Bitcoin mining has become unbeatably record-breaking

February was a particularly unpleasant month for crypto-miners. Bitcoin mining was then unprofitable and dropped to the level that was last recorded in August 2017, which is before the last speculative bubble (or at least its most intense phase).
The subject was investigated by the Diar company. Bitcoin mining last month brought only 195 million USD of revenue. For comparison – in January this amount was still 210 million dollars. In turn, at the turn of 2017/2018 – 951 million dollars. The latter best shows the scale of falls.

Bust on the mine market?

The last two months of 2018 have not been exaggerated in financial terms for the crypto-miners. The crisis was affected by a sudden fall in prices in mid-November. Today, it is also evident that the long bess is very much affected by the companies that entered the bitcoin mining market.

World giants have problems, but also the Polish Workshop of New Technologies. The company, headed by the popular youtuber, Szczepan Bentyn, is said to have problems with financial liquidity. In addition, specialized media are already writing about its crisis, while the Polish Bitcoin Association has openly “not recommended” investing in the project.

PNT’s problems are in line with the current trend in this market. In January, an American company mining cryptocurrencies, Giga Watt, filed for bankruptcy. Reason? Liquidity problems, including unpaid electricity bills.

Not only that, also the Nvidia GPU card manufacturer, in updated reports, warns that he now expects only $ 2.2 billion in revenue for the financial year 2019. Earlier, the giant expected $ 2.7 billion in revenue.

Expensive mining of cryptocurrencies

In November, a study was published that indicates that mining cryptocurrencies consumes more energy than mining natural ore with the same market value. Behind the calculations, researchers at the Oak Ridge Institute of Science and Education at the US Department of Energy conducted a study assessing how much energy cryptocurrency mines consume compared to mines of aluminum, copper, gold, platinum and rare metals oxides. It turned out that e-currencies are more energy-intensive. In addition, their energy requirements are growing from year to year.

Podziel się wpisem

Leave a Reply

Your email address will not be published.