Bitcoin miners will never allow the price to go below 3k as it is under their cost of production. It is a statistical impossibility at this point as 3000 is also a huge support wall that will take incredible amounts of selling pressure to even breach. We'd be unlucky to hit even 2900 for a few brief seconds before the miners buy all the cheap BTC up back above 3000 again.
Biz will argue this.
1 month ago I said EXACTLY the same thing
you don't know cost of production of miners tard.
just think bout it. if the fucking Sheik of Qatar was a smart man and built a bitcoin mining farm ran on fossil fuel he'll easily get a production price below $3k.
Think again senpai. Miners aren't geniuses, even big miners fall for hopium. There are plenty mining at a loss because of sunk costs, losing money month on month
>pic related
how are the miners going to do that exactly? Sell the mined BTC to have the cash needed to buy BTC to prop up the price?
show your long position
or
delete thread
Brainlet doesn't realize Miners can short their bitcoins and even profit from it.
shorting makes sense, but how are they going to "never allow it to drop below $x"?
>electricity costs the same, everywhere
cost of production in say venezuela is below 1k fren :)
cope
>Bitcoin miners will never allow the price to go below 3k
Stop spreading this lie. Miners can't do shit. BTC will drop below 3k by the beginning of 2019.
Bitcoin miners will never allow the price to go below 2k as it is under their cost of production. It is a statistical impossibility at this point as 3000 is also a huge support wall that will take incredible amounts of selling pressure to even breach. We'd be unlucky to hit even 1900 for a few brief seconds before the miners buy all the cheap BTC up back above 2000 again.
it will drop to -3k ! THIS WEEK !
$1800 will be the floor
But if mining becomes unprofitable then less people will mine, resulting in a lower cost of production as difficulty is reduced. 3k isn't some magical permanent floor.
Mining can't become unprofitable if it doesn't fall below 3k, brainlet. Think for a second.
Marginal mining costs dont matter. It's cumulative mining costs that matter.
and what will be your response when it goes under 1k?
Probably sell everything because the btc thesis would be invalidated.
More like:
1. Price drops
2. Bitcoin miners have to sell BTC to sustain their rigs.
3. Price drops more
4. Bitcoin miners have to sell more BTC to sustain their
5. And so on
>Miners have to pump money in a worthless asset because...
Think again. Bitcoin will fall in price. Miners will exit. Mining a bitcoin will take less time. This will continue all the way to 0.
Why did it not go to zero in the last bear market?
and?
if bitcoin drops to 2000 USD, miners stop mining. bitcoin network will freeze. users wont be able to move their bitcoins, exchanges will stop working. it will be pure panic, think financial markets in 2008. people will panic sell whatever they have, at any price, any money is better than nothing. bitcoin will drop to 100-200 USD during that panic.
after the panic move, mining difficulty will be adjusted such that miners take up their activity again. markets will calm down again, trust may come back and bitcoin may go up to 1000-2000 usd again.
if you think you have seen a crypto bloodbath, you have seen nothing yet.
>profitless miners are going to buy more bitcoins then they mine in order to maintain the price of a product that has a shinking base of demand.
You should make some cash to invest in bitcoin by selling electric fans to wind turbine companies so they can still produce power when there is no wind.
Because buttcoin was still relatively obscure. There was no mainstream exposure. There was always this pool of normies waiting to get tapped. The general public has lost appetite for crypto and will not create another bubble. Nobody going forward will get tricked into thinking crypto has actual use cases.
Why would miners buy BTC? What kind of argument is that? Miners sell BTC they don't buy BTC.
What you mean is that as miners are not profitable at these prices, they will stop mining and a new balance will be reached with fewer miners some time in the future.