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/biz/ - Business & Finance

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7400482 No.7400482 [Reply] [Original]

Reminder that I predicted it couldn't go bellow 6k because that's the price of mining, and if it went that low, all the miners would start buying in mass

Reminder that it's exactly what happened, 6k is the price of generating 1 BTC and it will never ever be cheaper than that

Congratulations to everyone that bought at 6.2k, you basically got it as cheap as mining it

>> No.7400524

>>7400482

but it did go below 6k, some people bought at 5900

>> No.7400565

>>7400482
Never went below 6k on chinese and korean exchanges, which make up a huge chunk of miners

>> No.7400594

>6k is the price of generating 1 BTC
>electicity sells for the same price everywhere on earth

Ok

>> No.7400608

>>7400482
couldn't some people stop mining altogether thereby driving the cost of mining down?

>> No.7400620

>>7400594
/thread

>> No.7400626
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7400626

>>7400482

And how did you arrive at that calculation?

Where's your credibility?

>> No.7400647

>>7400482
>in mass
en masse, you troglodyte

>> No.7400655
File: 70 KB, 1170x742, 1514606173930.jpg [View same] [iqdb] [saucenao] [google]
7400655

>>7400482
>still not understanding how mining works

>> No.7400679

>>7400482
>if only there was some way to change the difficulty of mining if miners started to pull out due to low-profitability
kek

>> No.7400705

>>7400524
>some people bought at 5900
it's not exactly 6k, it's somewhere between high 5k

>> No.7400733

>>7400524

5793 on gdax for me.

>> No.7400739
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7400739

Literally brainlet the thread.

>> No.7400880

>>7400482
On average, mining btc isnt that costly. Should be around 1k or less

>> No.7401410

>>7400647
Shut up, tea nigger. I bet you're not even a tea nigger. I bet you're an americunt pretending to be a tea nigger.

>> No.7401480

>>7400739
lel

>> No.7401507
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7401507

>>7401410
He's not wrong, you stupid nigger.

>> No.7401697

>>7400608
btc stupidly has stepwise adjustments for everything including dificulty. So when people make these stupid poasts you can assume they are talking about the next week or so. It adjusts every 2 weeks.

>> No.7401910

>>7400482
so it cant go lower that 6k huh? because everybody that owns btc is btc miner riiiiiiight?? so the price of a product is determined buy its cost of production and not by the price that people are willing to pay for it?

>> No.7401963

>>7401910
by*
im pretty tired here

>> No.7402117

>>7400482
$1k per Mongolian electricity cost, not $6k dude

>> No.7402191

>>7402117
and 1.5k in washington state

>> No.7402251

>>7400482
I'm going to listen to financial advice from the NEET fuck whose portfolio is down $33,000 in a day.

>> No.7403056

>>7402251
it's not his portfolio, dumbfuck

>> No.7403195

>>7400594
this. south korean moners are already in the hole right now- their cost of mining one btc is 8000+

>> No.7403227

>>7402191
and 400 in Venezuela

>> No.7403272

>>7401507
Its pronounced nigga you fuckwit

>> No.7403661
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7403661

The price of producing one penny is more than a penny is worth.