Mining and bitcoin price | Bitcointalksearch.org

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: g-unit on April 10, 2015, 08:42:27 AM

So to clarify, since until the next halving 3600 coins must be produced per day, then if less people mine, the current miners will have to spend a lot more on electricity because the difficulty will increase?

There are still that ROI. It takes cheap electricity. But yes it still can be done today.

The only thing is it is no longer the guaranteed 90 da ROI. You might be running it a lot longer to get ROI, and selling the miner at the end.

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: g-unit on April 10, 2015, 08:42:27 AM

So to clarify, since until the next halving 3600 coins must be produced per day, then if less people mine, the current miners will have to spend a lot more on electricity because the difficulty will increase?

if less people mine the hash will decrease, if they will spend more they will have more coin for them in this case

g-unit

sr. member

Activity: 432

Merit: 250

So to clarify, since until the next halving 3600 coins must be produced per day, then if less people mine, the current miners will have to spend a lot more on electricity because the difficulty will increase?

NUFCrichard

legendary

Activity: 1218

Merit: 1003

Quote from: g-unit on April 10, 2015, 07:30:55 AM

I have a question, and maybe I'm overlooking something, but I've heard about the potential troubles of miners going out of business when it's no longer profitable to mine because the bitcoin price is too low. And then people say this means trouble for bitcoin. However, with less people mining, wouldn't this help push the bitcoin price up? If less coins are being mined, then less supply would be being created.

Then again I know that supposedly exactly 3600 bitcoins are produced each day. I think I might be missing something. Someone please help me understand.

There actually would be a reduction in the number of bitcoin minted, but only in the short term, the difficulty would change accordingly and soon enough we'd be back on track.
The same has happened in reverse a lot of time, especially when a new ASIC is released.

I don't think that the price to too low for people to mine, I just think that it is a global market, and some people are willing to work on wafer thin margins with zero electricity costs, so your average miner can't compete, it will be the same when bitcoin costs thousands of $

Amph

legendary

Activity: 3248

Merit: 1070

many big farms did already roi many months ago, and adding few machines for them isn't a problem, because the one that roi'ed can pay for the new one in no time

if less people mine it does not mean less bitcoin(remember that the number of bitcoin produced per day is a fixed amount), but only less hashrate, this can only happen if bitcoin price decreases not does not increase

g-unit

sr. member

Activity: 432

Merit: 250

I have a question, and maybe I'm overlooking something, but I've heard about the potential troubles of miners going out of business when it's no longer profitable to mine because the bitcoin price is too low. And then people say this means trouble for bitcoin. However, with less people mining, wouldn't this help push the bitcoin price up? If less coins are being mined, then less supply would be being created.

Then again I know that supposedly exactly 3600 bitcoins are produced each day. I think I might be missing something. Someone please help me understand.

Topic: Mining and bitcoin price (Read 715 times)