Topic: [2015-01-19] Price Slump Tests Bitcoin’s Self-Correcting Economics (Read 506 times)
If you went to buy mining equipment rather than buy bitcoins, what are you thinking at this point? You'd need terahash eq to even keep up but that which would mean spending money that would buy you over 5 bitcoins to do so. Dumb as hell, just buy. yo
January 19, 2015, 02:29:30 AM
http://www.technologyreview.com/news/534301/price-slump-tests-bitcoins-self-correcting-economics/
Several Bitcoin companies ceased operations last week, saying that they couldn’t operate profitably. Small-time miners talked in online forums about having to shut off their equipment.
It is hard to know how many miners experienced similar problems, given the variations in electricity prices and the cost structures of different companies. Mining companies contacted by MIT Technology Review on Friday did not respond. However, data from the Bitcoin network indicates that the revenue generated by all miners each day has roughly halved since the start of the year.
Several Bitcoin companies ceased operations last week, saying that they couldn’t operate profitably. Small-time miners talked in online forums about having to shut off their equipment.
It is hard to know how many miners experienced similar problems, given the variations in electricity prices and the cost structures of different companies. Mining companies contacted by MIT Technology Review on Friday did not respond. However, data from the Bitcoin network indicates that the revenue generated by all miners each day has roughly halved since the start of the year.
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