Bitcoin is trading at USD6300 at reporting time, at 7.5% increase since the 6.5 week low hit on 14-Aug-2018.
Despite Bitcoin miners now operating below breakeven, mining of the crypto does not seem to be on the decline, according to Genesis Mining.
Speaking to Bloomberg, Genesis Mining CEO Marco Streng stated major players including Bitmain or Bitfury continue to expand by investing in speedier chips and lower cost electricity.
“There are still major expansions happening, especially from more efficient miners. The expansion is so big that it compensated for the drop-out of not-so-efficient miners”, he said.
Stay updated here with how the cryptocurrency is tracking:
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