URGENT, Bitcoin is on the verge of collapse !!! - page 29.

Cluster2k

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The current ASIC technology mines at 7W per GH/s (ref: https://tradeblock.com/mining). The current Bitcoin hashrate is about 43 million GH/s, which is 7W x 43M = 300 MW (BTW: 300MW is a f**ng huge power plant - 1/3 of a nuclear plant). Now, 300 MW x 24h = 7.22 GWh. 7.22GWh at $0.15 per kWh, (or $150 per MWh, or $150 000/GWh) = $1.083 Million per day in electricity.

While retail electricity consumers may be paying US$0.15 per kWh (sometimes more), you can bet the large ASIC farms are located in areas with some of the cheapest electricity on the planet and with nice wholesale rates to boot. I would be surprised if the farmers were paying a lot more than US$0.05 per kWh.

slapper

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Leading Crypto Sports Betting & Casino Platform

Yes, take out the URGENT from the topic, and this guy has been providing some good statistics. The URGENT thing appears like FUD and clearly his English could be better for someone who seems to be giving financial statistics.

Sorry I don't want to be Gangcoined here, but retorts that back themselves with stats in favor of Bitcoin would go much further than simple dismissals and mockery.

SparkIt

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Quote from: Cyberlight on March 29, 2014, 06:10:45 PM

Quote from: favelle75 on March 29, 2014, 06:06:16 PM

Have we collapsed yet? Exactly how long can something stay "on the verge"??

Yes, Bitcoin is actually dead... for the 10th time.

Who's the necromancer? Cheesy

JimboToronto

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Quote from: favelle75 on March 29, 2014, 06:06:16 PM

Have we collapsed yet? Exactly how long can something stay "on the verge"??

Obviously, if it's urgent, it should be really soon.

Cyberlight

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Quote from: favelle75 on March 29, 2014, 06:06:16 PM

Have we collapsed yet? Exactly how long can something stay "on the verge"??

Yes, Bitcoin is actually dead... for the 10th time.

favelle75

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Have we collapsed yet? Exactly how long can something stay "on the verge"??

Cyberlight

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Quote from: ?? on ??

Now, we mine 6 Bitcoin blocks, per hour, x 24h x 25 BTC per block = 3600 BTC per day.

Therefore, we spend $1.083M/3600 = $300 per Bitcoin in electricity.

No.

50.000 transactions per day average, the bitcoin blocks are rewards.

So 0.02 dollar in electricity per transaction.

igorr

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Quote from: infofront on March 28, 2014, 03:55:15 PM

Thanks for this thread Igorr. It provides a perspective we don't often see here. I'm a bit confused as to how the decreasing mining profitability will drive down price though.

First look at this;

View Screen Capture

And then check this:

View Screen Capture

Current production cost ASIC chip is about $ 1 per GH / s +all this should pin for printed circuit boards + add power
which increases production costs at 1.4 usd per GH / s.

Current mining factor is about $0.048 USD per GH / s to 24 h,
(For 8 days will be -24% or $0.036 for GH in 24 hours and only if the price is not falling below 500 usd)
Try to calculate how long it would be profitable for mining hardware manufacturers.

igorr

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Quote from: Sawadekub on March 29, 2014, 08:42:57 AM

price drop cuz of this stupid reason...

Price drop because, the bitcoin is a fog !

Sawadekub

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21st march.. btcCHINA ceo said that china did not really ban bitcoin..

dude use your brains... u think huobi ceo + litecoin CEO + btcchina CEO do not have friends from the goverment?

of course they do.. so do u think they will have the news first or the corrupted reporters that will report for $ that tells the truth??

its like if your the MANAGER if there is any news.. do u think the director of your department will tell the manager first or your staff or your cleaner?

of course your manager will know first, not your mum or dad !!

wake up.. use some IQ please.. of course the damn bloody news is fake...ITS A FUD.. so dont get FK up by a FUD...

http://en.wikipedia.org/wiki/Keynesian_beauty_contest <<<< price drop cuz of this stupid reason...

DPoS

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Quote from: seleme on March 28, 2014, 07:34:33 PM

Could you guys stop this drivel thread from updating please?

the price pressure can be point squarely at the mega mining centers from ASIC companies

just as there is a price point on a gold mining or oil drilling site on which they can still operate, same is true for bitcoin mining.
KNC et all, can sell bitcoin all the way down to their price point. There is no bitcoin cartel like OPEC that tries to restrict dumping of bitcoin.

Ask KNC what that price point is and you will see where the price is headed

boumalo

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Quote from: igorr on March 28, 2014, 04:29:26 PM

Quote from: trcwhale on March 28, 2014, 04:22:27 PM

How did get to pull "10-30 USD"

Please explain? We would love to see your analysis.

Constantly losing popularity, people understand that it's not money,no new investors, as it constantly loses value,not regulated by law, nor will ever be regulated. From 1240 usd Bitcoin rocket is in free fall.
10-30 usd, it is in the long term, for next 1-2 year,
but before summer 2014 year, bitcoin price go at 150-250 usd.

losing popularity : not tru

no new investors : businesses accepting bitcoins is growing every single day, it is booming

not regulated : it is being regulated, differently by different countries

seleme

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Duelbits.com

Could you guys stop this drivel thread from updating please?

favelle75

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Have we collapsed yet? Just wondering.

And how long exactly does a "verge" last for? Seems like its taking its sweet time.

igorr

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Quote from: trcwhale on March 28, 2014, 04:22:27 PM

How did get to pull "10-30 USD"

Please explain? We would love to see your analysis.

Constantly losing popularity, people understand that it's not money,no new investors, as it constantly loses value,not regulated by law, nor will ever be regulated. From 1240 usd Bitcoin rocket is in free fall.
10-30 usd, it is in the long term, for next 1-2 year,
but before summer 2014 year, bitcoin price go at 150-250 usd.

trcwhale

member

Activity: 84

Merit: 11

Quote from: igorr on March 28, 2014, 04:08:04 PM

Quote from: infofront on March 28, 2014, 03:55:15 PM

Thanks for this thread Igorr. It provides a perspective we don't often see here. I'm a bit confused as to how the decreasing mining profitability will drive down price though.

When bitcoin lose the support of mining hardware manufacturer, then game iz over,
and bitcoin returning to the beginning.
It is very simple,
If you have a lot of money (mining company) it is easy to manipulate and speculate with a price.

manufacturers mining hardware with cheap ASIC-s chip earned a lot of money.
Now mining factor is 4.6 cents per Gh at 24 h and game is over,
will no longer be no one to artificially increase the bitcoin price, and it go to 10-30 usd.

How did get to pull "10-30 USD"

Please explain? We would love to see your analysis.

igorr

sr. member

Activity: 406

Merit: 250

Quote from: infofront on March 28, 2014, 03:55:15 PM

Thanks for this thread Igorr. It provides a perspective we don't often see here. I'm a bit confused as to how the decreasing mining profitability will drive down price though.

When bitcoin lose the support of mining hardware manufacturer, then game iz over,
and bitcoin returning to the beginning.
It is very simple,
If you have a lot of money (mining company) it is easy to manipulate and speculate with a price.

manufacturers mining hardware with cheap ASIC-s chip earned a lot of money.
Now mining factor is 4.6 cents per Gh at 24 h and game is over,
will no longer be no one to artificially increase the bitcoin price, and it go to 10-30 usd.

infofront

legendary

Activity: 2646

Merit: 2842

Shitcoin Minimalist

Thanks for this thread Igorr. It provides a perspective we don't often see here. I'm a bit confused as to how the decreasing mining profitability will drive down price though.

igorr

sr. member

Activity: 406

Merit: 250

Quote from: fonzie on March 28, 2014, 02:24:27 PM

Igorr did you short@1100$ or have you just sold?

If short, is your order still open? How many fees have you paid until now?

You used Metatrader @BTC-e as far a i remember?

Yes, you are right.

fonzie

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Quote from: igorr on March 28, 2014, 02:27:56 PM

Quote from: fonzie on March 28, 2014, 02:24:27 PM

Igorr did you short@1100$ or have you just sold?

I'm still waiting to take profit at price 250 usd,
if now close my position and take profit I have earnings about 310k usd, but I'll wait.

Nice

Topic: URGENT, Bitcoin is on the verge of collapse !!! - page 29. (Read 67950 times)