Monday September 4, 2017
Total BTC mined: 0.13970540
Total BTC mined USD: $616.74 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $1274.76
Bitcoin fell $150 overnight to land just above $4400 (and looks to be pacing lower with every second) and as a result I experienced the second day in the last week where mining value declined in spite of my daily returns. The cryptocurrency selloff has also hit other major currencies as well with Ethereum plummeting below $300 and Litecoin, which had gained $30 in the last week, settling back down to $66 and likely heading lower. With the exception of a few scrub currencies, the current board on Poloniex is a giant sea of red.
While this is frustrating, it’s not in any way shaking my confidence in Bitcoin or cryptocurrency itself. As anyone who has been in the space knows, the current prices for major cryptocurrencies were unfathomable just a year ago with Bitcoin, Ethereum and others achieving near exponential growth over the past year. I think prices will slowly continue to move downward until we reach $4000 and I think we’ll hold in that range for a while before seeing value start to pickup.
The loss in value will hopefully see the hash mining difficulty rate drop leading to better short term daily yields while the market finds bottom and recovers. I think we’ll start to see a similar pattern in the stock market in a few months time with values growing far faster than corporate profits and corrections are needed in both markets in my opinion.
Final note Genesis Mining is still sold out of Bitcoin contracts.
Today’s picture comes to us from Michael Elleray