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Bitcoin price falls, sell mining rigs

One reason miners generally pay more attention to the price of bitcoin is that mining machines have a strong positive correlation to its fluctuations. And bitcoin’s dollar-denominated value fell sharply this month, as mining hardware prices followed suit.

At its most recent low, Bitcoin trades near $ 17,000, a drop of more than 60% to date. Over the same period, prices of the most efficient mining machines fell by 41%, as described below.

Observing the relationship between Bitcoin and Bitcoin mining prices provides a useful insight into the mining sector’s response to bitcoin price volatility and the timing of collecting discounted hardware.

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