With Bitcoin Sinking, Crypto Miners Just Dig Deeper

[Zurcemozz]

That may be a reflection of how sophisticated Bitcoin mining has become after last year’s 1,400 percent price rally. While that drew a fair share of amateurs mining from their basements, the lucrative rewards also drove major miners to up their game by snatching up increasingly speedy chips and setting up shop in places with cheap power. That’s helped them squeeze out smaller players as prices fall to the $6,000 level.

“There are still major expansions happening, especially from more efficient miners,” Marco Streng, chief executive officer of Genesis Mining, said by phone from London. “The expansion is so big that it compensated for the drop-out of not-so-efficient miners.”

Source Link : https://www.bloomberg.com/news/articles/2018-08-16/with-bitcoin-sinking-cryptocurrency-miners-just-dig-deeper

[cowz]

It's kind of a good thing in a way because it encourages miners to use renewable and cheaper fuel for energy, an example is solar powered mining.