Bitcoin RIP

LiE · 22 Nov 2018 at 21:12

is this the end?

20,000 mining rigs shut down. eBay is going to be flooded.

@crinkleshoes u ok m8?

https://www.independent.co.uk/life-...ankrupt-china-bitmain-giga-watt-a8646821.html

Azza · 22 Nov 2018 at 21:14

Time to hodl boyos.

robfosters · 22 Nov 2018 at 21:15

Christ, this could be catastrophic for many.

Meddling-Monk · 22 Nov 2018 at 21:15

Does this mean there's going to finally be an influx of cheap goods to grab?

dl8860 · 22 Nov 2018 at 21:15

This is good for bitcoin.

Jokes aside, it's gone through cycles very similar to this about 3 or 4 times. Getting close to time to buy I think.

robfosters · 22 Nov 2018 at 21:22

dl8860 said:
This is good for bitcoin.

Jokes aside, it's gone through cycles very similar to this about 3 or 4 times. Getting close to time to buy I think.

I’ll buy when Crinkle does.

Raymond Lin · 22 Nov 2018 at 21:23

Good for graphic card prices ! (May be)

kindai · 22 Nov 2018 at 21:28

Nothing new here? The same happens every price cycle drop.

This time its just more in the spotlight because of the recent popularity.

Those images of the asics being turfed outside are likely old models, all the good stuff will still be mining away.

Maccapacca · 22 Nov 2018 at 21:30

Look at Nvidia share price. Peter Schiff has been going on about this for weeks. Too many miners no returns massive second hand sales no new purchases.

Jokester · 22 Nov 2018 at 21:31

Aye, will likely be older less efficient gen ASICs being tipped. Newer stuff will still be mining away.

Personally I think this could be a good sign to have a purge of capacity.

jsmoke · 22 Nov 2018 at 21:33

What's the point of dumping all those PCs like that, seek them?

Rannoch · 22 Nov 2018 at 21:37

HODL

Bigpops · 22 Nov 2018 at 21:42

That footage is years old and was taken after a flood.

While mining BTC might not be profitable everywhere, it still is in some places. If hash power drops due to it not being profitable anymore, difficulty drops, meaning the electricity required goes down and it eventually becomes profitable again. Either that, or the price of BTC goes up and it becomes profitable again.

200sols · 22 Nov 2018 at 21:45

Yes it’s the end. Just like the last times it happened.... oh wait

Maccapacca · 22 Nov 2018 at 21:48

Bigpops said:
the price of BTC goes up and it becomes profitable again.

The trend over the past year is down down down. How does anyone think this is a good investment? What is there now 1500 digital currencies?

kindai · 22 Nov 2018 at 21:52

Maccapacca said:
The trend over the past year is down down down. How does anyone think this is a good investment? What is there now 1500 digital currencies?

Set the charts to the same scale and overlay them over the same timeframe from the last high to the last low.

It just repeats in cycles. Will it happen again? Probably because people want to get in now its low and make some money at the next high...

muon · 22 Nov 2018 at 21:53

jsmoke said:
What's the point of dumping all those PCs like that, seek them?

The are worthless ASIC miners. Their sole purpose is to mine bitcoin which now they can't do profitably.

So not worth anything to anyone, other than being recycled.

Maccapacca · 22 Nov 2018 at 21:57

kindai said:
Set the charts to the same scale and overlay them over the same timeframe from the last high to the last low.

It just repeats in cycles. Will it happen again? Probably because people want to get in now its low and make some money at the next high...

What previous high? A year ago?

The_Abyss · 22 Nov 2018 at 22:28

Transactions via Bitcoin are plummeting.

wesley · 22 Nov 2018 at 22:30

Soon bitcoin will have the same value as monopoly money

Bitcoin RIP

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