Bitcoin Forum

When the Bitcoin value drops to $ 1. Is anyone else digging anymore?

Many times I wonder if the value of Bitcoin is due to demand?
And if the value of Bitcoin today when I'm writing this article ranges from $ 3300 - $ 3500. But if the current crowd is still selling Bitcoin and its price goes down further, the cost of digging will not offset the selling value. So who else digs for Coin?

I think this is a pretty interesting question.
As You know when Bitcoin was born, it have low value. But then the value of it increased. However, there are times when there are many drops.
Previously, when a dedicated coin digger was born, enthusiasts used their personal computers to dig a bitcoin. And when the excavator was born as well as the difficulty of digging up the coin, it seems that digging with a personal computer is not available.
However, with your question, I believe that when Bitcoin's value goes down, there are people who love it in some way or another will still find ways to exploit it.

If by digging you mean mining then yes. Mining difficulty scales so other than for short periods of time, the cost of mining should always be less than the cost of bitcoin. For that reason even at $1 people will be mining. Same answer for your second question.

If price drops below lowest mining cost, people stop mining, mining difficulty lowers, mining cost lowers, people start mining again.

Well, if you expect the price will grow in the future, then it's still worth mining
Just as some miners think the price will grow in the future, so they mine the coins before it hit the market
I think it will be more like an investment with higher risk

Nobody will like to venture into any business without any tangible potential of profits. If bitcoin price drop to 1 dollar value then it is useless mining it because you can never make anything out of it. But will such time come? I do not think that there will be a time that bitcoin will worth only but a dollar. There will soon be a correction and the price will reverse and move in the opposite direction.

We all know how much it costs when it is first created. And over time due to user needs its value increases. But if the demand diminishes then the value of Bitcoin will decrease accordingly. So why can not it return to the $ 1 value? What do you think will happen to Bitcoin in the next few years?

most likely they only mine the coin for long-term investment, so they mine and save it for a long period of time, if calculated from now on, demand from bitcoin has started to weaken, due to internal problems and regulations

You should rather use 'if' rather than when, cause there is no certainty that bitcoin's value would drop to $1 and also it is highly unlikely that it actually ever drops that low again.

If the value of bitcoin drops below the cost of mining, then it would be a loss to continue mining coins and no one would be interested in it.


Market forces of demand and supply are the main determinants of bitcoins value

That's on your own say, no one can say that bitcoin value will drop to such amount it's really impossible to believe, let's keep fingers crossed and stop having panics in our mind.

Surely no one would want to mine anymore knowing how expensive mining gears can be, and the cost of electricity would be too high to say the least that it is utterly not viable for anyone to gain $12.5 per block should bitcoin be priced again @ $1 each. Anyone who has a big farm are better off selling their units rather than earn $12.5/block with millions of dollars worth of gear. These things are too trivial at this point, and I think these were made to confuse the minds of holders even further.

Price would never go back to double digits, and that's a fact.

Bitcoin so far was 9 years almost now, and I don't think that it drop to 1$, I remembered the time when I was a novice bitcoin price value by that time was 200$ and of course I don't have any capital to buy em, so lucky to those who bought bitcoin during that time, then all of sudden after a years it jumped to 500 to 800$  then when 2017 came up it kicked up to 1500$, 3000$ until it reached 19,000$ almost, so I think it is too impossible for bitcoin to drop again into 1$  especially most of the community are bullish so far.

People who have cheap or even free electricity continue to dig. As you know, the cost of electricity in many countries is different, and accordingly, it will be beneficial for someone to mine Bitcoin at $ 1000 per Bitcoin. Moreover, when the competitors leaves, more bitcoins are mined. There is also an economic theory that it is more profitable to get some time
work at a loss so that with the growth rate in the future sell more. This is a very rational approach, by the way, but many people underestimate it. Many metallurgical companies do the same when the price of metals falls. They accumulate stockpiles, but do not stop production.

It won't go to 1$! Even if it went to 100 it would be the end of it. I've said many times that a developing technology like the Internet, computer industry, mobile phones, BTC, and such, can't move backwards too much. It can have a bubble that gets nullified, but it can't go to what it was valued for when it was developed. It would mean that it's dead and nobody is interested in it. When it was valued 1$ only a couple thousand people knew about its existence. Now there are millions, so 1$ is possible only if the technology becomes obsolete and there's something better.

I think everything will depend on the volume, if the value of btc drops to 1 $ that would not matter much, because if you keep the volume of transactions that would keep the incentive to the miners, the fees can be a little higher, but the network would remain and continue to get bitcoins as if nothing.

             BTC is perfect for the role of the global decentralized currency. In this case, it will become a measure of value, like gold today. Then its value is obvious.

If the Bitcoin value drops to $1. the panic sellers will not dig but the long term investor knows that it will rise and would make more profit.

Hash rate would definitely drop but that means the mining difficulty will also follow, hence creating an opportunity for people to start mining (or continue).

I think that the number of miners from the fact that the price falls only increase, because people who understand the laws of the crypto-currency market know that the best pies are always obtained when the market is in decline. Of course a lot of people sell their video cards disappointed in mining, but they only lose precious time and a lot of money.

Firstly, the bitcoin will not drop to the value of $1 or run out of demanding because the innovation and the expansion of bitcoin/block chain is just beginning. However, with the help of blockchain event/summit which are host this days and the statement made by the IMF boss advicing Central Banks to have their own crypto currency more investors will come in.

Central Banks having their own crypto currencies seem like a reasonable next step to make compromise between centralised banking system and decentralised cryptos. This is a great step to push us to reverse of the price and something to show that there is still a community out there that trusts and is willing to support BTC. Looking forward to this.

I dont think that the 'crowd' is selling. This massive selling was done by whales that we dont know who they are.

Yes, bitcoins value is due to demand and supply, the law of it is applied. And as for lower value of bitcoin, this will make the mining difficulty lower which will make everyone want to mine once again.

Yes, there's a point in digging at $1 if you're still holding Bitcoin by then. But it won't be Bitcoin that you're digging ;)

https://media1.tenor.com/images/0cc82cca5aab759819aa177cea8a7a0a/tenor.gif?itemid=5413907


I'm not trolling here. If you ever see a $1 Bitcoin again it will mean cryptocurrencies have failed miserably.

I hope Bitcoin does go down to a much smaller value and becomes stable because then it might just be used what it was meant to be used for, an alternative to Fiat money,  instead of people just trying to make a fast buck out of it...

There will come the opportunity again. Many people can buy everything at lower cost. If everything is cheaper, hopefully that it is the start for a new beginning on trusting the coin that it has power to increase the price again. People are going to stop digging but continue it when they could gain from it.

it will become a very small community, like it once was, and whole world laughs at it and its attempt to centre everyone on their money. and their principle to install more and more computation power to mine money.

All people say Bitcoin mining depends on vale of Bitcoin.

Bitcoin price had to go down 80% until a minimal correction of difficulty came in.

But thats stupid people that say Bitcoin is the only real cryptocurrency.

I think if bitcoin price goes to $1, people will losing trust on this market. People will not believe anymore about cryptocurrency and leave the market forever. But i think there is a few people will keep digging coin maybe for their collection.