#Bitcoin Bitcoin Hashrate falls massively, ASIC Miners being sold at waste price Published 4 months ago on November 22, 2018 By Nadja Eriksson Share Tweet The hashrate of bitcoin sharply fell down to over 50% in the last few days from 62 quintillions to 34 quintillions. The following hashrate was earlier experienced in 2005 and as the prices started to rise, the hashrate never came so down. Now as bitcoin broke the $5000 support level, the hashrate has fallen down massively. ASIC Miners being sold by ‘Kilo’ system in China China, the biggest exporter of ASIC miners is now selling the machine at the price by ‘kilo’ or ‘kg’. The founder of F2Pool, a bitcoin mining giant in China said that the sudden crash of bitcoin has led to thousands of mining companies to shut down. Bitcoin Mining Unprofitable The falling price and increased electricity cost have led to ZERO PROFITABILITY in terms of bitcoin mining. Mining companies are backing out and moving toward other businesses. Canaan, a mining company which was going to go public in a few days and were hoping for massive investments had to lapse their Public Offering suddenly due to the market collapse. Giga Watt files for Bankruptcy Giga Watt, a mining farm was recently filed for bankruptcy. The company owes nearly 7$ million to creditors and over $1 million for electricity bills. The firm filed for Chapter 11 protection in Washington bankruptcy court declaring that the company is insolvent and unable to pay its debts. The company was founded in early 2012 by an ex Microsoft employee who started following bitcoin back in 2010. With the falling prices and miners backing out, is bitcoin going to fall even more? Tell us your thoughts in the comments section below. Related Topics:ASIC minersasic miningBitcoinbitcoin bubblebitcoin burstBitcoin crashbitcoin marketbitcoin minersBitcoin miningbitcoin mining analysisbitcoin mining companybitcoin mining profitbitcoin priceBitcoin price analysisbtcBTC miningbtc pricegiga watt Up Next Is Bitcoin Price heading to $2000 soon? Don't Miss Banks in India Adopting Blockchain: SWIFT partners with MonetaGo Continue Reading Advertisement You may like Cryptocurrency Price Analysis: Great Week for the top 10 Bitcoin Price to $4500 soon? BTC Price Analysis Tom Lee: Bitcoin Bull Market Coming Soon Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018. VISA getting into Cryptocurreny Space Bitcoin Price Analysis: BTC at a crucial point 5 Comments 5 Comments Pingback: Bitcoin Hashrate falls massively, ASIC Miners being sold at waste price - Satoshiuncle Pingback: Crypto mining firms shutting down as bitcoin price continues to plummet - SiliconANGLE Pingback: Crypto crash spreads: Mining firms shut down as bitcoin continues to plummet – SiliconANGLE News | Bitcoin & Cryptocurrency Pingback: Softbank selling its Nvidia Shares. Losing hope in crypto - LCCN Pingback: In Depth: Is Bitcoin Mining Legal? – BTC News Paper Leave a Reply Cancel reply Your e-mail address will not be published. Required fields are marked *Comment Name * Email * Website #Bitcoin Cryptocurrency Price Analysis: Great Week for the top 10 Published 1 hour ago on March 21, 2019 By Layla Harding The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100. Bitcoin: BTC/USD Weekly Price Chart Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600. Altcoins: ETH/USD Weekly Chart Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards. Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish. LTCUSD Weekly Chart Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart). The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon. Continue Reading #Bitcoin Tom Lee: Bitcoin Bull Market Coming Soon Published 1 day ago on March 20, 2019 By Layla Harding Tom Lee, the co-founder of Fundstrat Global also known as the bitcoin bull has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months. Lee predicted this during an interview with the CNBC. According to Lee, the 200 daily moving average is the number to keep in mind. If bitcoin is able to stay above $4000 till August this year, it will cross the 200 daily moving average and thus technically the overall chart would start to look bullish. During the interview, he also mentioned that the future of bitcoin and other cryptocurrencies lies on the fact of whether it becomes an asset class and bitcoin is still in the early days of becoming one. Although Tom Lee has been quite bullish about the price of bitcoin, Fundstrat had recently posted a warning that the cryptocurrency market might crash to a new bottom before actually starting a bull run. Tom Lee on JP Morgan Coin: In the interview, Lee also expressed his concerns regarding the recently launched JP Morgan Coin which is a stablecoin launched by the banking giant JP Morgan Chase. He said that things such as the JP Morgan Coin and Facebook Coin create use cases for cryptocurrencies and according to him, the JPM Coin is surely not a competitor to bitcoin as it is a stablecoin in nature. Continue Reading #Bitcoin Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018. Published 1 day ago on March 20, 2019 By Janet F. Sanchez The hash rate of bitcoin which is the power that secures the bitcoin network has recorded the highest level yesterday (19th March) since last year November. The Bitcoin hash rate passed over fifty-two quintillion hash per second in accordance with the data feed on Blockchain.com. Bitcoin Hash Rate: Bitcoin hash rate is the computation of the performance of bitcoin miners. In simpler terms, as the hash rate goes higher, the bitcoin network becomes more secure. It becomes more difficult to attack the bitcoin network as an attacker would need increased resources in order to attack the network. The increasing hash rate also depicts the increase in the number of bitcoin miners. As the BTC mining difficulty level is quite stable now, more and more miners are joining the bitcoin network. Although, the increasing hash rate would eventually result in an increase in the overall difficulty level. Bitcoin hash rate 19th March 2019 The bitcoin network security is at its peak since November last year. The highest hash rate ever recorded has been around 62 quintillion hash per second in August last year. Looking at the current chart, it depicts that the hash rate might even cross this level in the coming time. The increased hash rate also builds up confidence in the minds of the miners as it shows the overall security of the bitcoin network and thus predicting a secure future of the investment of the miners. Thus, overall, more and more miners are now joining the bitcoin mining network after a subsequent decrease last year which led to a lot of miners moving out of the mining business. Bitcoin price analysts believe that the hash rate of the network follows the price of bitcoin as it helps them in speculating the future price of BTC. During last year’s bear market, the hash rate also fell drastically which led to a lot of miners shutting down and the mining equipment were being sold at waste prices. Now as the hash rate is rising, miners are again turning on their mining rigs and moving back to business. It is also worth examining that the current hash rate of the network is even more than the recorded hash rate in December 2017 when the price of BTC went up to $20,000. Continue Reading Advertisement Advertisement Latest Crypto News #Bitcoin1 hour ago Cryptocurrency Price Analysis: Great Week for the top 10 #Ripple Price Analysis5 hours ago Ripple Price Analysis: XRP going to fall or rise? #Bitcoin Price Analysis23 hours ago Bitcoin Price to $4500 soon? 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