Bitcoin Price Grow Will Follow Mining Record
Major investments and historical high amount of power used along with cryptocurrency price downfall that’s why is happening in the market right now.
According to the information provided by Blockchain company, Bitcoin mining power usage is at an all-time high with the speed of 52 quintillion per second.
Cryptocurrency investments keep being poured into the industry despite Bitcoin price of 6500 USD at the press time which makes it hard to find a break-even point of this business. However, it also means that the investments are made for the long term when Bitcoin price double or triple as miners expect and that’s what Twitter users under the name ecurrencyhodler believes.
It explains why the leading company in ASIC mining hardware manufacturing Bitmain announced the launch of 7 years investment project in Texas. The total amount of investment is expected to be over 500 million USD.
Earlier, New-York based company Coinmint is planning to increase mining investment up to 750 million USD through its subsidiary North Country Data Center Corp. Another direct investment company Brookstone Partners is developing the project in Morocco focused on wind power that could be used for Bitcoin mining.The project price is expected to be over 3 billion USD after it’s finished.