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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, @03:30AM (4 children)
From his parents, may they live forever.
(Score: 0) by Anonymous Coward on Monday December 03 2018, @03:46AM (3 children)
It was actually a joke about the younger generations being unable to pay for their parents' pensions.
(Score: 0) by Anonymous Coward on Monday December 03 2018, @04:24AM (2 children)
This is what the govt is for, isn't it?
(Score: 0) by Anonymous Coward on Monday December 03 2018, @05:14PM (1 child)
And where does the gov get money? Taxing the people. Old people are getting money, young are paying in.
(Score: 1) by khallow on Monday December 03 2018, @09:07PM