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Title: Does increased mining increase price of Bitcoin? Post by: Galahad on September 27, 2013, 12:06:13 PM I heard somewhere that when the ASIC miners come online that this will be a big event and increase BTC price? Is this true or not? If so, how does this affect price?
Title: Re: Does increased mining increase price of Bitcoin? Post by: deepceleron on September 27, 2013, 12:26:05 PM You can't get 1 BTC a day by mining on your video card any more, more like 0.01 BTC a week. The cost of mining and electricity sets a reference price for Bitcoin for someone wishing to obtain it.
Over 11 million BTC are already mined and in private hands now, compared with the new 3600 BTC a day that are being created, so the market price is much more influenced by trading and demand than mining. Title: Re: Does increased mining increase price of Bitcoin? Post by: nobbynobbynoob on September 27, 2013, 12:36:28 PM What deepceleron just said, basically.
Price change can infuence difficulty by creating relative economic (dis)incentive to mine. Difficulty increases don't appear directly to impact on the price, though they may have longer-term implications. The bitcoin price is set by supply/demand at the trading margin, as with any other commodity. Title: Re: Does increased mining increase price of Bitcoin? Post by: Galahad on September 27, 2013, 12:48:34 PM Ahhhh, good explanations :)
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