It Takes 9343$ to mine one bitcoin, so no way i am selling it below 12000$ - page 4.

talkbitcoin

legendary

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Quote from: bitcoinfuck on September 25, 2018, 01:42:29 AM

the reason you are still seeing difficulty increase is for the fact that Bitcoin is gaining mining momentum

no it is because it is profitable to mine bitcoin. and miners coming from all around the world with all kinds of costs including electricity costs as one of them. and it is sometimes gets more efficient to mine bitcoin with new ASICs. so the hashrate can go higher that way too.

wndrbr3d

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9343$... You should reduce costs of "baking" bitcoins anyway. 9k$ is very high digit.
What purpose of your mining? You can get cheaper bitcoins at exchanges for current price (6.5k$).

Legendari

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I think that this is not an objective assessment. In many countries, the cost of creating one bitcoin is much less (for example, Venezuela-4500$), so no matter how much it costs for you, you need to look at the approximate costs for all miners.

vfrcbv91

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I think you're misjudging the cost of mining. Many large miners spend about $ 6000 per bitcoin, in China about $ 5000. If you personally spend $ 12,000 on creating one bitcoin, this does not mean that everyone has such a situation.

dohh

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Quote from: vit05 on September 24, 2018, 08:22:20 PM

I find it unbelievable how some people have great difficulty understanding that the world is bigger than the bubble they live in. The cost is this for a certain location, for others it is much smaller. Many times electricity costs are 10% of this value in China.

This is advantage of being a decentralized and universal asset.

I, on the other hand, find unbelieveable, how stubborn are some people to accept the reality, even when it punches them into face.

https://www.globalenergyprices.com/en/electricity-prices/

Cost of electricity in US is rather low. That means, there are only last oasises left for profitable mining at current prices.

hugeblack

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If we deal with such a logic, it means that the price will be correlated with the increasing difficulty of mining, which means that the rate will increase continuously.
Some areas, such as Iceland, have cheap electricity, low temperatures and government regulations that cost mining less than $ 9,000.
Do not forget that the price is linked to supply and demand and that the quantity offered does not depend on mining only.

Kakmakr

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Well, if you want to make a statement like this, rather try and work out a global average cost of mining. You are a miner, so you should know that the price differ drastically between continents and in some countries the electricity are subsidized. (Chinese miners)

I am taking a wild guess here, by saying that a more realistic global average would be more like $2000 per coin. Huh

So, it is still very profitable for a lot of people to continue mining in a lot of countries. Tongue

bitcoinfuck

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Quote from: figmentofmyass on September 25, 2018, 01:37:58 AM

Quote from: bitcoinfuck on September 24, 2018, 08:17:22 PM

POWER COST per KWH : 0.12 $ ( avg american )
POOL FEE : 1%

Real Price of BTC should be: 12000$
factors -> { cost to miner 1 BTC + time to mine + avg cost of hosting servers + miners profit )

it doesn't really matter how much it costs to mine. like any business, miners can be wrong about their investment and go bankrupt. miners can continue driving difficulty upwards and therefore the cost of mining too, but they make no direct investment into BTC. since they aren't buying BTC, it doesn't drive the price upwards.

at most, miners can withhold whatever coins they can afford to from the market supply. but in the end, they need to cover their overheads. so the price hinges on market demand. miners' costs don't matter---unprofitable miners just get squeezed out of the market. just like losing investors and failing business owners.

. Don't forget they get paid each day, so if they think its fucked up they don't mine, the reason you are still seeing difficulty increase is for the fact that Bitcoin is gaining mining momentum

figmentofmyass

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Quote from: bitcoinfuck on September 24, 2018, 08:17:22 PM

POWER COST per KWH : 0.12 $ ( avg american )
POOL FEE : 1%

Real Price of BTC should be: 12000$
factors -> { cost to miner 1 BTC + time to mine + avg cost of hosting servers + miners profit )

it doesn't really matter how much it costs to mine. like any business, miners can be wrong about their investment and go bankrupt. miners can continue driving difficulty upwards and therefore the cost of mining too, but they make no direct investment into BTC. since they aren't buying BTC, it doesn't drive the price upwards.

at most, miners can withhold whatever coins they can afford to from the market supply. but in the end, they need to cover their overheads. so the price hinges on market demand. miners' costs don't matter---unprofitable miners just get squeezed out of the market. just like losing investors and failing business owners.

vixcious

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That's why miners are looking for cheap power and cheap mines. It is business strategy to prevent risk. But I think now the price of BTC is low but just instant. We should continue to work, do not give up. A better future awaits us. Wink

bitcoinfuck

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Quote from: gotminer on September 24, 2018, 08:48:29 PM

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.

Yea sell them at 50k, but how eill you oay mining cost Huh

?

I pay nothing for mining, my electric costs are negotiable at very bulk. Anyways the point was to notify all panic sellers that atleast don't sell btc below the mining costs it takes to make the coin

bitcoinfuck

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Quote from: vit05 on September 24, 2018, 08:22:20 PM

I find it unbelievable how some people have great difficulty understanding that the world is bigger than the bubble they live in. The cost is this for a certain location, for others it is much smaller. Many times electricity costs are 10% of this value in China.

This is advantage of being a decentralized and universal asset.

This is exactly why i mentioned avg in US, i myself pay less then 0.01$ per kWH.

I was talking in general and i knew someone will point cheap Russian electric rates lol ....

Reference
https://bitcointalksearch.org/topic/my-700-ths-bitcoin-farm-leh-jkindia-2427517

bayu7adi

hero member

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dont be greedy

it looks like the miners must be more creative in carrying out their activities
if bitcoin is legal in the USA, it will be more convenient if someone submits a proposal to ask the government for assistance in reducing electricity prices per kWh for BTC miners, maybe 0.05 USD / kWh is suitable
with a reciprocal relationship that is, the miners must be taxed

pooya87

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another point you are missing is how bitcoin mining really works as in the difficulty and how it changes.
theoretically how much it costs to mine bitcoin should always be as much as its price is. because if it is more profitable then more miners will switch on their ASICs and start mining it (some of them who switched to other altcoins will come back), that increases the difficulty and reduces the profit. if it is less profitable then the reverse of this will happen.
if you look at the hashrate/difficulty charts you can see that the hashing power has been increasing constantly this year showing that there is still a lot of profit to be made in mining bitcoin.

all that has nothing to do with the price though! sometimes speculation may be tangled with mining and guesswork about its profitability but there is no direct connection.

gotminer

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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.

vit05

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I find it unbelievable how some people have great difficulty understanding that the world is bigger than the bubble they live in. The cost is this for a certain location, for others it is much smaller. Many times electricity costs are 10% of this value in China.

This is advantage of being a decentralized and universal asset.

bitcoinfuck

full member

Activity: 634

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Europe Belongs To Christians

POWER COST per KWH : 0.10 $ ( avg American )
POWER COST VARY FROM LOCATION TO LOCATION, let's GO WITH A ASSUMPTIONS, most of the servers are hosted in US & CHINA lets take there AVG

My POWER COSTS Are very very less more like 0.005$ or less, but its consider an opportunity to scale up my margins.

POOL FEE : 1%

Real Price of BTC should be: 12000$
factors -> { cost to miner 1 BTC + time to mine + avg cost of hosting servers + miners profit )

this is for all my holders, be positive, this market will come to ba 8)ck to miners soon, it has always been, we the miners are the one generating coins, we are the one who are going to set the bitcoin price, not some guy who is working on laptop and trading with banks, BITCOIN IS HERE TO KILL THEM ALL NOT JOIN THEM LOL

reason for this market manipulation :
1> shitcoins taking market cap
2> bitcoin early stage
3> newbies & panic sellers
4> miners sold most of the bitcoins on 19k$, so its gonna be while since we all get big payouts.

bad guy from iron man

Topic: It Takes 9343$ to mine one bitcoin, so no way i am selling it below 12000$ - page 4. (Read 678 times)