Miners are firing staff and closing up left and right as for costs to maintain the network exceed the market price of BTC.
In the past history, the miners still had a little profit wiggle room.
Now they are all losing money and have been for ~year.
Too many miners drop off and BTC either becomes ripe for a 51% attack
or
network stalls for months until the few miners that remain wait for the difficulty to drop.
Either way the price of BTC will crash.
In the past history, the miners still had a little profit wiggle room.
Now they are all losing money and have been for ~year.
Too many miners drop off and BTC either becomes ripe for a 51% attack
or
network stalls for months until the few miners that remain wait for the difficulty to drop.
Either way the price of BTC will crash.
I've heard this quite a lot in 2015. Some were preaching the same sad story. And indeed, some miners did close their businesses. And guess what? Bitcoin didn't die off, instead its price started to rise faster and faster.
You have to look at the technology, you have to look at the development, you have to look at the (increasing) number of businesses using Bitcoin as means of payment or just simply exchange it, you have to look at the number of people that knows about Bitcoin or own some. And the story will start to look intriguing: the things look so good and still the price trend looks this bad.