Is This Why Bitcoin Suddenly Rebounded Yesterday?

[Wintersoldier]

Is it really? I don't think so, last 2/1 days, I have seen a lot of people are talking about this issue, I think there is no relationship between these two events, Mining cost is not responsible to get high the price of Bitcoin in recent time, I think Hashrate is the most responsive to this price up and down, It's a common scenario that when the price goes up then the hash rate also goes up and similarly when the price goes down then Hash rate also goes down, That is why Mining cost is not the vital factor to this issue, the most important thing is that Bitcoin price is being manipulated by something.

With regard to the mining cost, its effect will be felt not in an instant, it takes time because it needs to undergo market correction first because the halving isn't happening yet, so when the time comes, people will realize that miners are now starting to sell even higher than before and the price will climb slowly but surely. With the recent increase of the market price last day, it is in fact the effect of volatility that we always encounter in the market.

[crwth]

So you are saying that the miners have control over the price as well? I think this varies with how much the country's energy consumption is. I have seen this article [1]. Venezuela has the lowest cost in terms of electricities according to the article.

I think there are more variables and not just miners that want the price to go up, but it couldn't be controlled in my opinion unless you have control over the USD/USDT, you could impact it. I'm just not sure if they can have that price and they made it that way so they could have the "breakeven" to mine 1 Bitcoin.

[Youghoor]

Coin Shares researchers found the average cost of mining a Bitcoin is approximate $6,300. So, the price jumped to $7,300 yesterday. And it’s profitable for the miners Forbes report said. What do you think?

There are a lot of reasons that can be used to describe why the price of Bitcoin rebounded back  to $7k. But i don't really think this could be the actual reason for that. You should understand that the volatile nature of the entire bitcoin market makes it impossible to actual get one particular reason to be the reason or the cause in either the increase or decrease in the market value of Bitcoin.

[White Christmas]

Coin Shares researchers found the average cost of mining a Bitcoin is approximate $6,300. So, the price jumped to $7,300 yesterday. And it’s profitable for the miners Forbes report said. What do you think?

There are many reasons why bitcoin suddenly rebounded yesterday about $7,000 maybe the big whales are manipulating the market so that the bitcoin bounce back again from $6,700 and up so that it bounce back again.
Or maybe the main reason is the bitcoin stocks which is getting low and the sellers of the bitcoin don't want to sell their holding bitcoins so that the supply of the bitcoin become high and the current price or value of it becomes reliable and bounce back again. There are so many reasons why bitcoin suddenly rebounded.

[buwaytress]

I've never really bought into the estimates. I think they're getting better, for sure, but there are still a lot of shortfalls in the calculations. And miners will keep mum about it too, since it benefits them to let people think they're mining at such high cost.

I mean, all the models assume miners immediately sell what they generate. I don't think that's the case at all. Miners speculate quite a bit too, and they hold, batten down the hatches in these times, and flood the OTC markets at better prices or during spikes. I'm pretty sure that's how it happens.

[Dart18]

Coin Shares researchers found the average cost of mining a Bitcoin is approximate $6,300. So, the price jumped to $7,300 yesterday. And it’s profitable for the miners Forbes report said. What do you think?

First time I have seen this kind of reasoning.
But it looks too me like it is just a normal fluctuation. I am not really sure of what is the reason behind it so I just put it that way. Which should be what it had always been.

The dump though could be from us holders of bitcoin who are selling for the expensive Christmas or a budget for the end of the year is included.

[CodyAlfaridzi]

Coin Shares researchers found the average cost of mining a Bitcoin is approximate $6,300. So, the price jumped to $7,300 yesterday. And it’s profitable for the miners Forbes report said. What do you think?

Nothing to do with that in my opinion. The price rebound because it touched very strong support in $6400-$6500. As simple as that. I don't think any fundamental or news is behind it.

That news that you mention is not a good news for anyone lol, even for miner. And that's not how mining cost could drive the price either. Miner could drive up the cost by holding their Bitcoin thus decreasing the supply/not flooding the market.

[veleten]

even if it has some relationship to the mining cost it is not direct
the only reason it can adjust is because of the less efficient or smaller miners leaving the business
when they do not get enough profit and stop their rigs , the amount of coins they sell immediately drops and the price , in theory , should go up since there is less selling pressure
in reality , though this is just a theory and I don't think anyone has conducted research as to how many miners are selling their coins straight after they mine them to cover the electricity costs etc.
and it is a process , we do not wake up one day and see the price go up or down because John stopped selling , many other factors are influencing it more

[rodskee]

Coin Shares researchers found the average cost of mining a Bitcoin is approximate $6,300. So, the price jumped to $7,300 yesterday. And it’s profitable for the miners Forbes report said. What do you think?

i think it is much better to say that manipulators are the reason for the Bump and also the dumping because it is very obvious that they are just playing the market and all of us a just a tool for them to bag money.
i also dont think that we can have any idea of what is really happening behind the scene and all we have is speculations.

[FlightyPouch]

I agree that this has no connection with the price at all. As an investor if the price falls down, we find a great timing to invest and seeing the price at $6K is enough to reinvest and maybe that is the reason the price rebounded.

[tsaroz]

Coin Shares researchers found the average cost of mining a Bitcoin is approximate $6,300. So, the price jumped to $7,300 yesterday. And it’s profitable for the miners Forbes report said. What do you think?

That would not be a reason.
The greatest reason is people realized bitcoin is now in one of the lowest price and wanted to buy it cheap. This could be one of the rare price to get bitcoin below $7K. With the halving coming in May, people are looking for a quick profit.

[aardvark15]

That would seem to support the fact that it is profitable to mine Bitcoin, but that is an average cost. It really depends on what you paid for you equipment and how efficient it is.  Also it depends on the energy cost where you are mining.

[Aubranches]

I think big miners will drop the price to $4,000 or less precisely to try to make small miners give up. So i don't think the cost of production has any relation with the last rebound

[drachman]

I think big miners will drop the price to $4,000 or less precisely to try to make small miners give up. So i don't think the cost of production has any relation with the last rebound

This is a classic move by monopolies, they can sustain losses for far longer than any small business driving them to sell their operations to them and then making the prices to go up again, and since they can do this at will then they can prepare for that scenario and store a lot of coins and prepare themselves and suppress the price for months and maybe even for a full year driving most small miners to bankruptcy while they laugh at us and our inability to comprehend what it is actually happening.

[asus09]

I think big miners will drop the price to $4,000 or less precisely to try to make small miners give up. So i don't think the cost of production has any relation with the last rebound

This is a classic move by monopolies, they can sustain losses for far longer than any small business driving them to sell their operations to them and then making the prices to go up again, and since they can do this at will then they can prepare for that scenario and store a lot of coins and prepare themselves and suppress the price for months and maybe even for a full year driving most small miners to bankruptcy while they laugh at us and our inability to comprehend what it is actually happening.

Some one monopolies about bitcoin to buy and invest where can make bitcoin suddenly pump without we understand why, not have good information with bitcoin will accepted in some country but how come just few minutes bitcoin can raise change about 8% and how come can make bitcoin have higher price. Always have some one want to make people buy bitcoin during price is up.

[Polar91]

Some one monopolies about bitcoin to buy and invest where can make bitcoin suddenly pump without we understand why, not have good information with bitcoin will accepted in some country but how come just few minutes bitcoin can raise change about 8% and how come can make bitcoin have higher price. Always have some one want to make people buy bitcoin during price is up.

If we are thinking of huge market hodlers who could control the bitcoin market, we are correct. They do really have the power to make the market dump and pump but not just all by themselves, we are also subject to the volatility we are experiencing. Believe it or not, we are selling and buying each time they make the market alive. And with the whales, we are all contributing to the changes of the market price. In addition, huge advertisement could also manipulate the market.