Due to the following prices of Bitcoin and alternative currencies, it is a matter of time until some miners drop off the network. In China, it would appear that a lot of people are moving away from mining right now, although this may just be a temporary measure.
Various mining pools have noted a decrease in the number of miners.
Bitcoin Miners are Dropping off the Network
That is to be expected, as Bitcoin lost roughly 50% of its value in recent weeks.
Recovering from these losses will not be easy by any means.
All markets remain incredibly volatile, with little room for recovery at this time.
Interestingly enough, it would appear that the miners dropping off are primarily Chinese.
Some are even selling their mining hardware to users in the Middle East and Russia.
Especially that latter country is interesting, as Russia doesn’t seem to be too welcoming regarding cryptocurrencies.
Over the past few weeks, the Bitcoin hashrate has dropped from 130 exohash to just 95 exohash per second.
Combined with the upcoming block reward halving, this may usher in an even lower Bitcoin price in the near future.
It is unclear how the markets will evolve in the near future.
For Bitcoin, a drop to $3,000 or perhaps even lower is certainly plausible under these market circumstances.