Bitcoin is one step away from the arrival of crypto winter, the rise of miners can Russia and cheap electricity
Russia can offer one of the lowest energy prices, which will save profit even during the crypto winter.
The cryptocurrency market is in a fever. The Bitcoin exchange rate rises above 32,000, then again falls below 29 thousand dollars per coin. It is difficult to predict the further development of events, but there is every reason to believe that we proceed from the fact that the global point of development has not yet been reached. This returns to the problem of crypto winter, which experts, miners, bloggers do not stop talking about, and grandmothers at the entrances will soon begin to gossip. We offer to read our material, in this topic has found its continuation.
Bitcoin again today went below 30 thousand dollars, while there is a very tangible reason that can start a big fall. It’s all about the stable national currency of the United States. If in the first annual figures they reached 8.3%, then in May inflation accelerated and reached 8.6%. The last time this happened was in 1981, but experts are confident that in 2022 the crisis will be much more serious, and the consequences for the US economy will be much more catastrophic. The government is trying to put a good face on a bad game, but you can’t fool asset indices. Big movers perfectly understand the whole chain of situations, and as a result, the exchanges are repeated. The S&P 500 index fell by 2.1%, the Nasdaq Composite fell by an immodest 2.75%, and by Dow Jones percentage investors – by 1.94%.
It was against this background that Bitcoin entered the stage of falling, which does not bode well for cryptocurrencies. Some believe that Bitcoin should hold its own this time around as the 28k support has already proved its worth and the Whales have prevented a significant amount of gold from collapsing. In general, everything suggests that industrial miners are not going to give up their positions. According to some assumptions, in the event of a very high cost of electricity. So, in Europe, Bitcoin mining as such has almost died, as the outlet fee eats up most of the profits from cryptocurrency mining. The situation is much better in the USA, where miners are welcomed with open arms. Electricity prices in the states of Texas and New York are much lower than in Europe, but comparable in this indicator with Russia is unrealistic.
Concerning opinion is expressed, that the northern regions of the Russian Federation in the coming years will turn into a kind of chain of crypto-currencies, and exciting miners will sort out in the country because of cheap energy. Taxes still owe, but companies operating in the US have long been accustomed to giving the state part of the money. It should be taken into account that there are a lot of problems standing in the way of the scenario implementation. First of all, you should not apply sanctions, because the United States not only wants to lure miners to itself, but has already begun to impose sanctions on those who invest in crypto business in Russia. There is also a problem in access to equipment, so you need to carry iron with you to mine Bitcoins.
If you get sick that Bitcoin will continue to fall, and in the foreseeable future it will fall in price to 15 thousand dollars, then a few European miners will simply go bankrupt. In the US, the upper limit to break even is $10,000, but in Russia you can make money even in the worst scenario. It is important to understand that we are talking only about hardware that has mined its value, or about what is imported independently, since the prices for ASIC miners in the Russian Federation are very high.
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From the foregoing, we can conclude that the opinion of some experts predicting the end of mining is clearly obvious. Crypto winter does not show significant damage to farmers even in the most severe scenario. Owners of hundreds of thousands of pieces of equipment are returning afloat, but small households will suffer. But even here everything is complicated, because the main thing is to have time to recapture most of the contribution to the development of the crypto winter.