In the bear market BTC price not stable and Most of Trading Analysis are predict BTC will reach $3k according to the theory of market cycle. I have more doubt If BTC reaches $3000 Miners are alive
- BTC Reach $3k I guess most of the mining farms will be stopped. Is it possible to maintain mining forms at the market situation (BTC at $3K) ?
- When Miners are reducing in BTC blockchain what will happen for the transaction?
- Can we expect BTC going down to $3k Is it possible according to TA and Do we need to trust TA?
All Discussion are warmly welcome
First of all, I don't think it's possible for bitcoin to fall that low. If it was, it could've happened a couple of times already. It's been more than half a year of the bearish market and the price barely hit anything lower than $6k. As for the mining farms - that's a tricky question. I thought that miners dumping a coin makes things worth, but a friend of mine who is better at these things said that actually nothing will happen to the coin, because once there are less miners, the whole process simply gets easier and people get more rewards. I read a bit more on the topic just now and found out that the difficulty will adjust to miners after each 2016 blocks, so there might be a temporary effect of people leaving the network, but it will last about 2 weeks.
If there are less miners, I suppose transactions will get confirmed slower, but than again, only in a short period of 2016 blocks, I guess.