Well, in more heart breaking news for late investors, Bitcoin finally dropped below the cost to mine it.
Via New York Post:
To add to the misery to bitcoin enthusiasts, the act of finding or “mining” the cryptocurrency has become unprofitable as the price continues to crater.
This raises further questions about the viability of the accounting system supporting the cryptocurrency.
The volatile asset is now fetching under $3,200, off more than 84 percent from the highs seen during its “tulip mania” phase of a year ago.If it's not even worth it to mine, and miners are what makes up the backbone of the cryptocurrency, then does that mean Bitcoin is doomed?
If not, then it's certainly a good time to buy. At the time of this writing Bitcoin is trading for roughly $3,500. If one were to buy now and the price ever gets back up to $20,000 they stand to make a lot of money.
What do you think? Is Bitcoin finished? Is this just a massive correction? Let us know what you think in the comments.