Wow, so many doomsday threads going on here. I say that this is just a dip--a big one, but a dip nonetheless and I believe we'll rebound soon. I could be totally wrong, we could be going to zero but I don't think so.
It's a downward spiral. Already 30% of miners have shutdown their operation over this crash. Making the network significantly weaker and slower yet again.
Bitcoins scalability problem doesn't go away with 'oh it will be fine, the price will recover'. Besides an unfounded position it's also a selfish one not considering the potential of Bitcoin for this entire world. There is serious work that needs to be done for Bitcoin to survive.
Bullshit....
Sure.. when you run out of arguments or evidence, just call bullshit.
Hash power is down to 693 mln ghash/'s from 909mln ghash/s
are you joking, gigahash? when the network is approaching 1 exa LOL, this must be the purest troll ever
that amount is utterly insignificant, it won't change a damn thing, it's like a very big farm, is shutting down 1 single s7 out of thousands
network is still around 800 peta total, no sign of dropping...
You're right, the mining power has recovered a bit. Question is for how long, with the price continuing to plummet I feel the only thing that can save is from this downward spiral is an upgrade to Bitcoin Core resolving the biggest issue at hand, the enormous backlog of unconfirmed transactions and scaling problem.
pretty easy to calculate, miner are profiting 0.6 a month for every single antminer S7, i suspect all the farm are running those already
this baby consume only $45 a month, with the electricity that the average farm use(0.05), so we are comparing a earning of almost $240 versus a consumption of a mere $45
no matter the additional cost, there is plenty of profit for them