Title: China lower the power price and cause bitcoin crash? Post by: hl5460 on April 09, 2015, 08:43:01 AM It has been confirmed that the power rate in China will drop by 2 cents(yuan) ? Could this trigger the bitcoin crash?
Title: Re: China lower the power price and cause bitcoin crash? Post by: randy8777 on April 09, 2015, 09:07:37 AM i don't think so. it would stimulate to get more mining hardware working on full power. which will result in a difficulty rise.
Title: Re: China lower the power price and cause bitcoin crash? Post by: HI-TEC99 on April 09, 2015, 09:19:20 AM It has been confirmed that the power rate in China will drop by 2 cents(yuan) ? Could this trigger the bitcoin crash? Who confirmed that the power rate in China will drop by 2 cents? Title: Re: China lower the power price and cause bitcoin crash? Post by: Agestorzrxx on April 09, 2015, 09:24:38 AM It has been confirmed that the power rate in China will drop by 2 cents(yuan) ? Could this trigger the bitcoin crash? I don't think so, the miners can use the power more cheaper than the industrial and commercial electricity, this power rate decreasing will not change anything.Title: Re: China lower the power price and cause bitcoin crash? Post by: Amph on April 09, 2015, 09:29:02 AM why it should? you know that the numbers of bitcoin mined is a fixed number? 2 cent lower won't change anything
the problem with bitcoin crash is more related to the fact that there aren't enough buyers, nothing else Title: Re: China lower the power price and cause bitcoin crash? Post by: WhatTheGox on April 09, 2015, 09:39:23 AM It has been confirmed that the power rate in China will drop by 2 cents(yuan) ? Could this trigger the bitcoin crash? China miners seem less likely to hold bitcoin atm as it cant be used as much - that is probably more likely to hold the price down. Title: Re: China lower the power price and cause bitcoin crash? Post by: Coef on April 09, 2015, 10:46:02 AM It has been confirmed that the power rate in China will drop by 2 cents(yuan) ? Could this trigger the bitcoin crash? Who confirmed that the power rate in China will drop by 2 cents? According to the following news article, the price for commercial enterprises will be lowered 0.018 Chinese Yuan (~0.003 USD) per kWh. http://www.scmp.com/news/china/article/1761271/china-cuts-power-prices-and-taxes-help-firms-amid-slowdown Title: Re: China lower the power price and cause bitcoin crash? Post by: Eastwind on April 09, 2015, 11:05:05 AM It has been confirmed that the power rate in China will drop by 2 cents(yuan) ? Could this trigger the bitcoin crash? I don't think so, the miners can use the power more cheaper than the industrial and commercial electricity, this power rate decreasing will not change anything.The Chinese miners use the power at price negotiated directly with power generator, which is much cheaper than commercial or industry rates. Title: Re: China lower the power price and cause bitcoin crash? Post by: ShetKid on April 09, 2015, 11:11:12 AM why it should? you know that the numbers of bitcoin mined is a fixed number? 2 cent lower won't change anything the problem with bitcoin crash is more related to the fact that there aren't enough buyers, nothing else Low buyers is one factor, the other factor is that if the sellers are more than the price gets further driven down.And since the chinese are more likely to dump, so a drop in price of electricity, will have them run their miners at full capacity, generating more coins there due to higher hashing, which in turn means they will dump more driving the price down. Title: Re: China lower the power price and cause bitcoin crash? Post by: zcxvbs on April 09, 2015, 12:54:14 PM It has been confirmed that the power rate in China will drop by 2 cents(yuan) ? Could this trigger the bitcoin crash? China miners seem less likely to hold bitcoin atm as it cant be used as much - that is probably more likely to hold the price down. No they won't hold, they sell to pay the power fee and credit loans, they're not bank, if they hold, then how they stay alive? Title: Re: China lower the power price and cause bitcoin crash? Post by: ensurance982 on April 09, 2015, 01:39:09 PM The imaginary line at 1500 CNY is a psychological border. I think today's dump started with that line being crossed. We're now bouncing off of a long-term support, which is scary!
Title: Re: China lower the power price and cause bitcoin crash? Post by: Amph on April 09, 2015, 01:39:38 PM why it should? you know that the numbers of bitcoin mined is a fixed number? 2 cent lower won't change anything the problem with bitcoin crash is more related to the fact that there aren't enough buyers, nothing else Low buyers is one factor, the other factor is that if the sellers are more than the price gets further driven down.And since the chinese are more likely to dump, so a drop in price of electricity, will have them run their miners at full capacity, generating more coins there due to higher hashing, which in turn means they will dump more driving the price down. this assuming that the other miners aren't dumping as well, because as i said above the bitcoin produced every day is a fixed number, so let's say that only 2400 coins are dumped every day(66%), and let's say that 50%(1200) of those come from china if they produce more coins, it mean that someone else is producing less, again let's say they will produce 33% more, this result in 1600 coin from china and 800 from others now if the one that is producing those 400 less coins(could be the sum of many small miners or anything else it doesn't matter) was dumping too every day, it won't change anything, instead of them dumping, now there are chinese that are doing it Title: Re: China lower the power price and cause bitcoin crash? Post by: Xiaoxiao on April 11, 2015, 03:34:35 AM The imaginary line at 1500 CNY is a psychological border. I think today's dump started with that line being crossed. We're now bouncing off of a long-term support, which is scary! I don't think so. Price going down because people don't see bitcoin as a speculative tool anymore, pure and simple. Title: Re: China lower the power price and cause bitcoin crash? Post by: Fabrizio89 on April 13, 2015, 05:14:49 AM China doesn't even have the cheapest cost per btc from mining, so no
Title: Re: China lower the power price and cause bitcoin crash? Post by: tyrexs on April 13, 2015, 09:05:05 AM China doesn't even have the cheapest cost per btc from mining, so no im agree with you, i think is time to bitcoin coming to dead Title: Re: China lower the power price and cause bitcoin crash? Post by: srgkrgkj on April 13, 2015, 11:56:53 AM http://www.globaltimes.cn/content/915916.shtml
I think this is what OP is talking about... A reduction in power costs may actually benefit the Bitcoin prices with difficulty rising or it may further push out the home miners :( Title: Re: China lower the power price and cause bitcoin crash? Post by: Q7 on April 13, 2015, 11:57:05 AM I don't think there will be a crash but most likely it will put pressure on the bitcoin price and push it lower. This is because miners now can decide to reduce the price and competing against each other in the open market as their operating cost has also gone down. How far that goes to influence the price remains to be seen. Don't forget that although China is one of those countries where bulk of the mining operation are located, you haven't discounted and taken into fact that places like Iceland also has large concentration of miners.
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