What if bitcoin seems to average about 7500 USD

dmamigo

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Quote from: cepot9 on September 18, 2018, 12:02:42 PM

stable at $ 7500 is not bad but is it possible to last a year? I find it very difficult. and it looks like the end of 2017 increase makes everyone forget how Bitcoin used to be. and we feel the price of bitcoin now is low even though it's already at a pretty high price

Actually, Bitcoin is quite high if you consider the older price at which it was kind of stable as it is now. I think with the adoption of this technology and cryptocurrency as well, the price of 7500 USD might not be possible to resist anymore upward movement. But if it happens, the adoption will increase, even more, usage in various stores, be it online or offline will increase and the miners will be having a good as well as tough times as transaction amount will increase as well.

South Park

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Quote from: Eleanorbro on September 15, 2018, 02:29:12 AM

Just suppose...

What if bitcoin seems to average about 7500 USD or so over a very long period, like a year or even more. Currently, this isn't high enough of a value in USD to really mine anymore with GPU's, if mining for profit in USD anyways. I do not mine with ASIC miners and I really know very little about them, even though I almost bought a Bitmain Antiminer S9 before I build my 8 GPU rig.

Will mining taper off to little to nothing, will difficulty levels be adjusted to compensate miners, or what else?

I would be interested to know some thinking on this, should it become a reality or even close to a reality for some length of time.

That price is more than good enough for the most efficient miners to keep mining bitcoin, so we are not going to see the miners abandoning bitcoin for other more profitable cryptocurrencies, what it's going to happen is that those that have costs that are higher than that will need to either stop mining or to try to mine something that is more profitable.

Cocesstraable

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Quote from: pawel7777 on September 15, 2018, 04:01:35 AM

Quote from: Eleanorbro on September 15, 2018, 02:29:12 AM

Will mining taper off to little to nothing, will difficulty levels be adjusted to compensate miners, or what else?

Yes. That's equilibrium mechanism: when mining becomes less profitable, the less efficient miners start dropping off, hashrate goes down, so does the difficulty (it adjusts every 2016 blocks). The remaining miners are getting bit more bitcoins for the same hashpower which compensates for the drop in price.

A very good explanation so far. I am sure, it would all depend on those who would be willing to still be a part of the show in the long run, but as I see it, in that kind of scenarios, the small miners will always be the ones to bail out first and the big ones will still be able to find a way to keep doing their thing. As long as the number of miners reduces due to profitability, the existing ones will get more at the end, it is as simple as that.

Edsemen

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Quote from: yugyug on September 18, 2018, 04:11:39 PM

The miners generate supplies and the users create demand the ideal bitcoin price may depend on the acquisition value like the mining cost which includes the hardware and the operation cost like electricity and sell them with at least 10 to 20 percent profit in order to sustain the operation if the price goes to the level of 7500 USD then the demand is gradually increasing.

If that demand will increase eventually, there's a great chances that the value of bitcoin will reach even much higher than 7500 usd. Miners fee will also accumulate when there's an increase, because it's just like fiat economy's trading when the gasoline increase it has a massive effect on the price of local goods. Transaction fee for mining was gradually increasing when there's a demand.

yugyug

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The miners generate supplies and the users create demand the ideal bitcoin price may depend on the acquisition value like the mining cost which includes the hardware and the operation cost like electricity and sell them with at least 10 to 20 percent profit in order to sustain the operation if the price goes to the level of 7500 USD then the demand is gradually increasing.

1Referee

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Quote from: Herbert2020 on September 18, 2018, 12:31:28 AM

it is not about size of the miners, the small ones can stay too. in fact it is more possible for smaller miners to stay even if price goes down. for example if you are a hobby miner who believes in the future of bitcoin and are mining with 1 ASIC at home you usually don't even sell the coins you earn and hold them as an investment.

It depends. People are very easy tricked into believing that they will hold no matter what, but when the price goes down people start stressing out, and when bills pile up the far majority of these smaller miners will choose to liquidate some of their earnings to not end up in red numbers. Only the most hardcore hobby miners will have the patience and dedication to keep holding through a bear market, but there is a limit to all of it.

Quote from: Herbert2020 on September 18, 2018, 12:31:28 AM

if a miner (big or small) is somewhere with cheaper electricity they will remain active even when price falls.

Cheaper electricity isn't always the leading factor. Large miners even with higher electricity rates can still be more profitable than those with lower electricity rates. One of the most important factors is how frequent a miner generates its blocks, and in case of Bitmain's pools, their operational costs are far under $5000 per coin.

cepot9

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stable at $ 7500 is not bad but is it possible to last a year? I find it very difficult. and it looks like the end of 2017 increase makes everyone forget how Bitcoin used to be. and we feel the price of bitcoin now is low even though it's already at a pretty high price

zazarb

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I really don't think it's possible that Bitcoins going to be a stable price in a year period, because everybody have seen that this market is very volatile and unpredictable, and even Bitcoin price will be stable about 7500$ per bitcoin, it will still be profitable to mine it. Besides this topic should be moved to the "Mining" sub-forum.

Herbert2020

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Quote from: wuvdoll on September 17, 2018, 11:30:05 PM

Quote from: Juggy777 on September 15, 2018, 04:56:00 AM

Quote from: Eleanorbro on September 15, 2018, 02:29:12 AM

Just suppose...

What if bitcoin seems to average about 7500 USD or so over a very long period, like a year or even more. Currently, this isn't high enough of a value in USD to really mine anymore with GPU's, if mining for profit in USD anyways. I do not mine with ASIC miners and I really know very little about them, even though I almost bought a Bitmain Antiminer S9 before I build my 8 GPU rig.

Will mining taper off to little to nothing, will difficulty levels be adjusted to compensate miners, or what else?

I would be interested to know some thinking on this, should it become a reality or even close to a reality for some length of time.

I don't think it's possible for Bitcoins to keep a stable price for a year, as we'll have seen it's very volatile and difficult to predict in which direction it's prices may go. However let's take a hypothetical situation, and assume it does happen then yes then the equilibrium mechanism will be in effect, for those miners mining during this period they'll be compensated more bitcoins to make up for their losses.

It has happened before but I really do not see it as a problem for miners. Not like it was stable, but there was a time in the past we had a long period of consolidation before bitcoin started making any moves to the upward direction.

I believe if things get to an equilibrium state and we know in a way, miners are getting something from the increase in price as well of what they get eventually, I am sure at some point, when it becomes less profitable for that reason, a lot of miners will end up bailing out, and then we will see the hash rate dropping and that means more money for the big miners, as I believe they will end up being the ones to stay in the mining sector as time goes on.

it is not about size of the miners, the small ones can stay too. in fact it is more possible for smaller miners to stay even if price goes down. for example if you are a hobby miner who believes in the future of bitcoin and are mining with 1 ASIC at home you usually don't even sell the coins you earn and hold them as an investment.
the main factor determining who leaves first is the cost. if a miner (big or small) is somewhere with cheaper electricity they will remain active even when price falls.

wuvdoll

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Quote from: Juggy777 on September 15, 2018, 04:56:00 AM

Quote from: Eleanorbro on September 15, 2018, 02:29:12 AM

Just suppose...

What if bitcoin seems to average about 7500 USD or so over a very long period, like a year or even more. Currently, this isn't high enough of a value in USD to really mine anymore with GPU's, if mining for profit in USD anyways. I do not mine with ASIC miners and I really know very little about them, even though I almost bought a Bitmain Antiminer S9 before I build my 8 GPU rig.

Will mining taper off to little to nothing, will difficulty levels be adjusted to compensate miners, or what else?

I would be interested to know some thinking on this, should it become a reality or even close to a reality for some length of time.

I don't think it's possible for Bitcoins to keep a stable price for a year, as we'll have seen it's very volatile and difficult to predict in which direction it's prices may go. However let's take a hypothetical situation, and assume it does happen then yes then the equilibrium mechanism will be in effect, for those miners mining during this period they'll be compensated more bitcoins to make up for their losses.

It has happened before but I really do not see it as a problem for miners. Not like it was stable, but there was a time in the past we had a long period of consolidation before bitcoin started making any moves to the upward direction.

I believe if things get to an equilibrium state and we know in a way, miners are getting something from the increase in price as well of what they get eventually, I am sure at some point, when it becomes less profitable for that reason, a lot of miners will end up bailing out, and then we will see the hash rate dropping and that means more money for the big miners, as I believe they will end up being the ones to stay in the mining sector as time goes on.

Febo

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Quote from: Eleanorbro on September 15, 2018, 02:29:12 AM

Just suppose...

What if bitcoin seems to average about 7500 USD or so over a very long period, like a year or even more. Currently, this isn't high enough of a value in USD to really mine anymore with GPU's, if mining for profit in USD anyways. I do not mine with ASIC miners and I really know very little about them, even though I almost bought a Bitmain Antiminer S9 before I build my 8 GPU rig.

Will mining taper off to little to nothing, will difficulty levels be adjusted to compensate miners, or what else?

You are mining Bitcoin with GPUs? Really? I thought no one is mining Bitcoin with GPUs from like 2013. People mine alts with GPUs.

talenah kotang

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Maybe this will benefit the miners, there is nothing they need to worry about. But this is impossible for bitcoin to stabilize in price. impossible!

cryptocrusher

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Most people already covered the mining aspect and that's that the difficulty would just change. I think that's never really occurred because price seems to adjust quicker than difficulty does. From a use point of view a stable price would be a promising point because it would remove the volatility which is a large negative for many considering using bitcoin as a currency.

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Well suppose to have atleast averaging 7500 is a good one for new investors of the best crypto asset, but how about those who have hodl on late dec 2017? Do you wanna say that it is still worth hodling bitcoin and selling it on that average price? It is supposed to but not should be stable.

P. S.
Change better and strong miners.

supermine

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Quote from: Eleanorbro on September 15, 2018, 02:29:12 AM

Just suppose...

What if bitcoin seems to average about 7500 USD or so over a very long period, like a year or even more. Currently, this isn't high enough of a value in USD to really mine anymore with GPU's, if mining for profit in USD anyways. I do not mine with ASIC miners and I really know very little about them, even though I almost bought a Bitmain Antiminer S9 before I build my 8 GPU rig.

Will mining taper off to little to nothing, will difficulty levels be adjusted to compensate miners, or what else?

I would be interested to know some thinking on this, should it become a reality or even close to a reality for some length of time.

If you found that your current miner no longer be able to mine the coins with profitable rate then you should plan accordingly for that you should move to ASIC miner or just mine other coins with your GPU miner since there are lot of worth coins available to mine with GPU and you can convert them into bitcoin which is more profitable than direct mining of bitcoin.

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Quote from: Sojuculture on September 15, 2018, 02:37:48 AM

Unlikely the price will be stable that long. Bcos the whales will pump the price to get the next bag holders until crypto becomes mainstream.

I think it is a fact that the big whales are in control of the price. They can manipulate it and control it as they want. But let us not be pessimistic because they do so. We also have a role. You can see many people lose hope and faith in bitcoin. They also fear and freak out, then sell their bitcoin with a very cheap price which is an utter loss if you ask me. Moreover, if people manage to control their emotions and calm themselves, they will gain a good profit in the future.

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Quote from: qualitywork on September 15, 2018, 02:56:06 PM

Quote from: Sojuculture on September 15, 2018, 02:37:48 AM

Unlikely the price will be stable that long. Bcos the whales will pump the price to get the next bag holders until crypto becomes mainstream.

Yes neither bitcoin nor altcoin price will remain stable for a longer period of time due to the fact that whales will pump and dump the market based on their requirement.

Yeah that's one major factor to consider. There are those who have enough btc to move the market and i don't think these people will allow the price to be stagnant for a very long time.

BitHodler

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Quote from: YuginKadoya on September 15, 2018, 02:05:49 PM

If the price would stay in this level for almost 1 year I really think this could change the way some government think about Bitcoin and Cryptocurrency because it seems they only don't consider this Currency is because of the fast fluctuation involve with its value

I don't think it will change the way governments think about Bitcoin at all. I would even say that it's more likely that it will slow down regulations with how everything thrives on the market to go up.

If the price remains stagnant for a long period of time, there generally doesn't seem to be happening much from both the user and corporate side. This bear market is really showing how everyone banked on the bull run last year.

We're in a position right now where we can see how the bear market is stress testing the patience of everyone in this industry. Give it a couple of more months to see how much further we are in that regard.

qualitywork

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Quote from: Sojuculture on September 15, 2018, 02:37:48 AM

Unlikely the price will be stable that long. Bcos the whales will pump the price to get the next bag holders until crypto becomes mainstream.

Yes neither bitcoin nor altcoin price will remain stable for a longer period of time due to the fact that whales will pump and dump the market based on their requirement.

exstasie

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Quote from: Eleanorbro on September 15, 2018, 02:29:12 AM

What if bitcoin seems to average about 7500 USD or so over a very long period, like a year or even more. Currently, this isn't high enough of a value in USD to really mine anymore with GPU's, if mining for profit in USD anyways. I do not mine with ASIC miners and I really know very little about them, even though I almost bought a Bitmain Antiminer S9 before I build my 8 GPU rig.

Will mining taper off to little to nothing, will difficulty levels be adjusted to compensate miners, or what else?

I would be interested to know some thinking on this, should it become a reality or even close to a reality for some length of time.

If price stays stagnant long enough, then the difficulty trend should reverse as unprofitable miners shut down their rigs. Difficulty should broadly follow price (though it does so inefficiently).

But it's a question of time. I think the new mining manufacturers competing with Bitmain and many of the larger mining operations are very well capitalized and can weather the storm for many months or probably years. I wouldn't be surprised to see difficulty hold strong through a prolonged corrective or bear market.

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