Bitcoin RIP

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.
 
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.
 
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.
 
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.
 
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.
 
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?
Click to expand...

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


What previous high? A year ago?
 
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