Bitcoin Price Falls, Mining Rigs Sell

One reason why miners often pay close attention to bitcoin’s price is because mining machines have a strong positive correlation to its fluctuations. And as bitcoin’s dollar-denominated value has dropped precipitously this month, mining hardware prices followed.

At its recent lows, bitcoin was trading near $17,000, a drop of over 60% year to date. Over the same period, prices for the most efficient mining machines fell by 41%, as detailed below.

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Observing the relationship between prices for bitcoin and bitcoin mining machines offers useful insight into the mining sector’s reaction to bitcoin price volatility and timing for accumulating discounted hardware.

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