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Bitcoin miners are losing money minting coins. It's the same problem that killed the penny
The U.S. government recently retired the penny after two centuries because it had become too expensive to mint. Some bitcoin miners are facing a similar existential threat. For many miners, it has cost more in recent months to produce a bitcoin than the coin can be sold for, leading them to stop operating some machines and to sell more bitcoin holdings to raise cash. That selling has put more pressure on the already battered cryptocurrency. Bitcoin (BTCUSD) entered a bear market in November, defined as a drop of at least 20% from a prior peak. It has plunged roughly 44% below its record of more than $126,000 in ... (full story)
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