Some of you may have realized me mining #bitcoins with #genesismining over the last months. As for the operation I can say nothing bad. Bits coming in like clockwork on a daily basis. Unfortunately the price has been hit hard this year 2014.
Many fans of bitcoin suffered and I consider mysellf as a fan and a suffering individual. On the bright side, I'm not in for the short run. The technology is fantastic and many companies are now accepting bitcoins. Bottom line, 2014 wasn't that bad for the currency or whatever you might wanna call it.
As stated once before, I still believe Bitcoin will not replay US$ oder €, but it ll work as an underlying exchange for international money transfers. Just imagine a company like Volkswagen or Metro (Wal Mart) will introduce Bitcoin to their suppliers as the official currency. The savings in fees and the unbelievable speed of transactions will (hopefully) soon convince companies to use them as a transport layer.
Bitcoin will not reach Main Street until corporates use it. What this will do to its value is pretty much easy to predict. IMO Bitcoin will Banks kick the bucket, but it will not crash national currencies.
Back to my personal mining experiment. The mining performance took a hit the last 19 days. With it's current price @ 274 € I would have lost roughly €160. Break-even is @ 340 €.
#dirkschuerft #mining #miningindustry #cryptocurrency