Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[LoyceV]

it's important to remember that the average electricity cost of Bitcoin is around 60k. the likelihood of Bitcoin staying below these price levels for the long term is not very high

Miners don't decide the price, the market does. If it's not worth mining, some will quit, the difficulty will drop, and the electricity cost per mined Bitcoin goes down.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[philipma1957]

it's important to remember that the average electricity cost of Bitcoin is around 60k. the likelihood of Bitcoin staying below these price levels for the long term is not very high

Miners don't decide the price, the market does. If it's not worth mining, some will quit, the difficulty will drop, and the electricity cost per mined Bitcoin goes down.

not so true. mining growth has been tremendous. even as profits keep reducing.

if you look below you can see difficulty has basically just gone up since the nov 2021 high go 69 k

[LoyceV]

if you look below you can see difficulty has basically just gone up since the nov 2021 high go 69 k

My guess is that's because the hashrate per watt went up on newer miners. One way or another, if it wouldn't be worth the running cost, they'd pull the plug.

[philipma1957]

if you look below you can see difficulty has basically just gone up since the nov 2021 high go 69 k

My guess is that's because the hashrate per watt went up on newer miners. One way or another, if it wouldn't be worth the running cost, they'd pull the plug.

common sense would say you are correct but that chart shows more mining.

and the efficiency increase do not make up for the price.

ie 69k in nov 2021 with a 30 watts a th machine the diff was under 23t

and 60k in aug 2024 with an 17 watt machine the diff is over 86t

so 86/23 = 3.7x harder to mine a coin

and 30/17 = 1.76x more efficient

so if price really was driven by miners profits  it should be 3.7/1.76 = 2.10 x 69k = 145k

or miners should have shut done machines.

There are a lot of hidden angles with mining.

Right now a lot of large companies are gambling that price does moon soon..

Will they be correct ?  Or will they eventually quit and shut down?

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[LoyceV]

so if price really was driven by miners profits  it should be 3.7/1.76 = 2.10 x 69k = 145k

Electricity is only part of the cost (but you know that better than anyone). After buying the hardware, the running cost is mostly based on the above. So I guess there's still enough margin, otherwise they'd do this (sound on): Gilfoyle's Bitcoin Warning - Silicon Valley.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[WatChe]

NEW: Robin Linus and other 5 developers publishes the BitVM v2 whitepaper, with proposals to improve #Bitcoin scalability.here

Five people have jointly taken a venture, I think it is definitely a good venture.

If improving scalability can make coin acceptable then there are many coins already in the market with better scalability.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com