The passing year of 2018 has so far been the hardest and the most unexpected time period for people engaged in mining cryptocurrency, Bitcoin in particular. Many had to quit, and only the strongest players remained in game. What does 2019 have for them?
It all began with a relatively stable price point and with a consistent growth of mining complexity, exactly as it should have been. Mining farms and pool prospered, and everyone was happy.
Then the winter came, bringing price collapse and total chaos, driving a whole lot of unprepared miners from the marker. According to various reports and estimates, around 800 thousand miners and smaller mining companies had to shut down since November of 2018.
Sean Walsh, the CEO of a major mining pool HyperBlock commented on the situation by saying:
“The prolonged downturn in crypto pricing is putting many crypto miners out of business, which is why we tend to be a little cautious and protective when it comes to talking about our business.”
Judging by all the mentioned above facts, one would say 2019 would be a total flop for BTC miners. However, it is not quite so.
Firstly and most importantly, the complexity of mining, being pretty flexible, started to adjust to the current market conditions, which eliminates the possible risks of the death spiral of Bitcoin.
Secondly, there is still some hope left that the prices of cryptocurrencies will somehow recover. In this case, smaller miners will be able to return into business, since during the current downward trend this is no option for them.
Thus, we can’t predict what will happen with BTC mining in 2019, since we cannot predict how long the crypto winter will last for and whether the market will recover at all. What we can say is that mining is now becoming an arduous task, and only the strongest ones will be able to stay afloat
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