The state of the cryptocurrency market has led a company to abandon an ambitious mining plan…
Questions are being asked over the future viability of cryptocurrency mining, which has undergone something of a dramatic year. When cryptocurrency prices were at their peak 12 months ago, there was a surge in crypto mining. But as 2018 wore on and the price fell, so more and more people ducked out of the crypto mining market. With potential revenues down, the market has been driven in notable part by a collection of bigger mining operations, who can scale with the changing state of the market.
Or can they? Because it’s now reckoned that the price of Bitcoin for one is below the break even point, and as a consequence, interest has dropped further.
The latest victim of this is a project from a company called Bladetech.
It had been putting together plans for what would have been the biggest Bitcoin mine in Britain, announcing them originally all the way back in March. But it’s now been revealed that those plans have been put on ice, by the sounds of it indefinitely, due to the volatility of the market. The official position – as reported by the Financial Times – is that the project is “on hold”, with “turmoil in crypto markets” the given reason. Which most of us could have guessed.
Bladetech isn’t alone in moving away from crypto mining. Nvidia, notably, has suffered financially as the market has fallen, and going forward, it’s no longer relying on the sector, and has taken a hit as a consequence. In the case of Bladetech, it sounds like it’s got out before it had too much invested…