BTC under 6k?

[BartS]

Bitcoin mining costs a lot of electricity , time and cost of machines. But the reward is getting less and less. In recent years the exploitation cost has increased significantly . If bitcoin prices continue to decline ,  this can prevent many people mine bitcoin

Many people cannot mine bitcoin anymore, you need specialized hardware that is very expensive and you need cheap electricity costs, so the majority of bitcoin users cannot mine bitcoin at all, besides miners have gotten such profits in the past that they should be able to operate for a loss for some time and if they are unable to do so then other miners will displaced them or just absorb them, this is not really a complex issue besides it is not like we are close to the point when miners will not be profitable anymore.

[1714921731]

1714921731

[1714921731]

1714921731

[player514]

Bitcoin mining costs a lot of electricity , time and cost of machines. But the reward is getting less and less. In recent years the exploitation cost has increased significantly . If bitcoin prices continue to decline ,  this can prevent many people mine bitcoin

Many people cannot mine bitcoin anymore, you need specialized hardware that is very expensive and you need cheap electricity costs, so the majority of bitcoin users cannot mine bitcoin at all, besides miners have gotten such profits in the past that they should be able to operate for a loss for some time and if they are unable to do so then other miners will displaced them or just absorb them, this is not really a complex issue besides it is not like we are close to the point when miners will not be profitable anymore.

I agree with this. The vast majority doesn't depend on mining to get bitcoin. Think of mining like the gold rush. There was a point in time where people who saw the opportunity could go and make some good amounts of money, but when others wanted to hop on the trend it was too late -- a lot of the gold was gone. In a similar sense, miners nowadays have to have huge rigs to cut a profit because of how much harder mining is getting. Before, just about anyone with a decent graphics card could mine. Nowadays, it's pretty different. Price exploitation is still an issue though, with many whales and such around.

[richardsNY]

Retail traders on the other hand don't care about anything. If they have to sell far below miner cost they will do without hesitation. As long as they aren't dumping in large numbers, which they haven't been doing much this year, then there is nothing really to worry about. Let whales do their thing, their actions are calculated and smart.

Agreed. I seriously don't know anyone who's selling at current levels, and reading through social media the sentiment might be bearish, but people do strongly believe that holding is better than selling, and I'm glad they have this bit of common sense. Wish they had that common sense during the peak as well, because it would have prevented them from buying the peak and that capital would now be used to buy the dip. Maybe that the Coinbase index fund will help sucking up the coins whales are playing with right now. On top of that, Coinbase custody is a real thing now, so institutions won't have to worry about that anymore....

[AnonBitCoiner]

The price of Bitcoin is below 7000$ now.It is not a permanent position of bitcoin.In a week ,it will change.The bitcoin investors will get more profit ,only if they brought at low price.Now you can buy bitcoin at low price,it may be impossible to buy in future at this price.

[samycoin]

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

Yes bitcoin will surpass 6k as we can see bitcoin down to 5k but bounce immediately in 6k again. I believe bitcoin will be recover in this situation or this down trend.

[Daimon88]

Bitcoins under $6k is not a bad news, it was a very good value for people who wants to earn cryptocurrency today because in this way they can invest while the market price is currently dumping

That's right, it all depends on when you 'bought in' or started mining. I mean compared to all time highs in December 2017, Bitcoin has dropped 50 per cent. But compared to a little over a year ago it is still more than double.

So you're right - how much it impacts you depends on when you started being involved in crypto. I wrote an article about this recently, with a graph of how the top 50 coins have performed over the last 6 months: https://steemit.com/cryptocurrency/@hassy/cryptocurrency-price-changes-for-top-coins-since-december-2017

Currently the value is passing between the prices of 5.8k dollar and 6.5k dollar and fluctuating with little increase and decrease. The value is still low and encouraging people to take the ways straight towards itself for investment because one can get a lot of Bitcoin on low amount and this collection of the Bitcoins will benefit in a high market. The benefit at the end depends upon the quantity of coins so collect according to your ability.

[fabrizoc]

Can BTC technically survive under 6k?

This is close to a bottom where mining stops to be profitable, meaning that supply of BTC from miners would drop. How much supply comes from miners anyways? Is that meaningful in terms of price movement?

What if miners are not profitable? Does that make them stop and thus make BTC transactions less secure? Do they continue mining in hopes of future price raise?

What would be the psychological impact on traders if BTC goes under 6k? That is a huge resistance point and if it brakes how far can price drop? Last time it was more like a test to 5800 which recovered immediately.

If BTC fell to that level it will just continue the cycle, whales will buy the dip and pumped it a little, newcomers and short term traders will ride the pumped, then whales will dumped again and wait till how those weak holders will react, as we don't have any assurance what can be the holding ground in terms of value, 6k$ already been break twice but bounce back right away.

The value today is 6.5k dollar before the improvement of price the value was 6.3k dollar and before that the value was 5.8k dollar so here it comes up with a good increase and the value today is 6.5kdollar. We need further improvement like this in the upcoming days so that we may be able to stand in a high market where our investments may earn huge profit for us.