There are people selling bitcoin for less than what a miner pays for a newly mined coin right now

There are people selling bitcoin for less than what a miner pays for a newly mined coin right now.

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Exactly why its not going below 7k. Professional miners have more power than whales its just silent power.

>says increasingly nervous bagholder for the 871th time this week

wow so if mining a bitcoin costs $8k then how did satoshi mine so many back in the day??? Is Bill gates satoshi?????

Which is why btc will remain at that price until the Gox fuck finishes dumping. Then Bulgarians start their dump.

Miners are not some market wizards. If the price drops too far, lots of them will quit mining, which will likely be the case this year.

Who gave the authority to miners for setting the price?

Jihan BTFO

yes, or warren buffet.

good question user, also is the price of mining set in the code?

BTC is currently undervalued. Why is even the greenest noob surprised by this? After a bubble, a collapse below value, then back to normal.

Okay. Random biztard vs bitmain who have 45% hashrate, made 4billion last year.

They can switch off and stop selling rigjt now. Difficulty would take months to adjust and bitcoin would die. Whales are not that stupid

holy shit. hasta la vista baby. game fucking over.

That's why they made Bcash

Lol at bit coin being digital gold.
Golls value represents the real value of the energy used to produce.
Bitcoin mining value is based on the amount of money wasted for doing math,lol there needs to be a better coin

Thats it. Ur getting it. B cash is basically bitmains deadmans switch.

Whales decide to fuck btc out of greed? Bitmain make bch the new bitcoin with death spiral. Whales btfo.


no one cares about buttchains anymore no matter what name it's called.

mining was easy at the beginning of btc, but difficulty increases every 2 weeks or something

Every 2000 blocks. Not 2 weeks. Thats why one company with huge hashrate can switch off as soon as new blocks start and it would take months to reach an adjustment to make it easier. Basically killing bitcoin.

Exactly why whales wont fuck with miners

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Cheapest is actually Iceland and it's not even on the list lmao

have you been there once? It's as expensive as switzerland and if you count hardware, taxes, wages and everything i guess in china it's cheaper to mine

this ignorance disgusts me. anons, the difficulty changes due to market-forces and block reward changes with time.
satoshi was mining 50 BTC rewards every day solo. because he was likely one of a dozen miners.
now, the sum is still finite but the game is played by many.

It's very much overvalued lol.

yes and corestream cucks wanted to remove the fixed in price with segwit that's why we have bitcoin cash now

Except isn’t there some kind of difficulty adjustment that would mean that the price to mine would be the same but the value would drop further due less frequent block rewards, and a more unstable network? Meaning further loss of value in some kind of downward spiral?

What? Prices are determined by what the market will bear not what the suppliers can provide it for. If the price drops below $8000 miners will stop mining. In your world miners tell people it costs x dollars to supply a token and you *will* pay lol. Fuck off dumbass. The absolute state.

Chain death spiral only happens if hashrate drops too quickly for a difficulty adjustment. Difficulty adjustments will always ensure profitability. The only issue is difficulty can only adjust every 2016 blocks. But again if hashrate doesn't drop too rapidly bitcoin mining will always be profitable.

>$8000 to mine 1 BTC

I've heard ranges of $3400 all the way to $1200, but never that high. Maybe if you're living in fucking NYC trying to mine alone, but with EoS in China it couldn't possibly be 8k per coin

that's retarded. There's no "price" to mine Bitcoin, it all depends on your electricity cost.
There'll be miners at 4k and the difficulty will slowly adjust.

He mined at a loss, he was the only miner for a while so he could set the price to whatever he wanted. In order to increase adoption, he started it at a low price and did a 'slow ramp up' in order to lock the price at various thresholds. Looking back, it probably wasn't the best strategy as we're approaching early 2000s pricing.

> early 2000s pricing.
Holy fuck. This comment is making me seriously consider leaving biz and going to reddit. Too many people here have no idea what the fuck they are even investing in.

How easily do you redditors get baited

Yeah I'm surprised it worked unless I'm getting baited on fake bait takers. What I wrote makes zero sense. Bitcoin will obviously go down in value of miners can't make a profit. (This is bait, I don't actually believe this)

>Whales decide to fuck btc out of greed?
More like Blockstream decides to change the POW. So BITMAIN has to switch.

>Every 2000 blocks.
It is every 2016 blocks, and should be 2 weeks but if hashrate increases it will be less.