The Bitcoin Price Has Plummeted. Should I Get Rid of My BTC?
Is current Bitcoin drop the right time to get rid of my BTC?
The price of Bitcoin is plummeting. The last time the first cryptocurrency was that cheap was 2 years ago. No one knows for sure whether BTC has already hit the bottom or its price will keep on decreasing even further.
Are you in a panic? You shouldn’t. Let’s think rationally about what to do in such a situation.
Should You Sell Your Bitcoins?
The price of the asset is going down precisely because too many people are trying to get rid of it simultaneously. Here are the most popular reasons that explain their behavior:
- Miners face losses and quit their businesses. They try to sell their rig and their crypto assets as promptly as possible to earn at least something from them.
- Investors with little experience believe this is the end. They bought BTC when its price was much higher and now, they’re afraid that it will drop down to zero.
- Some people might need to cope with unexpected circumstances in their business or private lives. They would have sold their Bitcoins anyway, regardless of the overall economic situation.
At the same time, the largest and the most experienced investors don’t get rid of their crypto savings. Instead, they’re buying Bitcoin in relatively small amounts, to avoid driving up its price. For them, it’s the best time. There is a trend in the crypto market: after each crisis, more and more coins get consolidated in the hands of a few selected owners.
If you’re an investor, just keep holding your coins. Bitcoin won’t disappear from the market any time soon. It has proved its efficiency as a great tool for making a profit. It has become too widespread. Too many powerful institutions and individuals rely on it. Sooner or later, its price will go up again.
If you’re a miner, use this time to optimize your business. Let’s see what exactly you can do.
Look for Opportunities to Cut Down Your Mining Expenses
First, find ways of minimizing the cost of electricity. Many countries are struggling to overcome the global energy crisis. Yet there are locations where the energy remains cheap and there are no legal restrictions on mining. One such place is Armenia.
On the territory of this country, there are several free economic zones. ECOS free economic zone is a mining haven — it offers its customers the following benefits:
- Cheap hash power
- Affordable electricity
- Opportunity to buy or rent mining equipment at a reasonable price
It’s a perfect moment to enter the mining business with modest expenses or modernize your rig. When the prices will begin to grow, your new rig will become more expensive. Now, you’ll get more mining power for a smaller amount of money — so you’ll have good odds of making a profit.
ECOS staff is highly experienced and professional. They’re always ready to consult you as well as help you select, buy or rent the equipment. The local data center is surrounded by modern end-to-end infrastructure. It includes warehouses, a service center, armed guards and regular supplies of spare parts, all of them operating 24/7.
And the final argument is: after you relocate your mining business to ECOS in Armenia, you’ll benefit for 25 years from a 0% tax rate on:
- Real estate
- Import and export
Act quickly, because it’s Black Friday! The ECOS team has organized a special promotion for this date. It’s your chance to win an extra discount and join ECOS community on the most lucrative conditions.
To Sum It Up
Don’t sell your Bitcoins while they’re cheap. Instead, hold them and look for more affordable electricity for mining. Consider relocating your mining business to ECOS free economic zone in Armenia where you’ll be able to benefit from lucrative prices on energy and hash rate.