- Both 2018 and 2019 have been well known in the space and for a lot of reasons.
- The whole mining industry nearly stopped in 2018 because of multiple different factors.
Both 2018 and 2019 have been well known in the space, and for a lot of reasons. The incredible crypto highs and depressing crypto lows are just a few of the reasons.
One thing that has remained consistent through the years though, is the fall in the profitability of Bitcoin mining. The whole mining industry nearly stopped in 2018 because of multiple different factors.
So with this all in mind, we’re going to look at whether Bitcoin will ever recover in the next decade, specifically, 2020.
The factors we need to consider are as follows:
- Rising energy prices
- Falling Bitcoin prices
- Rising hardware prices
We’re going to look at these factors over a few articles so make sure to keep an eye out for the rest!
For now, let’s take a look at the hardware prices…
By using very powerful computer products such as graphics cards, Bitcoin mining is made possible. During the crypto boom of 2017, the price of these products shot up as suddenly, everyone and their mums wanted to start mining. Understandably too as the profits potential were way up.
Since profitability is now down, many of these newly made and high priced bits of hardware have been left unsold, causing issues for manufacturers such as Nvidia who reported great losses throughout 2018. We expect that the price of Bitcoin mining hardware may fall in 2020 too, making mining a little bit more accessible for the average Joe and also helping to slightly close that profit margin in.
For more news on this and other crypto updates, keep it with CryptoDaily!