This is a painful article to write…
Not only because I myself have a number of BitGreen masternodes but also because it was only about 3–4 months ago that I published a video on YouTube saying how great I thought the project was.
Unfortunately, since the BitGreen halving in early August the price has fallen significantly down to a level which now seems to be unrecoverable, for reasons we shall cover in this article.
Firstly let me just say this… There has been no major change within BitGreen that has prompted this decision, the guys behind the BitGreen foundation are reliable, trustworthy and doing a good job at delivering their vision for BitGreen.
They also have a great community and a great blockchain developer onboard.
But unfortunately good intentions is not always enough!
After the halving in August between 100–200k BITG were dumped onto the market pushing the price down as shown in the chart below.
At first this was kind of expected, a post halving dump is quite normal however this one just kept on going lower!
It took a short dip down to 800 sats and retraced to a marginally profitable 1,700 sats, but that did not last long. Soon it was retesting the 800 sat level again and was looking like a possible “double bottom”.
But no… once it broke down further we had to shut down the masternodes on Satoshis Mines as they had been running at a loss for over two weeks.
Prior to the halving a BITG masternode generated more per month in USD value than what you would have gotten from a far more expensive PIVX masternode, they were an absolute cashcow.
But now (post halving) a BITG masternode only receives about 25 BITG per month in rewards meaning that for it to really be econically viable as an investment you need a price above 1,400 sats.
Having fallen below the possible double bottom the only thing that could save BitGreen from total annihilation would be a major release such as the release of their much awaited phone App :-)
Unfortunately that already got quietly released with barely a whisper on social media, no excitement building, no fanfare just a simple tweet.
So what now? What can we do to save BitGreen now?
The only thing left would be its utility, to find value in its use case. If the price is so low that running a masternode is a loss making endeavor, what other reason would there be for anyone to actually pay out money to own the coin?
Well the big picture seems to be to partner with small unknown eco-friendly charities so that they can buy the coins to give away for free to people for making “greener” choices such as riding a bike to work.
So the value comes from giving it away for free!
Economically speaking a charity buys 10,000 BITG and gives them out to people that don’t really want bitgreen since it has no purpose other than to give away for free, so they cash it in asap if they have any sense.
As seen the the chart above from masternodes.online bitgreen currently has 2,709 active masternodes each earning roughly 313 BITG per year.
That equates to ~850,000 new BITG coming onto the market that needs buying in order to maintain price level.
At this price no one is going to buy those coins for a masternode investment as it is not profitable and even if they managed to get those bought by charities, they would only be given away for free and soon end up back on the market looking for a new buyer again.
I think the death spiral is beginning to take shape.
Very unfortunate as only a few months ago this was our best performing masternodes and has so quickly become the worst.
But do not panic!
We have been here before…
Last year we had to delist GINcoin, KYD, Kalkulus and even my beloved Graft which shockingly sank down to 1 sat seemingly over night and never recovered.
However in the case of the others they did not go so quietly. They had the price constantly swaying up and down for months after they were delisted so hopefully that is what will be happening with bitgreen also.
As mentioned by supermangeles in the BITG Discord group (shown under top BITG chart image above) BITG is currently only 11,000 BITG away from being down to 14 sats.
On Satoshis Mines we have far more than 4–5 masternodes to sell as I’m sure you can imagine so a more tactical approach to selling off is needed to avoid an absolutely catastrophic loss!
As mentioned earlier BITG has a great community and there will be many eager to see the price recover, myself included!
So we shall be slowly “dollar cost averaging” out, rather than just dumping the lot.
Otherwise we would end up at 14 sats, or maybe even less!
We have now delisted BitGreen from the platform and removed it from everyone's wishlists so that no further masternodes can be purchased.
We have also activated the ability to SELL your stake in a BITG masternode no matter when in was invested into.
Also if you DO NOT want to sell but would rather we send you your BITG stake then please get in touch via the Telegram group and let me know asap.
REMEMBER: The name of the game here is tactical withdrawal! I did not do a video to announce this as it would sink the market. It was also too long for an email, so instead put this into a blog post.
Please do not go sharing this around and making it public knowledge as we have a lot of BITG to sell and currently no one in the market to sell them to.
