Citi: Miners and Merchants Are Keeping Bitcoin Prices Low

By August 26, 2014Bitcoin Business

Aug 26 – flickr nicmcphee miner Bitcoin’s price is poised for “acute instability” due to an oversupply of coins from miners and large merchants, along with a weak growth in demand, according to a new research note from financial giant Citi.

The Citi analysis points to the increased sophistication and cost of mining as a major driver for growth in bitcoin supply.

As mining costs rise, miners come under pressure to sell their freshly unearthed bitcoin to recoup […]

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