I’ve been monitoring the price of Bitcoin over the past weeks, I checked it like every 30 minutes or so. Boy! lately over the past 3 days, it has been soaring up, not to exaggerate saying it’s skyrocketing perhaps.
Over the past few months. The difficulty level of mining Bitcoin has risen dramatically. Anyone whom owned the BFL or similar SHA256 hashing equipment particularly to hash mine bitcoin had felt that they’re loosing money on mining due to electricity cost, and on top of that didn’t even get their money back, so call ROI (return of investment) back from the cost of buying the equipment. However with the price of bitcoin risen and continue to climb, this might be a game changer for Bitcoin mining people, they’ve been waiting for this wave to pick up again. Lately indeed it has, let hope it will last.
So why does bitcoin goes up a gain? I have asked this question, google search it, reddit it, and off course irc chat room. Surely no one can answer, and that’s the truth, no one can predict the price of Bitcoin the next day, next week, next month, next year or years for that matter. Good news spike Bitcoin value? No not really, a few days ago, Bitcoin price risen and if we check google news on Bitcoin keyword, there were all bad news such as Bitcoin Exchange are being suspended and so on, but it doesn’t impact bitcoin price, it rise and continue to rise. For how long? nobody know. Hec! if anyone can predict accurately, they would have been a millionaire by now and indeed there are millionaire out there. Off course when people buy Bitcoin, the price rise, when people sell Bitcoin the price dropped. So who bought them? no one know exactly.
So the game is to mine, or buy Bitcoin and let it sit for a few years. Or maybe sell it when profit hit target. Then maybe buy again when it goes down, if it goes down that is.