Ethereum Mining Rush Hits Dead Spot As Price Plummets Then Slowly Recovers
The relative ease of building a GPU mining rig, favorable difficulty levels and booming prices have made Ethereum a popular choice for those looking to score some extra funds on the side. However, is this rapid rise to fame for Ethereum destined to make a fiery crash back down to Earth? No one knows for sure, but there are some troubling signs for prospective miners that are looking to invest some serious coin into building multi-GPU rigs in an effort to score easy cash.
Just last month, Ethereum was in earshot of touching the $400 price point, marking an all-time high for the cryptocurrency. However, since that high point, Ethereum has been on a steady decline, falling to $286 on June 26th. Ethereum prices are currently hovering at around $200, but intra-day trading has seen it dip to as low as $175.
It’s going to be a bumpy ride for anyone looking to delve into the cryptocurrency market, so you’ll need to be willing to weather the ups and the downs. Back in early June, entrepreneur Mark Cuban expressed his thoughts on the current state of cryptocurrency, tweeting:
I think it's in a bubble. I just don't know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble https://t.co/hTrV5DeWNd
— Mark Cuban (@mcuban) June 6, 2017
Anyone anywhere can buy a stock. #crypto is like gold. More religion than asset. Except of course gold makes nice jewelry. #crypto notsomuch https://t.co/xp334BCRa2
— Mark Cuban (@mcuban) June 6, 2017
However, we should note that Ethereum prices are still up over 2,000 percent since the start of 2017, when it was at $8. Bitcoin, on the other hand, has also been surging in recent months. Bitcoin was trading at around at around $500 in August 2016, and spiked to over $1,110 at the start of the year. However, beginning on April, Bitcoin has seen a meteoric rise and currently sits at $2,378 as of this writing.
