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.


3,995 USD -0.11%
Volume, 24h
1,170,411,066 USD
70,465,287,071 USD

Related news

Erik Voorhees Pokes Fun at Bitcoin Lightning Network After Pizza Ordering Attempt

Bitcoin and pizza have a long storied history. But now BTC and PPS (pepperoni's per second) may be the next link in the chain as one of bitcoin's early supporters has some fun in the crypto community. The Bitcoin Lightning Network has been introduced to the crypto sphere as THE solution to Bitcoin’s scalability concerns. […]
Bitcoin Exchange Guide

Hot news

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