[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 161 KB, 530x526, Bitcoin.png [View same] [iqdb] [saucenao] [google]
10043598 No.10043598 [Reply] [Original]

Let me present to you a theory. Mining is by definition the cheapest way to obtain Bitcoin. So when the price nears the price floor, everyone knows it's the price floor, and everyone tries to get cheap bitcoin (to resell later once we are above the price floor). Because mining is the cheapest way to get Bitcoin tons of people start mining. And as many of miners join the network, the difficulty of mining skyrockets, and thus the value (price) of Bitcoin bounces above the price floor.

Self fulfilling prophecy.

>> No.10043616

>set up a storage hall with thousand miners to stay competitive
>Cheap
lol

>> No.10043648

then bitcoin goes up forever then, if you already know that, why are you telling /biz/, accumulate all for yourself :^)

>> No.10043685

>>10043598
>And as many of miners join the network, the difficulty of mining skyrockets
Until all the cheapie miners drop back out dropping the difficulty again. The larger miners sell their BTC at a slight loss to get back some of their electricity costs, BTFO of the smaller cheapie miners. Now they need to recoup their investment so they fire sell BTC. Price drops lower.

No. I think what probably will happen is the price will hit an equilibrium just slightly higher than the median fiat cost of mining per BTC which last time I checked is slightly north of USD$2500, but that will fluctuate depending on how many coins get mined in Venezuela for example.

>> No.10043694

>>10043598
>Mining is by definition the cheapest way to obtain Bitcoin
depends on the cost and availability of mining equipment and your cost of electricity. also mining is a long term accumulation, when you buy on the market you accumulate immediately instead of amortized over years

>> No.10043810

How is that a theory? are you larp or just fucking retarded?

>> No.10043824

>>10043810
find a flaw you fucking boomer.

>> No.10043840

>>10043598
Price of mining is different per country and per company, isn't it?

There's no set price to mining a single bitcoin. There's an average price but miners will always try to drive that down to save costs.

>> No.10043871

>>10043598
>Mining is by definition the cheapest way to obtain Bitcoin.

No its not.

Stealing is the cheapest way to obtain bitcoin.

>> No.10043889

>>10043871
>Stealing is the cheapest way to obtain bitcoin.

we know that, taxmen know that, everyone knows that