So this is what happened with the Bitcoin crash! #BTC
Finally figured it out! Why did Bitcoin crash so hard these past two days?
The Americans bombed a few nuclear facilities in Iran, right? We all thought they were bombing nuclear weapons, but it turned out to be a big blunder! They bombed the nuclear power plants that Iran uses for mining!
The funniest part about this is: those three nuclear power plants in Iran were bombed, and the total network hash rate dropped from 1000 EH/s to 700 EH/s! It evaporated by 30%!
Think about it, the mining power across the network suddenly decreased by almost a third, but the number of Bitcoins mined each day remained the same. This means that the remaining miners suddenly found it easier to mine, increasing the probability of finding blocks, which means the cost of mining each coin decreased!
With the cost down, those miners or people eager to cash out would be willing to sell their coins for a lower price, right? So the price of Bitcoin just plummeted!
This logic is complete: the U.S. bombed, the Iranian mining sites went offline, the network hash rate collapsed, mining costs plummeted, and the coin price followed suit.
Do you want to give it a push? Or kick it off the cliff? Brothers stuck at cost price! Follow me! Jin Zhu will open an escape route for you!
