Bitcoin Forum

In the bear market BTC price not stable and Most of Trading Analysis are predict BTC will reach $3k according to the theory of market cycle. I have more doubt If BTC reaches $3000 Miners are alive ???
- BTC Reach $3k I guess most of the mining farms will be stopped. Is it possible to maintain mining forms at the market situation (BTC at $3K) ?
- When Miners are reducing in BTC blockchain what will happen for the transaction?
- Can we expect BTC going down to $3k Is it possible according to TA and Do we need to trust TA?

All Discussion are warmly welcome  :)

They always predict but dont bother to listen to them if you trust this technology, they always predict every preice but i cant remember a sigle time they get the exact price, there's no sense on listening to those idiots.

I don't think so. Even if Bitcoin price drops to $3000, mining will not be that profitable unlike before because of the mining difficulty. Most of the Bitcoin had been mined already and it is now very hard to mine it. I suggest if you would go into mining, it is much better if you will mine quality altcoins.

The difficulty will adjust so there will always be miners turning a profit.  The residential miners that pay high electricity rates will be the first to shut down.  But even though the price has gone down from January the difficulty has actually risen so this doesn't always hold true.

Yes. Miners are basically aimed at increasing satoshi count and are not that much related to the dollar count which is the reason why miners have been able to make their way out of the recent years. Moreover decrease in price also means loss of anticipation in the new emerging miners which could mean increase in the share in the mining pool.

Moreover as per the current scenario on TA it doesn't quite look like we are going towards 3k. Infact, TA is showing signs of some bullish reversal on the TA.

This explains it all if this highly unlikely situation were to happen. Someone will still be mining, because no matter what someone needs to be mining to keep the network alive.

It would essentially be who could hold out the longest and wait for the Diff adjustments to weed out the Miners with higher operating costs. The problem here is that you would have to hope the network still has a nice scattering of hash so that no one entity can manage to get a majority of the network hashrate, which at that unlikely price would be a real risk and potential cause for a further push down.

Now all that being said, do not trust these analysis, as they need to make predictions in either direction just to have a job.

Well by then, I'm pretty sure most miners have already paid their equipment off and they are in profit right now. Also, most ASIC manufacturers align their machine prices based on the current bitcoin prices, so it is still possible that the miners would still stick to their mining schemes and profit all the way while the rest of us are being wary of the thought that it might slip down to sub-$1k level (which, IMO isn't likely to happen). Profitability is always at their side, though some miners with smaller farms might have to give it a rest for a while until the mayhem subsides.

wrong. in a bear market price is going down. it has nothing to do with not being stable.

wrong again. no analyst has ever made such speculation. there are idiots making guesses and FUDsters who are spreading FUD. other than that there is no reason for price to go down to $3k similar to no reason for it to reach $10k

a little more than a year ago bitcoin was worth about $1000 and miners were "alive"!

there you go: https://en.bitcoin.it/wiki/Difficulty

no TA is not as good as you think but even TA is not saying anything about $3k. i don't know where you even got that price from :D

You worry too much about the price and heavily rely on the prediction of other people. Bitcoin haven't reached below $3k this year the lowest was $5800~ then went back to $6000 for months now. I strongly agree with what dothebeats said at the last part of his post. If Bitcoin reaches $3k out of nowhere there will be miners still mining the only ones that will be forced to stop are the ones with lesser hash power.

There's a chance that Bitcoin reaches $3k but I don't expect it to happen in the next couple of months or even next year because the price of Bitcoin keeps on improving as time goes by. Last year might be the last time we see Bitcoin at $3k.

It is possible if they can find other ways to reduce their electricity cost.

Yes, miners can make a profit because the bitcoin price can not fall below $ 3,000. Currently, bitcoin mining plants are increasing and are generating passive income from bitcoin for investors. When bitcoin becomes a rarity, I believe the price may increase and it will not drop to $ 3,000

Finding alternative means of electricity will selvage the situation for the mining forms, though most of the mining farms will end up close down if eventually the price of BTC is at $3k.

Remember the electricity price is different all over the world. Some miners might still be making a large profit on a Bitcoin

price of $3000 per coin. Once it becomes unprofitable for some of the miners, they start shutting down their miners and the

hashing power drops. Satoshi made sure to balance things out, so he built in counter measures to decrease the difficulty,

when the hashing power drops. (At some stage it will drop enough for miners to fire up their mining equipment again)  ;)

That is the main reason I don't see Bitcoin falling this much, we have seen a repetitive pattern at 6k level, there is a huge support at that price point and no miner will sell his BTC below that.

First of all, I don't think it's possible for bitcoin to fall that low. If it was, it could've happened a couple of times already. It's been more than half a year of the bearish market and the price barely hit anything lower than $6k. As for the mining farms - that's a tricky question. I thought that miners dumping a coin makes things worth, but a friend of mine who is better at these things said that actually nothing will happen to the coin, because once there are less miners, the whole process simply gets easier and people get more rewards. I read a bit more on the topic just now and found out that the difficulty will adjust to miners after each 2016 blocks, so there might be a temporary effect of people leaving the network, but it will last about 2 weeks.
If there are less miners, I suppose transactions will get confirmed slower, but than again, only in a short period of 2016 blocks, I guess.

Why would the miners stop? There are so many bitcoin miners, so even if some stop, it won't affect the system by any means. Just because the price is 3k USD, mining won't stop. Mining used to be done even when prices were worth nothing and people were mining at a loss, some still are but not the point I am trying to make.

I don't really trust or care about TA, but that's just my opinion, TA doesn't consider so many factors, so it's not ideal every time.

i'm not sure bitcoin will fall below $3,000
because if the price of bitcoin falls to $3,000 mining is no longer profitable, and that makes many people stop mining
you know that more people who stop mining will make bitcoin face its end
that's why i'm sure there will always be wall buy support at the $5,000 price range

This is truth. The miners with huge farms in strategic places with processes carefully planned can survive a lot more than that. They of course took those scenarios in consideration when placing their farm, setting it up and hiring the people to maintain it.

Of course, the miners who pay high electricity fees can just turn off and wait until it goes up again or sell their machines. Hopefully if the bad market is not around for too long they can recover soon and continue.

I dont think Bitcoin can reduce to this level because the big investors wont that happen. A huge falling down now can make the market crash and it wont recover. So, you dont need to be nervous

whale won't let this situation happen. If this is real that will be a nightmare for us. A punch to crypto face

don't be naive. whales don't care about what the price is since whales are "traders" and the only thing they care about is making more profit. and profit can be made with a moving price and moving down is also a movement and shorting can give them a lot of profit. in other words whales make profit either way.

what prevents the drop is the whole market and the demand that exists.

I don't know where did you get that information from but i don't think bitcoin will fall to $3k. If so, I think mining will be stopped

Some minings operations have access to free or almost free electricity, so even if bitcoins falls to 3.000 or less, that will not be enough to turn off the Bitcoin mining, even if the difficulty ain't lowered they will still make a profit.
When others  close down there miners, the profit will go up for the miners with low operation cost who stays in business.

Miners can make a profit but it would be difficult. I hope the price may increase and it will not drop to $ 3,000.

it can happen that bitcoin prices are very slow at $ 6000 so that makes many people bored holding it so that it can make a panic when the price of bitcoin goes to a lower price

Miners will still continue to mine no matter what is the cost to do it. But they will HOLD the bitcoins betting the price will make it profitable again. They can wait a year or more it isn't a problem for them as long the money will follow later.
The case has already be here and see yourself, they didn't stopped anything

The current mining price may continue to fall, no matter how much. But in the case of a possible $ 3,000, no new miner is involved. Aged devices are not replaced by new ones. So if the price drops and stays at those levels for a long time, the network of Bitcoin's blockchain will be greatly damaged.

You can call it a bump in the road or a set back but mining won't stop so easily as this is a temporary setback and the value might be lower than what it was but it'll be back in form in no time.

Depending on the country the miners are from, mining will still prevail if it is efficient, i.e. if the expense to income ratio is sustainable. For example if the electric cost of a certain country is low, miners will still continue to mine, even if the prices are a bit low.

They aren't even profitable on the current price of bitcoin which is on $6500 plus and miners would turn out to be profitable if it would hits up 10k usd mark not to include to those miners who do have cheaper electricity with large mining farms.
On your second question what if miners decreased? Expect to have slower confirmation of transactions.
3rd question, if btc would hit down to 3k then we cant do anything about it and also not all TA analysis is accurate. So bear with the current market condition.

For now we need to be focus on how to pump bitcoin again not how to dump bitcoin to 3000 dollars. I don't like 300 dollars now because the lowest price of the bitcoin for me is like 5000 dollars . But now we priority bitcoin to pump the value to increase all cryptocurrency.

if miners reduce in number it wont be a problem because the blockchain network will just reduce its difficulty itself, just like before we can mine just by using pc now we cant because the miners increase in number thus increasing the difficult of the algorithm to solve a transaction by ordinary GPUs, thats how it works

Miners are not alive depending on the price, they know what they are doing when they buy or sell bitcoin with what they are doing from the costs. If a miner mines bitcoin for a cost of $5k than it means he will not sell it anything under the $5k, if the other one mines at a cost of $3k than he doesn't sell it under that price.

It all comes down to this fact, if a miner sells for $8k than it means there are a lot of bitcoins to be sold at $8k however when you go lower than the buyer/seller number falls of and price doesn't fall further, its all about the simple fact of demand/supply, if miners don't sell their coins than there won't be a fall in the price automatically.

It will adjust but it will take some time. They are already operating on very low profitability hoping for a bounce back and if it goes down they will have to sell at a loss to cover their bills. Last time something like that happened in 2014 when people were hoping for the end of bear market and after a year of low profitability the price went even lower in 2015 leveling the playing field.