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About a year ago, Bitcoin reached its all-time high of $ 19665.39 on December 16, 2017. Since then it has lost 82.74% of its value, as reported by CoinGecko.
This represents a loss of around $ 700 billion in a year.
Many experts believe that one of the consequences of this fall is the fall of the Bitcoin mining industry. More than 100,000 individual miners have stopped their operations and have been closed, and about 1.5 million servers have been closed since September 2018.
According to analysts, most miners can only profit if BTC operates above the $ 4,500 level. To date, only a few miners can afford to stay in the game, especially those that have access to cheap electricity .
This leads to a problem.
Since the smaller and smaller companies will control Bitcoin mining, there is a greater chance that they will join hands and perform the 51% attack.
Ryan Selkis says:
In such a maneuver the miners can reverse the transactions and stop new ones, which can potentially make them escape with the money of thousands of people.
The hash wars between the two Bitcoin money groups have already triggered fears in the minds of investors. The truth is that in the short and medium term (1-3 years from now), there seems to be no catalyst that drives the price of bitcoin (or the moon). the sentiment is negative and most investors do not want to get in the middle of a clear bear run.
What are your opinions on current market conditions? Let us know in the comments section below.
