About a year ago, Bitcoin hit a record $ 19665.39 on December 16, 2017. It lost 82.74% of its value since then, as reported by CoinGecko.
This represents a loss of about $ 700 billion in a year.
Many experts believe that one of the consequences of this decline is the decline of the Bitcoin mining industry. More than 100,000 individual miners closed their operations and were closed, and about 1.5 million servers have been shut down since September 2018.
According to analysts, most miners can only profit if the BTC trades above $ 4,500. As of today, only very few miners can afford to stay in the game, specifically those who have access to electricity at very low cost.
This leads to a problem.
As smaller and smaller companies will control Bitcoin mining, they are more likely to join and execute the 51% attack.
Ryan Selkis says:
In such a maneuver, miners can reverse transactions and prevent new ones, which can potentially make them flee with the money of thousands of people.
The wars between the two Bitcoin cash groups have already sparked fears in the minds of investors. The truth is that in the short term and in the medium term (1-3 years from now), there seems to be no catalyst to make the price of bitcoin go up again (or to the moon). the sentiment is negative and most investors do not want to get in the middle of a bear race.
What are your views on the current market conditions? Let us know in the comments section below.