The price of bitcoin is falling. At the same time, the price of mining is growing. How does this affect the market?
History In December 2017, the price of bitcoin was greatly inflated. And mining was a very profitable business. At that time, mining one bitcoin cost around $840, and bitcoin cost $18700 on the market.
It was a really good deal, everyone started mining.
As we remember, the market and market prices tend to balance and soon in December 2018, bitcoin fell to a price equal to the price of mining.
After that, the lateral movement began. As we know, positions usually accumulate at this time. Manners, who did not stop mining, accumulated bitcoin on their wallets, because the price was unattractive for sale.
Soon, the price went up again, reaching inflated values, after which it again headed to equilibrium and fell to the real mining price.
All these are rough numbers, but I think you've caught the logic.
Now the price of bitcoin has fallen below what mining costs. Recent news has shown that now it has become as difficult as possible to engage in mining.
New York became the first federal state of the United States to adopt a law temporarily prohibiting the mining of cryptocurrencies within its borders.
Now that everything has become so difficult and unprofitable, all newcomers are likely to flee the market.
And when everyone runs away, what should I do?
And what do you think about cryptocurrency now? Is it worth buying? or is it worth selling?