Bitcoin Price Slump Disenchants Small-time Miners

Bitcoin Price Slump Disenchants Small-time Miners

Bitcoin mining is still profitable, according to Bloomberg. However, Nvidia has seen a ‘substantial decline’ in revenue from cryptocurrency miners, the company announced in its Q2 results.

A number of researchers have undertaken gauging the break-even point needed to mine a Bitcoin. The figures they arrived at ranges from $6,400 to $8,000, depending on the efficiency of the miner. Today Bitcoin’s price plays at about $6,500, which means, miners are mining at just break-even or at a lost.

Even with the current price of Bitcoin, miners with capable resources are continuously expanding. This counter-weighs the loss of disenchanted miners.

This disenchantment is reflected on the statement and sales of Nvidia. Information came out on Thursday that shows a 4% downturn on GPU sales. Colette Kress, Nvidia CFO, says their revenue shows an 'approximately $100 million' decline in connection to sales of products related to cryptocurrency mining.


8,744 USD -0.58%
Volume, 24h
3,497,717,274 USD
153,922,072,217 USD

Related news

Bakkt Launches Futures Contracts, Bitcoin Price Falls

Bakkt, a subsidiary of New York Stock Exchange owner Intercontinental Exchange Inc (NYSE: ICE), launched its long-awaited physically backed Bitcoin futures Monday.  The first Bakkt/ICE futures contract changed hands at $10,115 and the number of contracts in the first hour stood at just five total, CoinDesk reported. It's widely belived in the ...Full story available on

CME Group to Launch Bitcoin Options in Early 2020

Over the years, cryptocurrency has developed at a remarkable pace, and an investment instrument like Bitcoin options would have been unthinkable even a few years ago. However, the march of Bitcoin, blockchain, and cryptocurrencies has been relentless. Hence, it is not really a surprise that options are at last going to be launched for the biggest cryptocurrency in the world by market cap—and by CME Group no less. More Leverage for Crypto Traders In a new development, the Chicago Mercantile Exchange (CME Group) has announced that options are now going to be made available to traders ... ﾿ Read The Full Article On Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
Crypto Currency News

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.