Bitcoin Mining – Are the mines going to stop selling hash rate to the public?
As you know one of my favourite mining sites is Splitit Mining, if you didn’t know that, you do now! They have just announced that when Bitcoin reaches $2500 per coin they will stop selling hash rate as it is more profitable to mine! I heard that Genesis also ran out of hash rate the other day, and Bitcoin.com was out of it’s 30 day hash. Could it be that we are going to see the end of sales of mining facilities as it will be just much more profitable for them to mine themselves?
As Bitcoin rallies yet again we wait with bated breath, however, I will say that I don’t think this is a bubble at all and that Bitcoin‘s climb, although will be met with pull backs (as is the nature of things) could be that Bitcoin is simple finding the price it needs to be at. I noticed also that transaction fees have gone up, this is good and bad, it’s good because it means that there is a market for mining and bad because one of Bitcoin’s great strengths is the low price of transferring funds.
We shall see what transpires over the next weeks, but I’m sure glad I’ve built up a few mining accounts!
The only reason the miners were selling hash rate in my view is simply to give cash flow in other currencies without requiring to do transfers. But I guess you just get to a point where you have covered the cost of your equipment and are just running energy costs. Although some scam sites like to announce they are shutting down by some special event. Like Newage bank who stopped paying on the Birthday of their illustrious leader. Put it like this, there has never been a better time to have Bitcoin or be mining the stuff.
All power to us!