Crypto Mining Blog

The Bitcoin exchange rate at MtGox is still going down as a result of the recent problems they’ve had and the announcement they have made resulting in stopping BTC withdraws. The reason for that is simple – a lot of people that are trading on MtGox are selling their BTCs and are withdrawing in cash not willing to wait for the recovery of BTC withdraws. MtGox however is famous with another thing and that is the significant delays they have for processing cash withdraws, especially for European bank transfers that can take up to 6 weeks. That and the fact that MtGox has been “adding LTC trading” for months already has positioned MtGox from the place of a leading Bitcoin exchange to a literally dying exchange that is loosing more and more to other newer crypto exchanges that are more flexible and faster operating. The problem is that MtGox is now bringing the exchange rate of BTC and other cryptos in other exchanges down, so the faster MtGox either resolves the issues and restores BTC withdraws or completely shuts down happens the faster things will normalize. At the moment MtGox is just fueling panic in a lot of users and creating some good opportunities for money making for others. The question if you should be worried about MtGox killing Bitcoin should be asked the other way around – will Bitcoin kill MtGox and the answer is probably yes, or actually MtGox are killing themselves.

Bitstamp, another of the top BTC exchanges has also halted temporary Bitcoin withdraws and deposits and this also resulted in the exchange rate going down at that exchange as well. The situation here however is not as bad as with MtGox and customers using Bitstamp actually expect that the services will be resumed soon unlike on MtGox. Another among the most used BTC exchange BTC-E still has not halted operations regarding BTC transfers and although you can see some drop in the BTC exchange rate and other crypto currencies traded there as well.

– Read a recent interview with MtGox’s CEO Mark Karpeles at Forbes…