Ethereum Mining Rush Hits Dead Spot As Price Plummets Then Slowly Recovers

Ethereum logo with laptop
Unless you’ve been living under a rock for the past six months or so (and especially within the last two months), then you know that there’s been a “gold rush” of sorts in the cryptocurrency market. Bitcoin has fallen out of favor with some miners, as they have switched their attention to the rising star power of Ethereum.

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.

ethereum price

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:

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.


Tags:  bitcoin, ethereu
Via:  Coindesk
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