I can explain this crash...

[seoincorporation]

It's easy guys, what we are watching right now is what happens when a big mining farm quits.

Hash rate drop from 98 to 67: https://www.blockchain.com/es/charts/hash-rate

A big amount of bitcoins sold: https://bitcoinwisdom.io/markets/bitfinex/btcusd

So, what do you think, are you agree with my theory? or i miss something?

*This is just speculation, i don't have any proof to verify my theory...

[btc_angela]

But it doesn't make sense for such a big mining farm to just quit, isn't it? What's the rationale behind? And we are talking about what 1 million or to a stretch 2 million mining equipment suddenly being shutdown by the people behind?

The only reason I can think of it they are going out drastically is to move their farms somewhere else, but the timing though, specially after the Bakkt launched, and they wouldn't take out everything in one moved, just saying.

[betty11]

Nice speculation, but it's still a speculation. while we can't immediately say for sure why the market is badly bleeding and still continue to slid. I was even thinking it's part of a cycle that could signal a bull run.

[lightningmelo]

I don't know how valid that speculation is, but I'm pretty sure it is more likely that the crash is just a byproduct of the sudden rise in price from 3,000 to 10,000.

Market needs time to consolidate.

[rosezionjohn]

Dumping on the day of bakkt launching sounds like a poor decision to me if they did quit on mining. Unless they plan to buy back of course and that would make sense. 

It's easy guys, what we are watching right now is what happens when a big mining farm quits.

Has this been done before?

[Herbert2020]

It's easy guys, what we are watching right now is what happens when a big mining farm quits.

you can not make this statement unless you can back it up with undeniable proof that it was indeed a "big mining farm" that quit. otherwise you are the victim of the FUD that the media has been spreading after the drop was already on the way just to get the panic going more.

hashrate fluctuations happen all the time. the problem is that you can't really measure hashrate, all these numbers are an estimate based on the time between the blocks and the difficulty which will only readjust every 2 weeks!

[gentlemand]

Why should any trader care what the hash rate does? Never in my life have a heard any trading-focused discussion talk about mining. They barely noticed the mega high fee period.

And are we sure that's wasn't a stat measured in a faulty manner? Even if it were accurate most of it has now popped back.

Any sizeable mining farm will have OTC buyers knocking down their door. No way do they need to go anywhere near an exchange.

[ventelo]

That is the same sentence i read it last year

A big amount of bitcoins sold

same as i read when the btc start drop last year, i think this true.

[Carlton Banks]

It's easy guys, what we are watching right now is what happens when a big mining farm quits.

where's your evidence

Hash rate drop from 98 to 67: https://www.blockchain.com/es/charts/hash-rate

that's not evidence of any such thing

A big amount of bitcoins sold: https://bitcoinwisdom.io/markets/bitfinex/btcusd

exchanges have published false volume data in the past, there is no way to confirm the truth of their figures. Trusting the data is the only option, and it's unwise to do so

*This is just speculation, i don't have any proof to verify my theory...

this is the only correct statement you've made, you have no idea what you're talking about otherwise

And are we sure that's wasn't a stat measured in a faulty manner? Even if it were accurate most of it has now popped back.

more than "most of it", the next difficulty adjustment (measured over 2 weeks of blocks, not 2 hours) is currently predicted to be a +6% increase


whole thing is a load of BS

[AGD]

1. Hasrate has recovered. Was it the buyer of the equipment, who switched the machines on again?
2. For every seller, there is a buyer. Never forget...

[DaveF]

It's easy guys, what we are watching right now is what happens when a big mining farm quits.

Hash rate drop from 98 to 67: https://www.blockchain.com/es/charts/hash-rate

A big amount of bitcoins sold: https://bitcoinwisdom.io/markets/bitfinex/btcusd

So, what do you think, are you agree with my theory? or i miss something?

*This is just speculation, i don't have any proof to verify my theory...

#1 There was no hashrate drop. https://bitcointalk.org/index.php?topic=5187273.msg52547375#msg52547375
Anyone who thinks there was a drop 100% flat out does not understand crypto mining in general or how bitcoin works.

#2 It's a commodity slump, happens all the time. Let me put it this way. You have 10 of product "X" does not matter what it is, for now lets call the product Dave
So sitting in a corner you have 10 Dave they are worth $10000 each with a little volatility in price but for the last few months more or less they are $10000

So for whatever reason you need to sell a Dave to get cash, so you sell a Dave and get your $10000. Now someone else who also has a collection of Dave also needs money.
So they sell their Dave. But since you just sold yours the market is a little soft so they only get $9500 per Dave, but they need the $10000 so they sell 1.0525 Dave to get the full $10000. The market gets a bit softer. The next person who sells needs to sell 1.075 Dave to get the $10000 and so on until the market comes to an agreement on the new Dave price.

Some people who don't understand mining might have also sold because of #1 above.

Adding to the fun it's the end of the month / end of the quarter and people and businesses have bills due. So there is probably a little extra selling going on anyway so people can get cash. If it's a small amount say .075 getting $626 instead of $750 is not great. But, if you bought it back in January when BTC was $4000 you still got more then 2x your investment so you still win.

This is how the market works.

-Dave ( who is not for sale, unless you are Cameron Diaz she can buy me )

[Carlton Banks]

1. Hasrate has recovered.

where's the proof it dropped?

the hashrate and the rate at which blocks are found are not the same thing

the drop could easily by explained by plain and simple statistical variability, especially because there was no sustained drop in block solving rate. It was a bit slow for a couple of hours, no more no less

Was it the buyer of the equipment, who switched the machines on again?

where's the proof that happened? there is none, you're piling one speculation on top of another, both of which have no foundation

[crzy]

You might be right since leaving the market with a huge amount of holdings can really affect the price of bitcoin. But honestly, its too impossible to know the correct reason why because bitcoin is available on so many countries. Many says BAKKT is the reason, whales manipulating the market and so on.

[abdobe]

It's easy guys, what we are watching right now is what happens when a big mining farm quits.

Hash rate drop from 98 to 67: https://www.blockchain.com/es/charts/hash-rate

A big amount of bitcoins sold: https://bitcoinwisdom.io/markets/bitfinex/btcusd

So, what do you think, are you agree with my theory? or i miss something?

*This is just speculation, i don't have any proof to verify my theory...

Please explain to me a reason. Who benefits from creating Bitcoin's pump to crash it then out?

[Oasisman]

I may not have enough knowledge about mining but I am not convinced that theres a huge mining farm who quit. If that company decided to quit, It must have been sold to another company. They dont just quit and shut down everything.
Anyway, the most precise explanation in regard with the recent price drop is because of the massive sell off. We not have definite idea why, but It just happened that traders rode the downward momentum.

[seoincorporation]

1. Hasrate has recovered. Was it the buyer of the equipment, who switched the machines on again?
2. For every seller, there is a buyer. Never forget...

To verify my theory the hash rate should stay down, and as you say, it has recovered, so, this proves my theory it's wrong.

I was trying to find a relation between the hash rate drop and the price crash, but looks like they were two different things. On this point, no one can explain the hash drop or the price crash. Only time will tell us who was behind it.

[xabre]

Crash it happen suddenly without we know when is bad moment will come, always protect and ready when bitcoin or altcoin with lower price and always stand by to sell or to buy.

[AGD]

1. Hasrate has recovered.

where's the proof it dropped?

the hashrate and the rate at which blocks are found are not the same thing

the drop could easily by explained by plain and simple statistical variability, especially because there was no sustained drop in block solving rate. It was a bit slow for a couple of hours, no more no less

Was it the buyer of the equipment, who switched the machines on again?

where's the proof that happened? there is none, you're piling one speculation on top of another, both of which have no foundation

Some people don't understand sarcasm, even when it is put right in their face. You will learn it one day, Sheldon.

FYI: I called the entire theory bullshit.

[pawanjain]

1. Hasrate has recovered. Was it the buyer of the equipment, who switched the machines on again?
2. For every seller, there is a buyer. Never forget...

To verify my theory the hash rate should stay down, and as you say, it has recovered, so, this proves my theory it's wrong.

I was trying to find a relation between the hash rate drop and the price crash, but looks like they were two different things. On this point, no one can explain the hash drop or the price crash. Only time will tell us who was behind it.

Good that you acknowledge the fact that the hash rate and the price crash are not dependent on each other. While BAKKT 'may' be the reason behind the crash, it's not certain until we get the confirmation for the same.
It might be that the whales are trying to manipulate the market or it may just be a price correction since the price was at $10k for a long time. Time will tell us what had actually happened.

[Reosta_]

Your theory could be a reason for this huge downfall. However I think there is a completely different reason behind this decrease in the price. I think the whales can be behind this.