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Bitcoin just ended its worst-performing month in seven years in terms of month-over-month price declines. While this is comparing rate of fall and not absolute values, the world of economics is run on rate.
The world’s largest cryptocurrency began November at an average price across exchanges of $6,341, but as of 0:00 UTC on December 1 is trading at just $3,964, according to CoinDesk’s Bitcoin Price Index.
As it stands, the near $2,400 drop in bitcoin’s price has created a -37.4 percent monthly performance, which is its worst on record since August 2011, when it fell from roughly $8 to $4.80 to print a -40 percent monthly loss.
This may have some good impact for PC gamers:
Bitcoin miners hit hard by the cryptocurrency’s crash may be throwing in the towel.
The Bitcoin network’s hash rate, one way of gauging the computing power dedicated to mining the digital currency, dropped about 24 percent from an all-time high at the end of August through Nov. 24, according to Blockchain.com. While the decline may have partially resulted from miners switching to other cryptocurrencies, JPMorgan Chase & Co. says some in the industry are losing money after Bitcoin’s price tumbled.
A big miner shakeout could be bad news for chipmakers including Taiwan Semiconductor Manufacturing Co. and Nvidia Corp. who supply the industry, along with mining-rig designers like Bitmain Technologies Ltd. that are pursuing initial public offerings.
(Score: 0) by Anonymous Coward on Monday December 03 2018, @03:58PM (2 children)
>you can't even look at pretty flowers when you're done mining a Bitcoin.
You can if you convert the bitcoin to weed. There are exchange services for this sort of thing.
(Score: 2) by Thexalon on Monday December 03 2018, @06:30PM (1 child)
But the thing is, I know multiple people who would be perfectly happy to give me weed in exchange for US currency, with probably a much better weed-per-dollar ratio than mining Bitcoin and then getting somebody in Central America to ship me weed. Acting like dope is something hard to come by doesn't make much sense.
The only thing that stops a bad guy with a compiler is a good guy with a compiler.
(Score: 1) by khallow on Monday December 03 2018, @10:27PM
It gets harder when you have something to lose. For example, any property used in the act of buying weed is at risk in many places (such as Indiana [theusconstitution.org]). Bitcoin plus foreign source probably looks more secure to enough people.