Bitcoin miners bracing for a crash
This summed it up pretty well: "Electricity costs more, Bitcoin is worth less. What can possibly go wrong?" And to make matters worse, a lot of miners have took on significant debt while things were good.
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I think that this article assumes there are bunch of rational decision makers out there. Whether its Bitcoin mining or going out to dinner, most people spend outside their means due to some other internal drivers.
There are many people and organizations who are playing the long game. Those beliefs will allow them to push on mining while they are technically "losing money". Some people will definitely stop mining but most will push on.
My two cents...
True Bitcoiner's believe Bitcoin is the money.
A lot of miners are pretty hardcore into Bitcoin. They only care about fiat currency in so far as they use it to pay the electricity bills and get loans to buy new equipment.
This might sound crazy to most people, but I've been researching this stuff daily for almost 2 years now. Once you truly understand, it's not so crazy.
That's not to say some won't go out of business. It's a competitive space, but some will ride this through to the other side without breaking a sweat.
Seems to be one thing after another with crypto right now!
Yeah, I was actually seriously considering investing more right before the recent crash — really glad I didn't.
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