Wait, so miners were dropping out of mining because the price was still the same?
What reason would a miner that miner at 6k to drop out at 6k other than insanity?
And learn how to use a graph, the price plummeted in the second half of November from 6.5 k on the 12 to 4.2 on the 26.
The hash rate dropped from 49exa on the 12 to 42 exa on the 26.
The price stopped bleeding and only went down 10% more while the hashrate drop continuously to lose 25%.
The price showed signs of recovery the hashrate was 2 months late.
Hashrate follows price, stop trying to paint it otherwise.
And do something about that 3+3=4
stompix miners started dropping hashrate in OCTOBER. get it, OCTOBER OCTOBER.
the reason was NOT the market price. but more efficient ASICS = more profit
the PRICE LATER then shifted down where the PRICE reacted. not the other way round
the HASHRATE and COST went down to $3500+ where the bottomline COST support meant no one would sell for say $3k. as thats a LOSS. no one wants to sell at a loss. so the PRICE didnt go below. (common sense)
but they were willing to sell above $3500 as they can make profit on that. and so they did (common sense)
its clear you dont understand the concept. so either learn, or move on with your life.
but one thing is for sure. i know you are hoping for some big massive guaranteed crystal ball daily PRICE predictor
sorry. but if you think my comments are about PRICE predicting, you have it all wrong.
its about knowing the BOTTOMLINE
if you cant understand or visualise the benefits of knowing the bottomline then learn or move on
anyway. to move on from stompix's interuption
the point is
we have a situation of profitable mining at ~$5000 COST
we have a situation of market price at ~$7800 PRICE
thats $2800 of speculations, volatility zone. the PRICE could go up above $7800 or below $7800 but will stay above the $5k if there was a correction.
this is not much of a big FOMO/MOON moment like 2017-18 $20k of $14k speculation/volatility. but dont expect $7800 as the 'bottom'