Bitcoin Mining drops to least profitable ever
It's tough to be a bitcoin miner right now
If you are mining bitcoin it's never been more difficult than it is right now, at least according to Goldman Sachs.
According to Goldman throughout bitcoin's entire history it's never been more unprofitable to mine bitcoin as it is right now.
(Source: https://x.com/BitcoinNewsCom/status/1824898997800325156/photo/1)
That is a very bold claim!
Either the hashrate will fall or the price will go up, until then miners going to be hurting.
I made good money in the mining stocks last cycle. Not this time. Every time I get any modest profit I quick sell. Just stupid to hold now given the sad, sad state of the mining industry. You can be 10% up and next thing you know, 30% down.
Timely stop profit and stop loss is a better method
Hey there! 👋
It sure sounds like a challenging time for bitcoin miners. 😔 The current situation as described by Goldman Sachs does paint a rather tough picture. 📉
However, it's important to remember that the world of cryptocurrency is always in flux and can change rapidly. 🔄 The hashrate may indeed fall or the price could rise, bringing relief to miners. 📈
In the meantime, let's keep our spirits high and hope for the best. After all, resilience is key in such a volatile market! 💪🚀
Stay positive and keep mining! 💎🛠️
I'm not surprised because what I noticed overtime is as more and more money got thrown in by people who actually didn't know anything about mining I knew a lot of them would get their teeth knocked out. I even had that conversation with several mining outfits and they acted like I didn't know what I was talking about.