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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

US Mining CEO: Bitcoin Miners Are Being Flushed Out of the Market

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read
Bitcoin

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The CEO of one of the largest cryptocurrency mining firms in North America says miners are being flushed out of the market after Bitcoin’s latest price drop.

Bitcoin Mining No Longer Profitable, Miners Exiting En Masse

While November has typically been among the most profitable months for Bitcoin investors in the past, this November led to the worst single-month decline since August 2011, dropping 37% in a month. Even with Bitcoin having already fallen over 70% from its all-time high of $20,000, full-blown panic didn’t ensue until this break of critical support at $6,000.

With this latest decline, Bitcoin’s price is now well below the price at which Bitcoin mining provides a profitable return on investment, which currently hovers around $4,500.

Malachi Salcido, CEO of Washington-based cryptocurrency mining firm Salcido Enterprises, said that companies like his own are “entering in the phase when there’s a flushing out of the market,” and that only “relatively few” operations “will come out the other side,” reports Bloomberg.

Related Reading: November Crypto Review: One-Third of Market Wiped Out

According to Salcido, the 22 megawatts of power his firm currently has deployed makes him among one of the largest miners in North America and the United States. The Washington-based cryptocurrency mining firm is building an additional 20 megawatts of power.

With Bitcoin prices plummeting and reaching levels of unprofitability for most miners, only those – such as Salcido Enterprises – who have access to low energy costs and have significant scale, can stay in operation. Salcido Enterprises’ base operations are located near the Columbia River and are privy to some of the cheapest electricity prices in the entire country.

Salcido pays just three cents per kilowatt hour, which is roughly half of what Bitcoin miners in China are paying.

The mining firm executive has been through three other major Bitcoin price crashes in the past, and is predicting that the “bottom” will be “in February.”

“I expect where we are at to possibly get a little worse before it gets better,” Salcido said.

100,000 Individual Miners Shut Down, Leaving Bitcoin Susceptible

Blockchain research and analysis firm Autonomous Research LLP estimates that 100,000 individual miners have closed up shop after this latest price drop in Bitcoin, causing retail investors, speculators, miners and even hedge funds to capitulate.

Related Reading: Bitmain Launches Crypto Index for Investors

As smaller miners leave the market, mining difficulty lowers and profitability increases for the largest entities, such as Salcido and Chinese-based mining giant Bitmain. But with fewer and fewer companies mining for Bitcoin and thus controlling the network’s hashpower, the crypto asset is increasingly susceptible to a 51-percent attack.

In a 51-percent attack, miners with at least a 51% majority control of the network’s hash rate would gain the ability to alter transactions on the blockchain, and could potentially steal billions of dollars from Bitcoin investors in the process.

Featured image from Shutterstock.
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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