, Columnist
Bitcoin Miners Fried in Game of Chicken
As prices plunge, most are losing money. They're all headed for the cliff unless some pull out.
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Bitcoin miners who've decided to stay in the game amid plunging prices may soon find that the well has run dry.
A 70 percent price drop since the heady days of mid-December has cut profitability to the bone. With the cryptocurrency hitting $6,000 on Tuesday, only the biggest and most efficient can stay above water, but even these are balancing on a knife edge, according to a Gadfly analysis.