Bitcoin in Freefall- Down over 60% in 2018 and there’s no bottom in sight.
I woke up today to a nightmare; Bitcoin dropped below $6,000 overnight and is staying there. Bitcoin in freefall was something Jack Lee didn’t predict; he predicted Bitcoin at about $25,000 as of July. While Bitcoin price history has proven his prediction, even now, isn’t impossible but it seems very improbable. The usual talking heads are offering theory after theory as to why the price of Bitcoin continues to plunge but there’s no way to know who is right or if anyone is right. Bitcoin in freefall is all we know.
Bitcoin in freefall has led me to shutdown my Bitcoin miners. I am running Avalon 741s which, given today’s Bitcoin market climate, makes mining unprofitable. In fact, I would lose money on a daily basis. I wish I was running some Avalon 841s because they would make Bitcoin mining profitable – even at today’s prices. Speaking of which, Bitcoin in freefall has led to a plunge in Bitcoin mining hardware prices too. Bitmain’s flagship S9 Bitcoin miner was never available for lower prices and, heck, totally available. Ditto Canaan’s Avalon 841. Equally noteworthy is that ASIC Bitcoin miners are AVAILABLE. Last year you had to stay up late – perhaps all night – and sit at a supplier’s website on the CHANCE you can buy Bitcoin miners in the few minutes you had before they sold out. See the silver lining in this? Bitcoin in freefall has made it possible for aspiring Bitcoin miners to start their operation for thousands of dollars less — PER UNIT.
As with every other Bitcoin price trend – up or down – Bitcoin in freefall brings a wide range of impossible-to-prove theories such as the recent hacks, Tether price manipulation, etc. etc. In other words, nothing new. To put the current price of Bitcoin in perspective; it’s still 300% higher than it was this time last year. Here’s some more positive perspective; everyone remains bullish on Bitcoin in the long term.