BTC under 6k? - page 4. | Bitcointalksearch.org

erichall

full member

Activity: 350

Merit: 107

Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

I imagine that if miners are no longer profitable they may reconsider mining altogether and there may be a handful that drop out, at least temporarily.

genuin

sr. member

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The fall in bitcoin prices to touch the 5000 USD price makes miners feel panicked because they are worried about the loss of bitcoin mining.
But I think when bitcoin prices dropped down the difficulty will also drop so that miners will get more bitcoin in than ever before

dohh

jr. member

Activity: 332

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Quote from: Pursuer on June 30, 2018, 01:09:29 AM

bitcoin will survive any literary any price even at 0 because of the way it is designed.

you can search more about difficulty to learn more about it but basically the profitability of mining and how much it costs depends on difficulty and difficulty itself depends on how many miners or more accurately how much hashing power is mining bitcoin. and that changes with price, it is not a fixed amount. for example if price falls to a point where it becomes unprofitable to mine bitcoin and miners were put under pressure then some miners will stop mining and difficulty will decrease making it profitable again.

The magic of exponential mathematics.

https://en.bitcoin.it/wiki/File:Controlled_supply-supply_over_block_height.png

This graph shows well, what happens with bitcoin´s supply in future. Everyone, who is at home with math, understands thatm itś not about "miners were put under pressure, some will stop mining". It means, there wll be soon nothing to mine.

coly20032003

full member

Activity: 322

Merit: 113

I am still pretty optimistic about bitcoin. Yes now the price is not that high, but some people will believe it is low price and will buy it, then the price will go up later. And eventually the price will surpass it is once highest price. It is just a matter of time.

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

bitcoin will survive any literary any price even at 0 because of the way it is designed.

you can search more about difficulty to learn more about it but basically the profitability of mining and how much it costs depends on difficulty and difficulty itself depends on how many miners or more accurately how much hashing power is mining bitcoin. and that changes with price, it is not a fixed amount. for example if price falls to a point where it becomes unprofitable to mine bitcoin and miners were put under pressure then some miners will stop mining and difficulty will decrease making it profitable again.

miners don't all have the same cost. some have cheaper electricity, cheaper labor,... are in cooler environment so need less cooling so less cost,... some have reached their ROI already and some have started recently,... so you see not all are going to suffer the same from same size of drop. which is why only some leave and difficulty changes a little at a time.
so far hashrate is rising despite the fall which means miners are making a lot of profit that makes them increase their hashing power instead.

dohh

jr. member

Activity: 332

Merit: 1

Quote from: cryptoassistent on June 30, 2018, 12:59:11 AM

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

https://www.marketwatch.com/story/heres-how-much-it-costs-to-mine-a-single-bitcoin-in-your-country-2018-03-06
You can look from here, where it is non-profitable to mine already.

How much of supply comes from miners? What You mean? If You ask how many coins they supply, then 1 coin in every 10 minutes. If You ask, how much of calculations they make, then its 100%. They are the backbone of BTCs claimed product.

I particularly like You 3rd and 4th question. No, it wont make transactions less secure, it will cease the transactions, because calculating the blockchains IS the transactions.

Yes they do continue mining for a while, but not for long. People who believe in god are very... persistent. BTC is their god.

cryptoassistent

newbie

Activity: 34

Merit: 0

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

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