Both Bitcoin and Ethereum, after reaching all-time highs of $57,489 and $1,960, respectively saw a mild drop earlier today as the former settled at $47,311 and the latter stabilized at $1,560. That’s a tumble of more than 20% for Bitcoin and just over 25% for Ether.
Those of you, however, hoping the mining boom will come to an end should probably settle down and take a break, as small drops like this have been fairly common over the last year or so. Both Bitcoin and Ether are still more than profitable and unless their prices don’t drop by at least 50%, the bubble will survive.
A few days back, NVIDIA announced that it will be launching the GeForce RTX 3060 will a mining block, limiting the Ether hash rate by 50%. However, the move has failed to control the retail price of the GPU as miners move to other currencies or simply wait longer to break even.