Topic: It Takes 9343$ to mine one bitcoin, so no way i am selling it below 12000$ (Read 649 times)
November 21, 2018, 08:01:12 PM
why not just shift to mining altcoins? There are a few icos and about to ico projects which are mining based; better returns while btc freaks out
November 21, 2018, 07:51:24 PM
but if the price of bitcoin is not recovered like the price you want, how? Isn't it better to have a slight loss than to experience a full loss. In this case, many miners experience losses. They spend 100 $ just for a profit of 1 $ so I know the reason there are still many people btc BTC
November 21, 2018, 05:52:24 PM
The cost of power and capital to build mini mines for this purpose is enormous. Investors took a long time to recover their money, and sharks are still trying to push the market down, despite everything. I believe everything will change if this market changes.
November 21, 2018, 05:39:44 PM
This mining price does matter too much now as it is always changing. Despite all of these changes and Bitcoin falls, I will not sell it for at least 2-3 years. I have chosen the way of a hodler.
Although it is changing, it takes time for the difficulty to adjust. If the miners are forced to operate below profitability for too long they will go bankrupt. Some of them were an the edge at 6000. Now nobody is taking profits and the bills will keep piling.
November 21, 2018, 02:23:46 PM
You don’t understand mining. You don’t mine based on today’s ROI. You are mining for a future return.
I started mining bitcoin when they were relatively worthless with very electrically piggy failure prone desktop computer equipment. I believed bitcoin would be valuable someday even if the only thing they were ever used for was dark web purchases.
Mining is a costly enterprise. There are only three reasons to mine, faith in future value, support the ideology, nefarious purposes (attack). Instant ROI isn’t one of them.
I started mining bitcoin when they were relatively worthless with very electrically piggy failure prone desktop computer equipment. I believed bitcoin would be valuable someday even if the only thing they were ever used for was dark web purchases.
Mining is a costly enterprise. There are only three reasons to mine, faith in future value, support the ideology, nefarious purposes (attack). Instant ROI isn’t one of them.
November 21, 2018, 02:11:35 PM
Hmm... that is interesting. But in case mining gets unprofitable, then a lot many of the miners will quit and the mining hash-power will drop. And this will somewhat neutralize the effect of low prices.
November 21, 2018, 01:12:30 PM
This is the first I'm seeing such news that mining Bitcoin is this expensive and I find it hard to believe because if it were to be true I don't think many people will wishing to become miners.
November 21, 2018, 12:21:36 PM
I saw somewhere that the cost of mining was estimated at around 6000 USD.
You're doing the right thing by not following the sheep and not selling now. Every Bitcoin Winter ends with it being oversold, sold below the cost of mining and below the money people paid to buy it. This is achieved by people reaching the tipping point at which they say "fuck it all, it's dead, I held but now i'm out." In 2015 it was the period when Bitcoin went below 300 USD and in this market it's below 6000 USD. If you held between 10k and 6k you shouldn't sell now, because you'll regret it.
You're doing the right thing by not following the sheep and not selling now. Every Bitcoin Winter ends with it being oversold, sold below the cost of mining and below the money people paid to buy it. This is achieved by people reaching the tipping point at which they say "fuck it all, it's dead, I held but now i'm out." In 2015 it was the period when Bitcoin went below 300 USD and in this market it's below 6000 USD. If you held between 10k and 6k you shouldn't sell now, because you'll regret it.
This mining price does matter too much now as it is always changing. Despite all of these changes and Bitcoin falls, I will not sell it for at least 2-3 years. I have chosen the way of a hodler.
November 19, 2018, 12:42:57 PM
I saw somewhere that the cost of mining was estimated at around 6000 USD.
You're doing the right thing by not following the sheep and not selling now. Every Bitcoin Winter ends with it being oversold, sold below the cost of mining and below the money people paid to buy it. This is achieved by people reaching the tipping point at which they say "fuck it all, it's dead, I held but now i'm out." In 2015 it was the period when Bitcoin went below 300 USD and in this market it's below 6000 USD. If you held between 10k and 6k you shouldn't sell now, because you'll regret it.
You're doing the right thing by not following the sheep and not selling now. Every Bitcoin Winter ends with it being oversold, sold below the cost of mining and below the money people paid to buy it. This is achieved by people reaching the tipping point at which they say "fuck it all, it's dead, I held but now i'm out." In 2015 it was the period when Bitcoin went below 300 USD and in this market it's below 6000 USD. If you held between 10k and 6k you shouldn't sell now, because you'll regret it.
November 19, 2018, 12:11:17 PM
Miners aren't selling their bitcoins, they HODL waiting the market to come back to some level decent enough to cover the mining costs.
People who are actually selling are the weak hands and people finally tired with cryptos. Fair enough let's swipe the market if it can turn to be a good thing. in the end, we ill have true crypto users?.
People who are actually selling are the weak hands and people finally tired with cryptos. Fair enough let's swipe the market if it can turn to be a good thing. in the end, we ill have true crypto users?.
November 19, 2018, 10:05:40 AM
There are huge mining farms in the USA that have half that electricity cost. I personally have a cost of slightly less than 0.10/kwh. Bitmain certainly doesn't have a cost that high. You're averaging USA electrical costs and coming up with a number that btc should be valued at? We are not the only country in the world that is mining crypto.
All of that aside ... I would never sell my btc at 12k. The majority of the btc that I hold will not be sold under 50k. It can either reach those levels or I'll watch it go to zero while I continue to hold. I don't care if it takes 3-5-7-10 years to get to the point at which I would sell, I will wait or I will watch it go to zero.
All of that aside ... I would never sell my btc at 12k. The majority of the btc that I hold will not be sold under 50k. It can either reach those levels or I'll watch it go to zero while I continue to hold. I don't care if it takes 3-5-7-10 years to get to the point at which I would sell, I will wait or I will watch it go to zero.
I would be of the same mind.
Its about the long term, and thats 5 years plus.
Its too easy for the op to state mining is costing x amount. There are many many varying costs, miners have different operational costs so their base cost is different to others.
November 19, 2018, 08:39:48 AM
Massively inaccurate statement. It costs $9343 to use that amount of energy, but that energy is not used just mining Bitcoin, but also securing the network so that other people can be sure their bitcoins are safe. And didn't you know, Bitcoin miners don't just get paid from newly minted bitcoins, but also from the transaction fees of all the transactions included in the block they mine, thus you would need to deduct those from your cost estimate.
well i know, cause i am miner, i am just talking in general
September 29, 2018, 08:15:03 PM
Massively inaccurate statement. It costs $9343 to use that amount of energy, but that energy is not used just mining Bitcoin, but also securing the network so that other people can be sure their bitcoins are safe. And didn't you know, Bitcoin miners don't just get paid from newly minted bitcoins, but also from the transaction fees of all the transactions included in the block they mine, thus you would need to deduct those from your cost estimate.
Yeah, and that "fee" is well visible here: https://bitinfocharts.com/comparison/bitcoin-transactionfees.html
If someone says, that, there are many transactioncs, then, no, its a bullshit, the are not: https://bitinfocharts.com/comparison/bitcoin-transactions.html
And yes, original statement is not accurate, its too BTC friendly. It ignores costs for suitable mining equipment, now, when blockchain is alredy 200 GB large. I lol, whats gonna happen, if it hits 8 TB for instance.
Increased total chain size has nothing to do with block time.
September 28, 2018, 01:28:23 AM
Massively inaccurate statement. It costs $9343 to use that amount of energy, but that energy is not used just mining Bitcoin, but also securing the network so that other people can be sure their bitcoins are safe. And didn't you know, Bitcoin miners don't just get paid from newly minted bitcoins, but also from the transaction fees of all the transactions included in the block they mine, thus you would need to deduct those from your cost estimate.
Yeah, and that "fee" is well visible here: https://bitinfocharts.com/comparison/bitcoin-transactionfees.html
If someone says, that, there are many transactioncs, then, no, its a bullshit, the are not: https://bitinfocharts.com/comparison/bitcoin-transactions.html
And yes, original statement is not accurate, its too BTC friendly. It ignores costs for suitable mining equipment, now, when blockchain is alredy 200 GB large. I lol, whats gonna happen, if it hits 8 TB for instance.
September 27, 2018, 07:10:43 PM
Very good calculation, I think bitcoin mining always be a good way to generate small pieces of bitcoin, so it becomes 1 BTC.
all devices, electricity, and service fees must be a top priority for miners, those who maintain the existence of bitcoin.
but I feel that miners do not 100% regulate the price of bitcoin on the market, whales, trading activity, and investment also control the price of bitcoin.
all devices, electricity, and service fees must be a top priority for miners, those who maintain the existence of bitcoin.
but I feel that miners do not 100% regulate the price of bitcoin on the market, whales, trading activity, and investment also control the price of bitcoin.
September 27, 2018, 06:33:58 PM
Massively inaccurate statement. It costs $9343 to use that amount of energy, but that energy is not used just mining Bitcoin, but also securing the network so that other people can be sure their bitcoins are safe. And didn't you know, Bitcoin miners don't just get paid from newly minted bitcoins, but also from the transaction fees of all the transactions included in the block they mine, thus you would need to deduct those from your cost estimate.
September 27, 2018, 06:03:55 PM
That's right, we have to wait for market prices to improve. And embarrassing mining now is a good idea too
September 27, 2018, 05:26:08 PM
9343$ to Mine 
I think your Mining Rig Setup is too old...
I think your Mining Rig Setup is too old...
September 27, 2018, 05:21:03 PM
it is one of the psychological tradings, if you look at the fluctuating price movements, bitcoin also declined because it did not escape the SEC's yesterday's refusal. And the possibility of investors is also waiting for the results of the ETF later next year to see developments.
By looking at the condition of ETFs that provide the positive potential for bitcoin, I believe that next year bitcoin will also experience a positive level.
I am waiting to get the right moment to buy
By looking at the condition of ETFs that provide the positive potential for bitcoin, I believe that next year bitcoin will also experience a positive level.
I am waiting to get the right moment to buy
September 27, 2018, 05:09:59 PM
Bitcoin is an asset and not a gamble. Therefore, one needs to be patient when it comes to selling, just take advantage of the bubble and do not sell your bitcoin for only a few dollars.
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