The downward trend continues with Bitcoin. The prices below $5,000 also put pressure on the minerscfor some it is not profitable mining anymore.
The descent of digital currencies like Bitcoin continues. The price of a Bitcoin fell below $5,000. On the well known trading platform Bitstamp the price reached a low of $3474. The market price determined by the online service Coinmarketcap is currently around 4100 US dollars. Other digital currencies such as ripple or ether had suffered to, but were able to recover somewhat at the start of the week.
Since its record high of $20,000 in December 2017, Bitcoin has lost more than 80 percent of its value. The losses have been around 40 percent since mid-November alone. The market value of all of the approximately 2,000 cryptocurrencies has plunged by more than $700 billion since the boom to the current nearly $130 billion.
More and more miners can apparently no longer profitably provide computing power for mining for Bitcoins. Affected reports are mainly smaller operators who need to shut down their computers or give up the mining altogether.
Until August of the year, it was practically just uphill in terms of mining capacity, as numbers of the service Blockchain.info show. At the beginning of October, the network still achieved peak values of more than 60,000 petahash/s. Since then, the path has gradually gone down and is currently at around 42,000 petahash/s.
Down, Down, Down
However, increasing pressure on miners may further accelerate the general downward trend in bitcoin prices. Forcing operators to sell more of their coin reserves to cover their fixed costs adds additional pressure in an already nervous market environment. Another downside movement is likely to pull the other cryptocurrencies in the downwarts.