When it comes to Bitcoin, there are two camps: those who believe that Bitcoin will eventually be worth $1 million per coin, and those who think that it’s a digital Ponzi scheme. But there’s a third camp, too: those who mine Bitcoin.
And right now, these miners are in a tight spot.
The problem is that the price of Bitcoin has dropped sharply from its all-time high of nearly $20,000 in December 2017 to around $3,500 today. That’s a drop of more than 80%.
But here’s the thing: the cost of mining Bitcoin hasn’t dropped nearly as much. In fact, it’s actually gone up in some cases.
So, while miners were once able to mine Bitcoin quite cheaply, that’s no longer the case.
This has led to a situation where it is now unprofitable for some miners to keep running their rigs. And when miners start shutting off their machines, the network becomes more vulnerable to attack.
So, what does this all mean for the future of Bitcoin? Well, no one knows for sure. But it is clear that the days of easy money for Bitcoin miners are over.
If the price of Bitcoin doesn’t rebound soon, we could see even more miners shutting down their rigs for good.