The situation is extremely tense, I think in the coming days if the market does not recover, then for the whole crypto community there will be bad news, there is a possibility of a collapse, because the miners will not work at a loss. Africa is the cheapest region for mining Bitcoin, the cost of mining there is an average of 4.6 thousand dollars
Tense?
ICO holders have been in denial. The way utility tokens were defined, there was no reason for ICO teams to build a product. Unless you count the token sale campaign as a product. Investors are just becoming aware their money was not spend on building a company but wasted on cars, booze and parties.
But they were wrong. With the SEC now bringing down the law upon those teams selling unregistered securities, they have to refund investors and pay penalties.
There must be a better system. Maybe security tokens will return some life to crypto.
I do not understand what miners have to do with this. They mine at a loss, so what? They scale down until it becomes profitable again. Although I think proof-of-work is a dead end.
