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What are the causes of the Bitcoin crash?
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Is the Bitcoin crash the end of cryptocurrency mining?
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I have taken this post from Hardzone's friends, which I found very interesting and pertinent to share, since we have seen the decline in bitcoin prices and as a consequence for all steeminians, the steem and the steem dollar I do not mean with this that is the fundamental reason but if I can be sure that something is influencing this factor.
During the last days we have seen a vertiginous descent of the Bitcoin value, which is also dragging the value of the rest of cryptocurrencies. This large decline could presage the beginning of the end of cryptocurrency mining as we know it, something that would be great for all users who want to buy a graphics card again.
Since before the beginning of this year, the value of Bitcoin has been going down quite quickly, since it reached its maximum price close to 20,000 dollars. And it is at this point that the currency immediately began to lose much of its inflated value, although it had a small recovery in mid-January. But, since then, this currency is in free fall. The problem for the rest of the miners is that, by the way, it is dragging to the quotation of the rest of cryptocurrencies, that also is descending (although not so much).
Many may be the reasons for the decline in the price of this currency, but the main one that can be is that since the Bitcoin is now almost impossible to mine efficiently by the crypto currency miners, there are many of these that they have left aside to switch to other cryptocurrencies like Ethereum, ZCash or Monero. Although for the latter does not encourage much to know the latest statements of AMD in which encouraged users to mine this cryptocurrency with its Threadripper processors.
It is also true that many users have been sitting for a long time on top of their Bitcoins and it was hoped that sooner or later they would begin to capitalize on their investment. Not to mention that the recent robberies of cryptocurrencies may have put the fear in the body to those users, who see how their investment of time and money could evaporate in the air.
This is somewhat difficult to predict, but it could well be that this Bitcoin crash leads many miners to rethink this activity, sell their equipment and decide to look for another type of parallel income not so susceptible to the swings that cryptocurrencies suffer. As happened with the American gold rush, everything has a beginning and an end and it is very likely that cryptocurrency mining will continue for a while, but with less bellows than it had until a few months ago.
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