oooofff so bad news ...
We are going to loss ..........
Oh! my god,That's bad news man.
well would be interesting to see what will happen over the time but you got to keep us updated :)
very very bad news man
the mining problems are on new high how will bitcoin will retain its top place if things don't go well enough
so mining is not a good idea to invest right now ?
Mining BTC is a crazy idea. But you can check out other alt coins.
It might be the scenario but hope it does not comes out in this way !
@pagandance - Yes Sir, they got a new proposal to shift the blockchain framework technology too...
+W+