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.

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