Bitcoin fell to $ 3,600 after losing nearly 50 percent with the sharp decline that started on March 12. As the 12th of March cryptocurrencies date to “Black Thursday”, the leading cryptocurrency has since recovered some of its losses and is trading at $ 5,200, according to CoinMarketCap data.
A new risky situation arose as the full Bitcoin began to recover and seemed to be out of danger. A crypto asset manager shared an interesting chart and said that some Bitcoin miners could start shutting down their mining devices due to the recent Bitcoin price crash.
Digital asset manager Charles Edwards shared a chart saying that the current Bitcoin price is unprofitable for miners.
the #Bitco miners now unprofitable.
Bitcoin Electricity Cost tested, this is the point where miners start to turn off rigs, b / c the electricity bill is more than 1BTC.
These conditions don’t last long.
Expect we hold (mostly) above $ 5000, and then start to see Hash Rate drop. pic.twitter.com/aw7h3t3q1d
– Charles Edwards (@caprioleio) March 13, 2020
Edwards pointed out that the cost of electricity used for BTC mining is higher than the price of a BTC, and that if this situation continues, Bitcoin miners can shut down their equipment and quit mining.
A Twitter user asked a similar question about Bitcoin mining to popular analyst Mati Greenspan. Greenspan responded to the question of what to do with Bitcoin miners if the Bitcoin price is at these levels and halfway occurs.
Some miners will drop out. The hashrate goes down. Difficulty adjusts, making it easier for new miners to enter the market. Bitcoin continues producing blocks uninterrupted. https://t.co/l4rzowm4nj
– Mati greenspan (tweets are not trading advice) (@matigreenspan) March 13, 2020
Greenspan draws attention to the fact that some miners will leave the network and the hashrate will drop. However, the analyst believes that new people who want to support the network will quickly replace the dropouts and begin to verify transactions on the Bitcoin Blockchain.
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