“There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore,” Vitalik told Bloomberg News interview this Saturday in Hong Kong. “The blockchain space is getting to the point where there’s a ceiling in sight.”
Earlier Wednesday, Ether prices hit a 16-month low. Miners are also backing away from Ether.
“On top of unraveling prices, Ethereum mining has also seen a slowdown in the past weeks. Mining fell from around 295 TH/s on August 26 to 255 TH/s as the slide accelerated in recent days. Ethereum is also slowly preparing to become a staking coin, which will render mining unattractive. The sliding market price is also pushing miners to cut costs and cease operations,” according to Cryptovest.com.
For more information on the cryptocurrency market, visit the Bitcoin category.