Bitcoin BTC price has been falling impacting mining profitability at a loss

Just some of my observation would like to share.

  • Bitcoin (BTC) value has been falling. BTC at a 6 months low or so, for sure it’s falling and a low price at the moment.¬†
  • With Scrypt, Scrypt-N, Scrypt-Jane and other various algo. coming out hopefully to boost up Bitcoin price exchange and to be immune to ASIC chips, but it doesn’t seems to help Bitcoin value to rise back to the big spike of $1000 per BTC
  • There are a lot of news about Bitcoin online today from popular News Media including CNN which rarely talks about Bitcoin. Check here daily¬†
  • Scrypt mining are loosing money on electricity. For people that mined Bitcoin for profit daily and pay for electricity. The profit isn’t there anymore. It’s a loss. Loss in profit. Loss in electricity. Loss in paying month credit card and maintenance time.
  • SHA256 also felt the heat. Still profit barely if the ASIC BTC mining equipment already paid for. If equipment not paid for already or ROI already, then it’s probably some loss of even out.
  • Miners that normally cashed out daily now are holding their Bitcoin, hopefully one day it will rise again. Could this year, could be 10 years from now.

Bottom line, people are selling their GPU on ebay to buy KNC Scrypt or other larger hashing machine for scrypt, making scrypt obsolete soon. Don’t think scrypt-N will be successful anytime soon, but hard to say. Once those ASIC scrypt shipped GPU miner will jump to scrypt-N and Jane, but not sure if the value will rise. Hopefully it’s equivalent.