>Lee notes in the report that the current figure for the cost of mining one bitcoin is $8,038, while BTC is trading at around $8,221 by press time, down a quarter of a percent over a 24 hour period, according to data from CoinMarketCap.
>According to Fundstrat’s Doctor, miners are likely to stop mining operations if BTC’s price sank to around $3,000 or $4,000.
>btc prices are lower, therefore mining is less profitable than it was at 19k really activated my fuckin almonds
>implying women mined Is Cointelegraph exclusively staffed by feminists?
who the fuck cares
This is why anyone who thought btc would drop below 8k without miners instantly snatching it up forming unbreakable resistance is retarded. How fucking stupid is this market holy shit
I know right this shit is so fucking silly/stupid. It's like how in recent ww2 video games half the soldiers were black or female.
the cost to mine btc will go down as more powerful hardware comes out
also btc mining difficulty is inversely proportional to the amount of computation, so people will stop mining and then the mining cost will go down to the point where it is profitable
>btc mining difficulty is inversely proportional to the amount of computation, so people will stop mining and then the mining cost will go down to the point where it is profitable
this. a little market shakeout could actually be great for the coinas an acutal tech.
Plus, if Whale miners aren't getting shekels in Shitcoin, they'll turn to the alts.
wtf i love satoshi now
I'm sure big boy miners can wait without selling their coins till the next bull rally.
>(((zuckerman))) Can't make that shit up
How the fuck do they think we survived the previous bear markets? Seriously, how is this news?
no, mining difficulty is proportional to the hashrate, not inversely proportional... if it were inversely proportional, it would become HARDER to mine BTC as hashrate went down, leading to inevitable death spiral
also what you are saying implies it gets easier to mine BTC as hashrate goes up....
Not only that but for a brief time in nov/dec the network fees paid more than the mining reward.
Wow it's almost like the difficulty adjusts when more people are mining. I wonder what happens when a chunk of people stop
>heh, I'll mine at a loss, that'll teach them evul joos
literally this, they'll just switch to eth or ltc or whatever
You don't care about the rewriting of history and the massive campaign to emasculate men?
bitcoin miners can't switch. They are all sha256 asics so they have to mine BTC or BCH
>switch from BTC to ETH >switch from ASIC to GPU >they’ll just switch
most people don't realsie what kind of power Bitmain and professional miners have, and it's exactly why we wont crash to 2k, 3k, 4k or even 5k. they have more power than whales, but it is silent power that doesn't become apparent till bottoms.
Seriously, if Bitmain wanted to keep BTC at 8,000 bucks right now al lthey need to do is switch off and stop selling their massive holdings to market.
It would take MONTHS to reach the next difficulty adjustment and price would freeze.
This guy is pretty fucking stupid. Why would miners buy btc because there profit went away? As a miner I don’t buy coins. I mine them. I do a lot of selling now what will happen is that miners will stop selling and the supply will tank price will go up I don’t know why I keep coming to this shit hole
double post ik but also wanted to add that it's exactly why you need to be investing in BTC, BCH at the same time instead of picking sides.
Additionally, any coin that big miners support that has not mooned is a free moon. for example, Jihan Wu pledged to allocate 50% of his hashpower to mining Elastos this year. Just think about that for a minute. Elastos isn;'t even 300m market-cap yet.
You aren't a miner. You are a small timer doing it as a hobby even if you manage to scrape a profit, you have no influence. What is your hashrate? anything less than 5% of network is a non factor.
miners who have 40% or more collectivley can switch off and sto pselling all their holdings. These professional miners made billions last year. they were selling at the top and they are so green that they probably haven't even needed to sell coins this year if they didn't want to.
However if they do stop selling their holdings, and switch off, it will freeze price or make it go upwards again til they switch on.
I did not say I control the price and you just repeated what I said in the secound your dumb. No one has 5 percent of mining so
Lol I just did the rough math if I held 5 percent of mining witch no one does I would make 60k a day at 10000 btc price
my bet is that theyre doing the old oil price manipulation trick. drop the price of the commodity to force competitors to sell at a loss, then buy out the equipment and infrastructure when they run out of money for nothing. someones gotta mine da bitcoins, and you can be damn sure it wont be NEETs with their their basement super computers.
the problem is that kind of undermines the whole decentralized aspect
Honestly, if a picture in an online article makes you feel emasculated and like history is being "rewritten" then you're a massive faggot with a victim complex.
No one is stopping anyone from building a better miner than BITMAIN.
less miners means the difficulty goes down and it becomes more profitable for the remaining miners
this is so obvious this should be a non-issue for them AS WELL AS FOR THIS BOARD
or maybe he is just observant enough to see something that does not align with reality at all
you might want to actually look into the history of mining crypto and who has been fostering it
best post in thread
go back to facefuck cuckbook
That's like saying Asterix doesn't align with historical reality of roman times.
We know that you dumbfuck. It's not purporting to be an accurate representation of history. How insecure do you have to be to get triggered by something like that?
I bet you're the kind of cuck that gets triggered by race bait threads.
I bet you would like to be able to not have to rely on technology to get the upper hand hmm ;)
>We know that you dumbfuck. It's not purporting to be an accurate representation of history. How insecure do you have to be to get triggered by something like that?
kek So you're saying that its a fantasy (agreeing with me) What triggers you is the fact someone pointed it out? Sounds like you're the one that is asspained, friend
Fully beyond ironically being reddit. We are now reddit.
What are you talking about? Upper hand in what? We're all trading memecoins here so we're all relying on technology you mong.
>So you're saying that its a fantasy (agreeing with me) Everyone knows that women don't work down mineshafts. How much of a supreme gentleman do you have to be to point that out?
Are you trying to tell us that you struggle to get laid?
no. btc is geratric and cant handle that like you think it can.
if difficulty increases today for example, and bitmain get that 45% hashrate to stop contributing, when do you think the other miners can step in to make it easier? It will take months to hit the next difficulty adjustment instead of weeks.
Yeah nice abstract reasoning skills buddy
>Everyone knows that women don't work down mineshafts So you're saying you have no capacity to relate the image to the context of cryptocurrency mining? I'd ask you if you were being facetious but I dont think you know what that means. Not to worry, just a google search away ;)
>Are you trying to tell us that you struggle to get laid? Typical roastie response The only people that could possibly be arguing with you are beta incels! You're just that special. kek
you brainlets realize it is an organically adjusting mechanic. If mining becomes unprofitable at current hash rates people drop out. Difficult drops meaning breakeven point for mining decreases. It becomes profitable for those remaining.
Bitmain does everything they can to stop competition. Just ask the SIA people lmao
mining rate is constant despite difficulty/hashrate. One block reward every 10 minutes. Nothing changes the rate of growth of coin supply up until the end; coin release is invariable and known up until the end of mining reward distribution.
So you're basically admitting that you can't get laid.
Jihan has almost half the hash power himself brainlet.
What is Bitmain?
If that's what you read from that, well then, my condolences.