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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: 3, Interesting) by The Shire on Monday December 03 2018, @04:58PM (2 children)
Nvidia has taken a different tact - the new 2080 gpu's are mostly useless to miners since the RTX side can't be used for crypto. I think they hope to supply the gamers with cards that miners don't want and at the same time making the 1080 cards that are getting dumped onto the market by exiting miners less attractive. One thing is for sure, Nvidia is well aware that the huge boon in chip sales they saw due to mining is over and they've planning for it.
(Score: 0) by Anonymous Coward on Monday December 03 2018, @06:33PM (1 child)
Apologies in advance for being a grammar nazi as I know unasked for advice is usually not wanted. One takes a different "tack" (nautical term in sailing related to shifting one's sails to alter course when sailing upwind as a metaphor for a change in direction), not a different "tact" (discretion in communication).
(Score: 0) by Anonymous Coward on Tuesday December 04 2018, @02:17AM
That was rather tactless.