Miners' EXIT movements - page 2. | Bitcointalksearch.org

mk4

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Quote from: exstasie on September 04, 2020, 08:25:34 AM

It's probably a move to manipulate and move the markets. Miners dumping is the oldest FUD in the book, and in the age of Whale Alert, the news would be expected to be disseminated and absorbed quickly by the markets. Their dumps also go a lot further (in terms of moving the price) on exchanges than OTC markets.

Would it actually make sense for miners to want the prices to drop though? Because if anything, they're going to make more money from mining if bitcoin goes higher, rather than the other way around. Well, unless some of these miners are also actively trying to actually buy cheaper bitcoin.

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Quote from: Cryptoababe on September 05, 2020, 05:08:30 PM

Now Miners are not holding btc anymore. This will not really affect price of btc as I've think . I expect price or Ethereum to be more affected because miners are earning more than expected amount daily and they will need to sell..

Obviously, their move has drastically affected the market in the last couple of days. But going back in history this is not the first time they've done this, I think even prior the the halving, big mining pools has slowly flushing out majority of their bitcoin to buy new gear, and then mid to small miners dumping because they are moving out.

It's not that obvious though, as there are speculators buying because of FOMO of the pre-halving. But today, it seems the picture is very clear, no buyers but pure dumping from big miners. And they have another intentions, to curb out Western miners who just enter the picture after the halving. It is good for Western miners, no, but for investors, golden opportunity again if the price slides into four digits.

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Now Miners are not holding btc anymore. This will not really affect price of btc as I've think . I expect price or Ethereum to be more affected because miners are earning more than expected amount daily and they will need to sell..

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It's also likely that the miners saw the current bitcoin price as suitable to offload their bitcoin stash as they prepare for a possible bull or bear market in the near future. Remember it has been months before bitcoin price some high levels. That plus the bitcoin halving where miner's reward was reduced. I am certain most of the miners were affect and would like to enjoy some of their harvest.

I don't think 1,500 BTC (~$15M) is so much that it can shake up the bitcoin price.

exstasie

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Quote from: cryptomaniac_xxx on September 05, 2020, 05:59:48 AM

Quote from: exstasie on September 04, 2020, 08:25:34 AM

There has been a lot of talk of "price wars" between Chinese miners and the rest of the world, with Chinese miners preferring lower prices because it gives them an edge over newer Western miners in profitability. The higher the price goes, the more Western miners will continue coming online.

Haven't heard of this one, so there's really a competition behind this miners from behind and Chinese miners wanted to remain dominant, specially that there are a lot of news recently about some big companies getting in the mining picture and this is a threat to Chinese miners.

Yep, this is one article that touches on it:

Quote

Denis Rusinovich, who operates an 80-megawatt mining operation in Kazakhstan, expects that, once many more new generation ASICs come on line, this “will [have a] major impact [on] hashrate redistribution for the next 12 months.” He elaborated that, if the Bitcoin price is high after the halving (around or above $8,000), then inefficient miners will have a reprieve, but if Bitcoin is trending towards $4,000, then he expects we could see “price wars” wherein larger farms come out on top over smaller ones, something that could risk centralizing mining in China further.

Even with Bitcoin at $9,000, it’s likely that this halving will hurt North America “pretty bad in the near-term,” Vera told Decrypt, “but it will be good in the mid-term.”

https://decrypt.co/27777/bitcoin-halving-could-bring-way-more-mining-back-to-north-america

One of the big issues is scale and capitalization. Retail miners in the West are easily squeezed by price volatility.

The northern US and Canada are well positioned for large scale Bitcoin mining operations due to cheap electricity and very cold, long winters. Miners can sell excess generated heat at scale to reduce costs. By co-locating operations adjacent to power plants and either generating power themselves or load balancing, mining in North America can absolutely compete with China. All that is needed is the proper infrastructural investment, and the proper capitalization and/or mining insurance to ride out price volatility. This will all take years to happen as Bitcoin mining gradually becomes viewed as more than just a super high risk venture, but I'm confident 10-20 years from now the global hash rate distribution will look very, very different.

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The Chinese miners want the price low so the miners from other countries like from US are going to quit when the returns are not enough to pay their energy bills?

That is very strategic of them actually but then so are they, they are also going to lose profit if they sell for low price. That isn't also good for them. The accumulation of many traders is more reasonable.

sheenshane

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That isn't an exit of miners, they are giving us an opportunity to accumulate more Bitcoin during this dump.

I can't imagine that miners are also a manipulator of the price of Bitcoin in the market. By moving this large transaction in the market it seems there is a good purpose. It might be investment again or planning to build other facilities of mining for the equipment.

But as you can see, they aren't only the possible factor of dumping the price. We have seen there is another angle of reason, the stablecoins like USDT are reserve indicates the potential buying pressure that makes price drastically down by the correction. Then, I don't think so this is an exit movement of Bitcoin miners.

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Quote from: Oasisman on September 05, 2020, 06:55:18 AM

Quote from: cryptomaniac_xxx on September 05, 2020, 05:59:48 AM

Quote from: exstasie on September 04, 2020, 08:25:34 AM

~snip~

Haven't heard of this one, so there's really a competition behind this miners from behind and Chinese miners wanted to remain dominant, specially that there are a lot of news recently about some big companies getting in the mining picture and this is a threat to Chinese miners.

There's always a competition when the number of miners going online increases. And indeed Chinese miners want Bitcoin not to make a rally yet. So, I guess this selling was made for this purpose. Though miners had different preferences, I guess majority of the miners are encouraged when theres a bull run, and some miners doesn't want a bull run to minimize the competition.
Nevertheless, this is a good opportunity to buy at a lower price for the investors if this mining war continues.

Considering gas prices on the Ethereum network, Ethereum miners earn a lot more than Bitcoin miners. In addition, after the last Bitcoin halving, not only did the remuneration halve, but also the requirements for mining equipment increased, and many Miners had a lot of problems related to the profitability of their activities.

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Quote from: cryptomaniac_xxx on September 05, 2020, 05:59:48 AM

Quote from: exstasie on September 04, 2020, 08:25:34 AM

~snip~

Haven't heard of this one, so there's really a competition behind this miners from behind and Chinese miners wanted to remain dominant, specially that there are a lot of news recently about some big companies getting in the mining picture and this is a threat to Chinese miners.

There's always a competition when the number of miners going online increases. And indeed Chinese miners want Bitcoin not to make a rally yet. So, I guess this selling was made for this purpose. Though miners had different preferences, I guess majority of the miners are encouraged when theres a bull run, and some miners doesn't want a bull run to minimize the competition.
Nevertheless, this is a good opportunity to buy at a lower price for the investors if this mining war continues.

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Quote from: exstasie on September 04, 2020, 08:25:34 AM

Quote from: gentlemand on September 04, 2020, 07:53:31 AM

Saw this. I don't get it. If you're a miner you could easily get rid of everything OTC. Your 'virgin' coins will be highly sought by people who are turned on by that type of thing and they ain't making all that many these days. Maybe these are all small fry.

It's probably a move to manipulate and move the markets. Miners dumping is the oldest FUD in the book, and in the age of Whale Alert, the news would be expected to be disseminated and absorbed quickly by the markets. Their dumps also go a lot further (in terms of moving the price) on exchanges than OTC markets.

Right, and that's one negative effect of this so called whale alerts, everything is out in the open and it just magnified how this whales or manipulators play the market, this time, is the miners.

Quote from: exstasie on September 04, 2020, 08:25:34 AM

There has been a lot of talk of "price wars" between Chinese miners and the rest of the world, with Chinese miners preferring lower prices because it gives them an edge over newer Western miners in profitability. The higher the price goes, the more Western miners will continue coming online.

Haven't heard of this one, so there's really a competition behind this miners from behind and Chinese miners wanted to remain dominant, specially that there are a lot of news recently about some big companies getting in the mining picture and this is a threat to Chinese miners.

exstasie

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Quote from: gentlemand on September 04, 2020, 07:53:31 AM

Saw this. I don't get it. If you're a miner you could easily get rid of everything OTC. Your 'virgin' coins will be highly sought by people who are turned on by that type of thing and they ain't making all that many these days. Maybe these are all small fry.

It's probably a move to manipulate and move the markets. Miners dumping is the oldest FUD in the book, and in the age of Whale Alert, the news would be expected to be disseminated and absorbed quickly by the markets. Their dumps also go a lot further (in terms of moving the price) on exchanges than OTC markets.

There has been a lot of talk of "price wars" between Chinese miners and the rest of the world, with Chinese miners preferring lower prices because it gives them an edge over newer Western miners in profitability. The higher the price goes, the more Western miners will continue coming online.

gentlemand

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Saw this. I don't get it. If you're a miner you could easily get rid of everything OTC. Your 'virgin' coins will be highly sought by people who are turned on by that type of thing and they ain't making all that many these days. Maybe these are all small fry.

analysis_mooorty

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Miners are moving unusually large amounts of BTC(Almost 1,500 BTC) since 2 days ago. Poolin, Slush, F2Pool, HaoBTC, etc. have taken the bitcoins out of the mining wallets for a week and sent some to the exchange.

Data source: https://twitter.com/CryptoQuant_com

Topic: Miners' EXIT movements - page 2. (Read 286 times)