[2018-12-24]Bitcoin Mining Difficulty has Decreased by 7%, Traders are Leaving C

[Vladdirescu87]

Bitcoin Mining Difficulty has Decreased by 7%, Traders are Leaving Crypto Market

With the prolonged bear market, Bitcoin mining difficulty has lost another 7% of its total capacity over 24 hours. Even though the Bitcoin price recovered over $4,000, miners see no point in continuing their activity. It is still too hard to make a profit or break even under such circumstances.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/bitcoin-mining-difficulty-has-decreased/

[Theb]

It seems like the decrease in mining difficulty does not compensate to the current price that Bitcoin have that is why it is still not appealing for miners to re-open their mining operations again. The decrease in the level of mining difficulty started in October 17, back then Bitcoin was still priced around 6,600$-6,700$. So really Bitcoin really has a long way to go before it starts to be attractive again for miners starting up their rigs back, I don't know the exact BTC price for that but it is surely not this one.

[btyco]

I think the price has to go back to above $5000 before miners are tempted to return, and then back to the stable levels around $6500 to convince them that the bear market is over

[stomachgrowls]

It seems like the decrease in mining difficulty does not compensate to the current price that Bitcoin have that is why it is still not appealing for miners to re-open their mining operations again. The decrease in the level of mining difficulty started in October 17, back then Bitcoin was still priced around 6,600$-6,700$. So really Bitcoin really has a long way to go before it starts to be attractive again for miners starting up their rigs back, I don't know the exact BTC price for that but it is surely not this one.

Its normal for a business to stop when you do saw already that you arent profiting anymore. $10k price is the average that miners will able to make profit but
with these price ranges im not surprised that they would have such decision but well as long there are who able to retain inspite on the condition of this bleeding market.

[1Referee]

So really Bitcoin really has a long way to go before it starts to be attractive again for miners starting up their rigs back, I don't know the exact BTC price for that but it is surely not this one.

There is no general level miners are comfortable with. If you look at current prices and the hashrate, it shows stability around 35Eh/s and that's perfectly profitable for those who are mining. In fact, mining has become more profitable for miners now the block times have gone down to like 9.2/9.5 minutes while they were like 10.5/11 minutes not even a week ago.

Most of the miners who are leaving are those who bought their equipment during the bull run last year and probably expected it to stay around or over the $10,000 level for ever. If you haven't done anything to optimize your operation, you'll be out of this business in a matter of months or even weeks.

Mining was EXTREMELY profitable during the bull run with how there wasn't enough hashrate that could be added to the network. Just like how we have get rich quick crypto investors we also have get rich quick investors in the mining space.

[snipie]

It is a matter of time before joining again. With the rising price many will come back and restore their mining activity. Unfortunately the most affected people are small miners which make me feel that the mining activity is getting more centralised...

[hatshepsut93]

Where's any evidence that traders are leaving crypto market? I've read the article and saw it only in the title. If you look at the Bitcoin volumes, they are higher now than during the majority of this year. All other coins have pretty big volumes too, compared to the past levels. It looks like coinidol is again making up facts. I pity people who use it as their main source of news and make trading decisions based on articles of this site.

[Betwrong]

Where's any evidence that traders are leaving crypto market? I've read the article and saw it only in the title. If you look at the Bitcoin volumes, they are higher now than during the majority of this year. All other coins have pretty big volumes too, compared to the past levels. It looks like coinidol is again making up facts. I pity people who use it as their main source of news and make trading decisions based on articles of this site.

I agree with you, this is an evidence-free bs. Yesterday's daily trading volume for Bitcoin was $7,240,968,501, while it had been lower than $5 million almost always from May to November this year. Of course this is not an evidence of anything either, but I'm not writing an article with "more traders are coming to the market" in its title. Can people be more discerning in their chase of a catchy title?