Mine and dump | Bitcointalksearch.org

johncarpe64

sr. member

Activity: 420

Merit: 250

Quote from: gallery2000 on August 14, 2014, 10:22:31 AM

How is bitcoin ever going to go up in price if all these gigantic companies (Cointerra, Bitfury, etc.) mine and dump their bitcoins? This is the same problem as strawberry farmers in the USA. The price of strawberries were so low because farmers flooded the market with them. For some farmers, it is better to let their strawberries rot then to hire people to pick them (lose more money that way).

That is why halving is needed to reduce the supply.. but anyway difficulty is higher so its more expensive to generate 1 btc...

Bitsaurus

hero member

Activity: 873

Merit: 1007

Quote from: BTC_Fundamentals on August 15, 2014, 04:11:31 AM

Where it can be seen, when the next 12.5 halving will happen ?

It's not happening until sometime around the middle of 2016 - probably around June 2016 give or take a month. The last halving from 50 to 25 was November 2012.

BTC_Fundamentals

member

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Merit: 10

Where it can be seen, when the next 12.5 halving will happen ?

Bitsaurus

hero member

Activity: 873

Merit: 1007

Quote from: SMB-2525 on August 14, 2014, 03:53:02 PM

At today's difficulty, a 2W/GHS miner makes money on 0.10/KWH power down to $100/BTC.

That's true if you assume all your costs are related to electricity to run the miner only - this might be true for people with only 1 device. If you have multiple devices you need to add in cooling costs, maintenance, the cost of space (not all mining space is free). At some point if the miner is bringing in $0.01 a day it may be worthwhile to shut it down and move to some other miner or some other endeavor that could better utilize the resources.

SMB-2525

full member

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At today's difficulty, a 2W/GHS miner makes money on 0.10/KWH power down to $100/BTC.

Nagle

legendary

Activity: 1204

Merit: 1000

Quote from: gallery2000 on August 14, 2014, 10:22:31 AM

How is bitcoin ever going to go up in price if all these gigantic companies (Cointerra, Bitfury, etc.) mine and dump their bitcoins?

That's mining. You mine, you sell. Bitcoin speculation is a separate business. Some people engage in both, but should account for them separately.

TheJuice

hero member

Activity: 839

Merit: 608

Quote from: gallery2000 on August 14, 2014, 10:22:31 AM

How is bitcoin ever going to go up in price if all these gigantic companies (Cointerra, Bitfury, etc.) mine and dump their bitcoins? This is the same problem as strawberry farmers in the USA. The price of strawberries were so low because farmers flooded the market with them. For some farmers, it is better to let their strawberries rot then to hire people to pick them (lose more money that way).

Everyday the % of new coins compared to old shrinks. The next big price jump will be at the 12.5 halving in 2016.

tarmi

legendary

Activity: 1218

Merit: 1010

it is not their fault.

every day you have 3600 or even more freshly coined bitcoins.

gallery2000

hero member

Activity: 784

Merit: 1000

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How is bitcoin ever going to go up in price if all these gigantic companies (Cointerra, Bitfury, etc.) mine and dump their bitcoins? This is the same problem as strawberry farmers in the USA. The price of strawberries were so low because farmers flooded the market with them. For some farmers, it is better to let their strawberries rot then to hire people to pick them (lose more money that way).

Topic: Mine and dump (Read 949 times)