December 3 was one of the least lucky days in the history of the most popular cryptocurrency BitCoin. On Monday, the coin experienced the second biggest drop that was equal 15% according to the information given by BTC.com.
The hashing difficulty algorithm of the coin undergoes regular adjustment twice a month with the goal of maintenance of the normal block time that lasts for 10 minutes. The latest adjustment took place at the beginning of December and it showed that the coin is still losing its value. The currency has experienced “crypto winter” in November and the situation has not improved since that time.
The most significant Bitcoin’s drop happened on October 31, 2011. At that time, the coin has lost 18% of its value. The third largest decline was also in that month and reached 13%.
The information of CoinMarketCap connects this adjustment with a great drop that happened in the market. Since the middle of November, BTC has lost one third of its total cost. Experts suppose that the market has collapsed because of the regulatory pressure, bad situation in the global market and the hash rate war.
Many miners had to leave because of such a situation in the market. According to the data provided by Shixing Mao, CEO of Chinese crypto mining pool, there is the following profit received from mining. The BTC break-even point range is estimated by him between $3,891 and $11,581. When the forecast was made, the price of the Bitcoin was about $6,400.
The latest impressive decrease in Bitcoin’s price that reached $4,300 made miners from China to get rid of their mining equipment selling it by weight, not even per unit. Information provided by F2Pool post says that the biggest number of machines offered for sale are old ones and the reason for that is reaching a “shutdown price.”
Even a small recovery that took place in a couple of days and allowed BitCoin to beat a $4,000 limit did not prevent the currency from a collapse. On December 3, BTC has lost its value by 7.22% within only 24 hours and reached $3,887.09.