Bitcoin Forum

As you see guys, price falls and falls, that's very bad we all know and it's not something we want but it keeps falling.
This fall was also sudden and somehow very suprising not only for me but maybe for you too.
Do any of you think that it has something common with mining? As you see a lot of miners just gave up and left bitcoin mining, not only this...
Imagine following: There are giant miners like bitmain, bitfury and so on... What about if they want to create monopoly? Once for example 20% of miners will leave mining, they'll fill this 20% and more by new and improved equipment which they won't release for a while and make it almost nonsense for others to start mining with currently publicly available miners.
P.S Don't call me crazy...

No, you're not crazy. Some miners are really starting to sell their mining equipment due to falling prices of crypto currencies.

I'm really scared of where these ASICs will be used in the future. Perhaps some criminals will buy a lot of such cheap processors and successfully complete a 51% attack on the blockchain.

Undoubtedly, only strongest mining pools will survive in these tough times.

Actually, the price drop is predictable from the technical analysis, e.g., correction from the all-time high, breaking support line, etc. I know it's easy if you look at the historical data (because of hindsight bias).

Sure mining has a correlation relationship with the price. When the price is high, the hash rate is high; and vice versa. Bear in mind that this is not a causation relationship, only correlation.

I don't know, how can they sell, then is it possible if later Bitcoin creates a new ATH, the miners will buy a new ASIC? They should save or use as much as they can so that the electricity consumption is worth selling at a time like this.

https://www.blockchain.com/en/charts/hash-rate?timespan=all&daysAverageString=7

The hashrate is currently sitting at around 36,000,000 TH/s. Yes, we are down from the peak of 55,000,000 a few months ago, but bear in mind we only hit current levels for the very first time back in June. For the last 9 years leading up to June this year, we have been sitting below currently levels, the majority of that time being significantly below. This time last year (so at the peak of the bullrun and all time high of 20k, when a 51% attack would have been the most profitable it has ever been), we only had a hash rate of around 12,000,000, which is a third of what we are sitting at at the moment.

The biggest pool at the moment is BTC.com at 18.6%. We are still a long way off a 51% attack being economically viable.

In crypto platform each one expecting profit but current market is not properly working so many miners are stop the mining platform because of electricity rate is too higher the mining profit. But price drop is depends big whales because they only sell the total cryptocurrency in single shot it is directly affect the market, then all the miners are loose the hope of improvement so they decide to stop the working. I hope again market will change.

Bitmain or someone else is not profitable to control 51% of mining, because then bitcoin will simply die as it will not be decentralized.

But it is still a long way to reach 51% to get control of over mining.

I don't think people will leave their mining completely they may just stopped mining for a while and the big mining pools will never stop in my opinion.If they stops means they won't get anything so they need to support ow if they want to make profits in future.

I wont call you crazy but it got nothing to do with miners.
It actually helps them if some group suddenly want out.
The difficulty gets lower and they will make profits easier for every transaction will be a lot faster.

Remember this also. There are still miners out there who wants to get a spot into bitcoin mining.
Some of them are at ETH or Zcash by now because of the difficulty level that bitcoin have.

No need to worry about it. Let us be happy when some of them surrenders.

If someone surrenders then someone would really fill up.On the current situation theres no doubt that some miners do tend
to jump out because of the unprofitability but theres still who remains and tends to jump in in spite of the difficulty. There are lots of choices actually
if we would like to mine it would really just depend on some factors before to start up.

No I won't call you crazy cause many miners have close they mining farm due to the continues decline in the price of cryptocurrency in the market, but I strongly don't think its only they actions that lead to this current dip we are witnessing in the market as we just witness a hard fork in the bitcoin cash network I believe this also hard negative impact on the price of bitcoin and other altcoins.

the major hardware producers and mining operations (often one and the same) have too much invested in bitcoin's mid/long term health to risk crashing the market. that would be an incredibly risky approach to squeezing out their competition. it would be a safer bet to invest into out-scaling the competition, or even to sell hardware unnecessarily low to undercut competitors' prices.

plus, the difficulty adjustments will just make it cheaper to mine again. hash rate has dropped 30% (and rising) to meet the 40% price drop. that's another reason why this theory doesn't work.

It's always profitable to attack Bitcoin, because with Bitcoin you basically control the entire market with how the price of every coin is attached to what Bitcoin does.

What people seem to discard, is how BCash after its split managed to have more than half of BTC's hashrate to be shifted over to its own network. It was a legit attack on Bitcoin, and as far as I know the only time another network had more hashrate than BTC, but we survived that. I'm not sure to what extent the Coinbase pump has anything to do with it, but it's quite interestingly timed.

The same that Bitmain & Co tried to do to Bitcoin is being done to them by nChain and CoinGeek. Karma it is called. Assholes.

Difficult to prove, but possible. The point is that when conditions become difficult, people must survive, and take into account any escape route, even if irrational.

As long as this coin can implement an algorithm which asic can't mine it and it will be fine. A lot of GUP miners have sold their GPU. I have seen that in so many times and this will be a true story and it needs to be prevented by the developers.

I don't think its because of the mining, infact I think this situation is damage the miners, the miners stop mining because the price falling too low, the falling price is caused by the heavy manipulation from the whales, and the trust level of the investors that already drop down because of the long bear market

Man yeah, that's very risky but also at the same time more risk = more reward, for some it worths. Well, what I mean is following: Yeah, difficulty drops but imagien big miners invented upgraded miners and filled current difficulty loss by massively turning their new miners into mining but left less effective miners for people. As you know bitmain was mining altcoins for a long time before they would release miners, I mean same situation.

Even if a lot of the miners have temporarily stopped or have permanently stopped mining the level of difficulty has decreased and chances are it can attract new people and even companies to start their mining operations on their own. Miners cannot really have monopoly in this industry as they cannot control on who can enter inside the industry as their competition not unless they themselves control the supply of mining hardware which isn't really the case. The halt in a lot of miners' operation is not the biggest factor why we have a bear market right now.

crypto mining is badly affected because of present cryptocurrency price crash once the positively start again the crypto mining demand will bounce back until then mining will be hard to survive

I do small mining also for some bitcoin like Monero but globally there has been a decline in profits since 2017 until now. if we recalculate it with a fixed operating cost but the selling price of the old coin decreases, this is not good for friends and if this is the case I will also go from mining because many other miners also experience the same problem. almost all of them are unable to cover operational costs from the sale of coins, do they have to continue mining if they lose money?

BTC prices must remain above 7k USD, so that miners get a fair fee
Miners also spend a large amount of initial capital to buy a RIG, but since the price of the cryptocurrency is destroyed, only POS can be relied on, now the POW is no longer efficient, unless you have free electricity from a windmill

https://cointelegraph.com/news/bitmain-closes-israeli-blockchain-development-center-citing-crypto-market-conditions

For small miners, mining is no longer profitable due to very low prices of the crytocurrency coins. Imagine the expenses these miners have to pay. The digitals assets that they have mined could be sold only at a very low price. Most probably, as soon as the market goes up again, the number of miners will start to increase again.

i think people are overthinking things about mining these  days only because it was brought up this year and not in the past as much as today. if you look at the charts you can see that the hashrate has been going up and down for as long as bitcoin has been around.
price rises then the hashrate rises with it. then price falls and the hashrate falls after it also. it has been like this with any major rise and fall of price!
there really isn't any more to it than profitability for individual miners.

The price doesn't have to stay above $7k for Bitcoin mining to stay profitable. You need to know that not all miners are under the same circumstances they don't spend the same electricity cost and  huge mining farms can easily sustain these losses since they've have been mining for more than a year. PoW is still efficient if someone wants to profit from Bitcoin mining today their electricity cost shouldn't exceed $0.07 per kw/h (https://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=16000.00&p=1480.00&pc=0.07&pf=1.00&d=5646403851534.72000000&r=12.50000000&er=3577.53000000&hc=2850.00) or else they have to wait before they could sell (other values came from the using the most efficient miner).

For me a lot of things can be done when looking at a market situation like this,for me not to sell, it actually buys when the price of Bitcoin falls like this, this rare phenomenon occurs this year against Bitcoin and cryptocurrency, I am optimistic that Bitcoin one day will surely meet the actual price.

There is a 100% correlation between the miners and this current situation from all kinds of perspective you look at it.
Firstly, we all said the price wouldn't fall anything below 6 thousand dollars because that was the cost of mining at the time.

Miners from bitmain (biggest miners in the world) decided to shift things up and they went to a war with Craig Wright and that cost a lot of money, in this time both sides have spent a lot of money and and that created a need to sell bitcoin which dropped the price a lot. This didn't caused bitmain to lose money though because it worked out for them better, why ? Because when the price went down there was a lot of small miners who stopped mining and that caused the difficulty to drop and made the cost of mining lower which helped them to make more money mining now.

you are a genius and not crazy, because my average friend complains with bitcoin mining because the price of bitcoin goes down so it's true, they sell mining machines at the same price when they buy, it's just a little cheaper ...

In my opinion, current market situation because peoples panic with many negative and fake news. I dont think this bear market related with mining because many miners shutdown their rigs because its not too profitable anymore. I am believe its because too many fake news and people panic with that news

Some of them will but also some big people behind a big company will still continue mining until the lost drop of Bitcoin will be in their hands to acquire.

I don't don't the crash in price has any thing with miners activities due to the fact that even the transaction fees and unconfirmed transactions that was witness in the past let say this time last year 2017 when to send any little amount of bitcoin faces high transactions fees and must time transactions unconfirmed. Those are miners in action that shows how the number of miners available was less then the transaction that goes on in the blockchain network but with the present eas in carrying out transactions it show that the percentage of active miners are more then enough and also new development. The price crash is as a result of low demands of bitcoin in the market.

For each bear market always their will be some excuses or reasons behind for the fall, and what OP is telling is also one part of true for this fall. As last year everyone was telling about same good stories of market moving up and this year all bad stories are coming for the fall of market. So i think Mining is also one of the reason of this correction of price in bitcoins.

At current prices, mining is no longer profitable. Only where the electricity is very cheap, one can consider continue mining and keep accumulating the coins. Due to lack of miners, the Btc transactions are taking larger than normal these days.

How is it not profitable to mine? If you look at the difficulty corrections, they are making sure that it is decently profitable to mine, or that miners have no problem running at a small loss for the time being. Bitcoin's hashrate in the last couple of days went up with 10EH/s, which means that the situation isn't as bad as news outlets are pointing out.

It's more so that the hashrate volatility is causing block times to slow down. Currently the average block time is 11 minutes while it's supposed to be close to 10 minutes under normal circumastances. It's perfectly acceptable. Last year was bad, the average block time went up all the way to 16 minutes.

I don't see any relationship between what is happening and mining. Mining is an independent activity to me that is not related to forces of demand and supply. I have not seen that because transactions are not confirmed that is why price have fallen neither have I read that because more than enough bitcoins are being mined is what caused glut in the market when we all know that the difficulty in mining bitcoin increase by the day. So, let focus on turning things around rather than looking for who to blame.

I don't in my opinion believe that the reduction in the number of miners is responsible for the current price drops. It is simply as a result of more people offering to sell off, without a balanced buy orders.

In situations like this everyone can think indifferently to Bitcoin, all Bitcoin miners are aware that prices are now dropping, that this is a sign of change for crypto in the whole world, for things to be expensive things are rare or unique, when bitcoin runs out in the mineand people need it, that's where new is expensive and high in price.