What do you make of this? I am confused as to why the bitcoin hashrate is growing so high as price has been crashing. Can this tell us something about price predictions in the future or not?
How do you explain bitcoin hashrate going up while price goes down?
Nicholas Turner
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Alexander Miller
>who is jihan
Kayden Kelly
Because average market cap in 2-4 years will be insane regardless of day traders
Benjamin Johnson
Moore's Law
Josiah Price
What do you mean by average market cap exactly?
Colton Allen
As mining becomes more unprofitable for small miners, one can expect that some will use btc assets to either grow, or keep at a black 0 hoping for the price to grow. Both puts pressure on the price. Should normalize as soon as either the small miners are out of the business or have grown to be able to compete
Hunter Sanders
jihan tries to make as much money as he can before this goes to 0
Lincoln Nelson
it means someone is producing new more efficient miners.
Ian Gomez
Because people want to mine more Bitcoin when they know the price can only go up??
Ryan Williams
Also, let's assume you're a miner and the price is dropping. If you need the same amount of money in order to run your server farm then you need MORE SERVERS.
It's sort of a mirror universe version of what happens to actual farmers when prices drop. They produce more, flooding the market and (quite by accident) dropping prices further. In this case, the bitcoin farmers flood the market, increasing the hash rate, and (quite by accident) decreasing their own rewards per watt.
Christian Perry
Except the price has been plummeting, not going up. Are you suggesting that it's a forgone conclusion the BTC price will go way up in the future and the miners know this somehow?
Michael Clark
Gold fever
Daniel Hughes
This
Xavier Rodriguez
>Are you suggesting that it's a forgone conclusion the BTC price will go way up in the future and the miners know this somehow?
Yes.
Robert Cook
average market cap in time
Jayden Adams
Son of allah, brother of Hercules
Aaron Perez
It's a Bitmain strategy, they are preparing for the killshot on BTC and complete transfer to BCH. Pretty simple, keep the Antminer S11s private for now, skyrocket the BTC difficulty as price continues to drop. Soon both BTC and BCH price are substantially lower and books are thin, pump the shit out of BCH and watch as all the miners have no other choice if they want to profit than to swap to BCH. Then they'll release the S11 to the public.
Justin James
12.5 bitcoins is still more than $75,000 every ten minutes.
Jayden Sanders
Checked. So what do you think will be the price of BTC after the next bull run, and when do you think that will be?
Gavin Edwards
BCH & ELA
Half of Jihans hash power is being dedicated to mining ELA once it starts in December. Merged mining, however.
Hudson Lee
lol, absolute delusion. Crypto is so fucking dead it's not funny. We've had all our money squeezed out of us and sucked back into fiat, there is no long term value in muh bitcoin.
Jace Bailey
HOW CAN YOU POSSIBLY REFUTE WHAT IS REAL, AND WHAT IS REALLY HAPPENING. HOW ARE YOU GONNA DO IT. FUCKING DO IT. GO AHEAD AND TELL ME THAT ONCE IT STOPS BECOMING PROFITABLE (WHICH IT ALREADY IS UNLESS YOU'RE MINING NEXT TO A FUCKING NATURAL GAS PLANT), THE HASH RATE WILL TANK. TELL ME ABOUT HOW MINERS DON'T CONTROL MOST BITCOIN, AND HAVE PLENTY OF RESERVE FIAT THAT THEY ARE CONTROLLING THE MARKETS WITH. TELL ME ABOUT HOW IT'S GONNA GO TO $3K JUST BECAUSE YOU PANIC SOLD AT THE BOTTOM OF THE LAST DIP, BOUGHT THE TOP, AND SOLD THE BOTTOM AGAIN. TELL ME. TELL ME ABOUT HOW MINERS ARE GONNA CAVE AND GIVE AWAY MONEY, AND HOW THEY AREN'T GOING TO TAKE ADVANTAGE OF THE FACT THAT THEY ARE THE EXCEPTION IN ELECTRICITY COSTS, AND NOT THE ORDINARY. TELL ME ALL ABOUT HOW THEY'RE GOING TO GIVE AWAY MONEY AND PUT THEMSELVES IN A VULNERABLE POSITION, YOU DUMB FUCK. TELL ME THAT WHAT I AM SEEING ON THAT CHART IS A FUCKING ILLUSION. TELL ME THAT I AM JUST FUCKING DAYDREAMING.
Colton Torres
if you have been tracking this, you will learn that a lot of BIG mining operations have been switching on in the past 4 months especially.
Nathaniel Baker
I like this guy.
Parker King
All commodities go through this cycle. Take a look, for example, at the current fracking market. These companies are losing money on every well they drill, taking out bigger loans and bilking new investors, under the promise that the oil price is going to go up and save them all.
Except all these new wells DRIVES THE PRICE DOWN.
It's the best decision for each individual farmer, or oil company, or coin miner... and terrible for the market as a whole.
Gavin Turner
BITCOIN IS NOT A COMMODITY. GET THAT THROUGH YOUR SKULL , THE COINS APPEAR SOMEWHERE ON PLANET EVERY 10 MINUTES NO MATTER WHO MINES OR NOT MINES.
Thomas Davis
>69
Checked
Jaxon Collins
BTFO
Nolan Lopez
It is the Tragedy of the Commons, a famous problem in economics. The common good being reflected in the hash rate.
>en.wikipedia.org
Long run we don't need to worry about this as this isn't a common good that can collapse totally from over-production like a fishery or a common green (for grazing animals).
Just got to buy the dip.
Brayden Wilson
Some of you guys should really go read the fucking headlines..