The virtual currency market experiences severe fluctuations: Bitcoin prices plummet, and miners face challenges.

The virtual currency market has recently experienced significant volatility, with Bitcoin's price briefly falling below $61,000. Other major cryptocurrencies such as Ethereum, Binance Coin, and Dogecoin also saw substantial declines. The total market capitalization of cryptocurrencies dropped below $2.2 trillion, with over $880 billion in market value evaporating. In the past 24 hours, nearly 100,000 investors were liquidated, with a total liquidation amount reaching $330 million.

Bitcoin's price has fluctuated between $55,000 and $70,000 since July, and it is expected to continue within this range in the coming months. Global economic conditions and fluctuations in the dollar exchange rate significantly impact the market. The virtual currency market is influenced by supply and demand, regulatory policies, and global economic cycles, leading to high price volatility.

Bitcoin miners' revenues have sharply declined due to the halving of mining rewards, leading to sustained selling. The Bitcoin network's mining reward has been reduced from 6.25 Bitcoins to 3.125 Bitcoins, directly affecting miners' income. Miners' operating costs, such as electricity and equipment fees, have not decreased, leading to financial crises.

The mining machine production market is oversupplied, with an estimated 5 million mining machines expected to enter the market next year, increasing the total network hash rate by 1,300 EH/s. This will result in a significant decrease in miners' earnings and an extended payback period.

Explanation:

• Liquidation: Refers to investors being forced to close their positions due to an inability to meet margin requirements, resulting in a loss of funds.
• Mining Reward: The reward given by the Bitcoin network to miners who successfully validate transactions.
• Hash Rate: The processing power of mining machines, measured in EH/s (exahashes per second).