Bitcoin Forum
May 12, 2024, 10:05:09 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Bitcoin Forum > Other > Beginners & Help > Does increased mining increase price of Bitcoin?
Pages: [1]
« previous topic next topic »
  Print  
Author Topic: Does increased mining increase price of Bitcoin?  (Read 494 times)
Galahad (OP)
Full Member
***
Offline Offline

Activity: 190
Merit: 100


View Profile
September 27, 2013, 12:06:13 PM
 #1
I heard somewhere that when the ASIC miners come online that this will be a big event and increase BTC price? Is this true or not? If so, how does this affect price?
1715508309
Hero Member
*
Offline Offline

Posts: 1715508309

View Profile Personal Message (Offline)

Ignore
1715508309
1715508309
Reply with quote  #2
1715508309
Report to moderator
1715508309
Hero Member
*
Offline Offline

Posts: 1715508309

View Profile Personal Message (Offline)

Ignore
1715508309
1715508309
Reply with quote  #2
1715508309
Report to moderator
1715508309
Hero Member
*
Offline Offline

Posts: 1715508309

View Profile Personal Message (Offline)

Ignore
1715508309
1715508309
Reply with quote  #2
1715508309
Report to moderator
The block chain is the main innovation of Bitcoin. It is the first distributed timestamping system.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1715508309
Hero Member
*
Offline Offline

Posts: 1715508309

View Profile Personal Message (Offline)

Ignore
1715508309
1715508309
Reply with quote  #2
1715508309
Report to moderator
1715508309
Hero Member
*
Offline Offline

Posts: 1715508309

View Profile Personal Message (Offline)

Ignore
1715508309
1715508309
Reply with quote  #2
1715508309
Report to moderator
deepceleron
Legendary
*
Offline Offline

Activity: 1512
Merit: 1032



View Profile WWW
September 27, 2013, 12:26:05 PM
 #2
You can't get 1 BTC a day by mining on your video card any more, more like 0.01 BTC a week. The cost of mining and electricity sets a reference price for Bitcoin for someone wishing to obtain it.

Over 11 million BTC are already mined and in private hands now, compared with the new 3600 BTC a day that are being created, so the market price is much more influenced by trading and demand than mining.
nobbynobbynoob
Hero Member
*****
Offline Offline

Activity: 784
Merit: 1000


Annuit cœptis humanae libertas


View Profile WWW
September 27, 2013, 12:36:28 PM
 #3
What deepceleron just said, basically.

Price change can infuence difficulty by creating relative economic (dis)incentive to mine. Difficulty increases don't appear directly to impact on the price, though they may have longer-term implications.

The bitcoin price is set by supply/demand at the trading margin, as with any other commodity.
Earn Free Bitcoins!   Earn bitcoin via BitcoinGet
BTC tip: 1PKkvuwC24Vqjv9odigXs1QVzE66jEJqmb (if <200 µBTC, please donate to charity)
LTC tip: LRqXaNdF79QHvhPpS5AZdEJZnLiNnAkJvq (if <Ł0,05, please donate to charity)
Galahad (OP)
Full Member
***
Offline Offline

Activity: 190
Merit: 100


View Profile
September 27, 2013, 12:48:34 PM
 #4
Ahhhh, good explanations Smiley
Pages: [1]
  Print  
Bitcoin Forum > Other > Beginners & Help > Does increased mining increase price of Bitcoin?
 « previous topic next topic »
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!