Some Are Looking For Exits
There would be some people who have invested real money, hoping for a meteoric (short term) rise... and that's what they'll do no matter what someone tells them. Those that are in it for the long-term (years) are not going to be bothered by these, while major, sharp declines in value. They will hold their digital currency for years without worrying, hoping for the longer slow burn scenario as Bitcoin has experienced.
For new miners, you're going to be looking at every single available exit. This is something I warned about in my previous article on Ethereum, that new miners who might have invested $10,000+, where a few weeks ago they were making $4000+ a month from their systems at a high point, are going to be finding themselves in a sticky situation.
Not only has the revenue per month dropped drastically, but the difficulty has increased correspondingly, making what you mine twice as hard, for less than half of what Ethereum was valued at when you started.
For those with bigger mining farms dedicated to Ethereum, I would definitely recommend switching your mining over to Zcash or something similar. Ethereum mining for miners with less than ten graphics cards just became incredibly hard to justify... but better for bigger farms as they have many more GPUs that outweigh the difficulty.
Even then, larger farm owners will want to switch out for something more profitable, anyway, as the difficulty of Ethereum mining is tragically hard right now.
For now, we'll see how the rest of the week pans out. Right now, there's so much volatility because the cryptocurrency market never closes, ever. It's a 24/7 market compared to the daily stock trading market that closes and reopens. Digital currency is constantly evolving in mining, difficulty, and price... 24 hours per day, 7 days a week, 365 days a year. It never stops, and it never will. This makes it incredibly unpredictable.
But that's half the excitement of it, right?
Last updated: Sep 25, 2019 at 12:22 am CDT
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