price of bitcoin vs price of mining hardware

[isotope]

Newbie here. It took me awhile to realize that this forum was the only one that I could post to. After trying to find an easy way to purchase bitcoins to go in on a mining hardware group buy for the fun of it, I found that it is pretty difficult since you can't easily purchase them with a credit card or paypal and using cash while meeting someone in person seems like a hassle.

When thinking about this I began to think of mining in general and whether the price of mining hardware (with ASICs flooding the market) is driving the current price of bitcoin or if the price of bitcoin (fluctuating based on other factors) is driving the price of mining hardware? With that said, do you also think that the price of bitcoin will drop as competition for ASIC mining hardware increases?

[2double0]

Hi! Dont bother mining!

[komar]

That's an interesting theory!
We know difficulty: 609482680
therefore we know the network hashrate: 4362846963464055.5 (hashes per second)
Imagine that there is no other miners but Avalon ASIC #2’s. One of them is 82000000000 hashes per second.
therefore the all network is 53205 ASICs.
One of them costs $1499.
All of them costs $79 754 970.
Oh shi--

[komar]

And you can crash the current bitcoin price to $65 just to spend 23 million dollars...