I purchased a bit more.. 3 buys for 27 ,26, 25.
I will buy some more over the rest of the dump.
We may go under 22k .
We finally left the boring 28.k to 69.8k range
It lasted from dec 2020 to may 2022
and we really look a lot like 2018.
rising diff from jan 2018 to oct 2018
falling price from jan 2018 to oct 2018
Some place I posted those 2 charts. Looks to be a repeat of that after all.
To understand why diff rises it is simple a large farm with 8 cent total cost is still in the black even at 26k price for btc
Assume 3.3 not 3.01 so 80kwatts a day say 8 cents rent ,breakage,power ,labor
that is $6.40 cost a day. 100th is making. 12.23 - 6.40 = 5.83 profit.
which works for a big farm. this is with 30k price.
at 20k that 100th will do 8.15- 6.40 = 1.75 which is piss poor for a big farm. as they may have paid 7k a unit or more.
If they took a loan and are servicing debt 💸 it is very likely they go bankrupt.
But you need an extended time at 20k to really crash big farms.
look at current diff it is +3% which means big farms are grinding away.
https://www.bitrawr.com/difficulty-estimatorLatest Block: 735998 (28 minutes ago)
Current Pace: 103.8034% (159 / 153.17 expected, 5.83 ahead)Previous Difficulty: 29794407589312.08
Current Difficulty: 31251101365711.12
Next Difficulty: between 31426821229651 and 32448536370230
Next Difficulty Change: between +0.5623% and +3.8317%
Previous Retarget: Yesterday at 7:40 PM (+4.8892%)
Next Retarget (earliest): May 24, 2022 at 7:22 AM (in 12d 10h 9m 35s)
Next Retarget (latest): May 24, 2022 at 5:48 PM (in 12d 20h 36m 20s)
Projected Epoch Length: between 13d 11h 41m 19s and 13d 22h 8m 4s
If we are to fully get to a true low based on large farm mining the price needs to be 20k the best news is diff is rising as I type.(+0.08%) It means the big miners are still in the black and are looking to grind this out.
I see at least 90 nasty days ahead if the low is end is shortened.
and 2 years if we are normal bear.
The good thing is we just got our 285kwatt solar array approved and financing is done it will be working around July 1 so our power bill will be close to $0 .
This will put us in a better spot than a 4 cent power,rent,labor,breakage cost. per kwatt
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