China-based Bitmain Technology Ltd., one the industry’s biggest miners, just opened a 30,000-unit facility with 12 megawatts of mining power in East Wenatchee, Washington. Another competitor based in East Wenatchee, called Giga Watt, just filed for bankruptcy. Giga Watt essentially hosted small miners, and as a result, took only a share of the mining profits -- which wasn’t big enough in today’s market squeeze.
Salcido, who says he has already weathered three other Bitcoin crashes during its 10-year history, doesn’t anticipate a quick turnaround.
“I expect where we are at to possibly get a little worse before it gets better," he said. "Like all market bottoms, smart money is watching for the turn, that doesn’t happen usually quickly. It wouldn’t surprise me if the bottom is finally in February.”
This article provided by Bloomberg News.