Mr_know_it_all000 (OP)
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February 29, 2020, 03:29:18 PM |
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How will the Halving affect the miners? According to the laws of demand and supply, the scarcity of the Bitcoin supply will lead to an increase in Bitcoin demand, leading to a rise in prices. Is this only in theory though? This is what I got from an article on the Bitcoin Halving and its theoretical effects: https://elitemininginc.com/2020/02/what-is-the-bitcoin-halvingBut I think miners can't afford to proceed on just speculation. Or is that exactly what is going to happen? Seems we are entering the bear market again and we are only a few months away from the Halving
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20kevin20
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February 29, 2020, 03:33:28 PM |
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Well, I am pretty sure there are way more miners going for speculation than you think. That's how it most likely became popular to mine BTC: whoever mined BTC in 2015 when a Bitcoin was worth $170-200 had their mined coins become worth 100x more two years later. Think of how many have invested in BTC when its price was between $10k and $20k hoping another 10-100x increase would follow - I could easily link this to what happens with mining. The title asks about the way halving affects the price and the post asks how will it affect miners... which one do you want to know? ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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Mr_know_it_all000 (OP)
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February 29, 2020, 03:39:40 PM |
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The title asks about the way halving affects the price and the post asks how will it affect miners... which one do you want to know? ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) Well honestly I want to know about both, but I didn't want to make a long title. One thing is linked to the other as I see this
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odolvlobo
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February 29, 2020, 04:25:09 PM |
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According to the laws of demand and supply, the scarcity of the Bitcoin supply will lead to an increase in Bitcoin demand, leading to a rise in prices.
Scarcity does not lead to increased demand according to the laws of supply and demand. There is also a small error in the article: the subsidy drops to 0 after the 33rd halving, not the 64th.
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Tokenized0000
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February 29, 2020, 04:40:17 PM Last edit: February 29, 2020, 04:58:19 PM by Tokenized0000 |
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Well, I am pretty sure there are way more miners going for speculation than you think. That's how it most likely became popular to mine BTC: whoever mined BTC in 2015 when a Bitcoin was worth $170-200 had their mined coins become worth 100x more two years later. Think of how many have invested in BTC when its price was between $10k and $20k hoping another 10-100x increase would follow - I could easily link this to what happens with mining. The title asks about the way halving affects the price and the post asks how will it affect miners... which one do you want to know? ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) I believe he wants to know the answer for the both the btc price and the miners.
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agentx44
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February 29, 2020, 05:24:27 PM |
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How will the Halving affect the miners? According to the laws of demand and supply, the scarcity of the Bitcoin supply will lead to an increase in Bitcoin demand, leading to a rise in prices. Is this only in theory though? This is what I got from an article on the Bitcoin Halving and its theoretical effects: https://elitemininginc.com/2020/02/what-is-the-bitcoin-halvingBut I think miners can't afford to proceed on just speculation. Or is that exactly what is going to happen? Seems we are entering the bear market again and we are only a few months away from the Halving Most of the speculation says that the halving would help bitcoin's value boost up but considering the fact that it's still just a speculation, we cannot consider it as an assured result of the halving. As we wait for the halving to happen, if we believe that it would increase bitcoin's price, we should already start setting ourselves ready for it so that we can make the most from it and avoid letting it slip away out of our hands. Be mindful of what may occur if that happens and atleast monitor bitcoin's value to see if the assumptions are real.
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Oasisman
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February 29, 2020, 05:25:40 PM |
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Well, basically block halving will affect miners financially. Unfortunately, miners needs to upgrade their computer hardware such as GPU's for them to be able to solve blocks faster, since every halving, Bitcoin will become harder and harder to mine. Eventually, some small time miners will shutdown due to the expenses in upgrading, electric consumption, and the continues halving of rewards. Only those who have big mining farms is capable of sustaining their business.
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princerepon
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February 29, 2020, 05:50:18 PM |
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Of course it'll affect on BTC price. This article will answer about your all confusing thought i guess. BTC halving created because of miners. Think if there is no miners mine bitcoin then how would you transaction bitcoin. So it's important to take care of miners profit. If you'll see past halving time then you can clearly understand that how much important halving is for affect on BTC price. But it's true also that hoping for unrealistic price is also a foolish thought.
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mahilchii
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February 29, 2020, 06:53:16 PM |
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The much anticipated halving is all set to happen in May and there are bunch of speculations coming from the so called experts and analyst's. Well I would like to share my personal thoughts about this, after going through some research and the two previous halvings I believe there will be a massive pump in BTC price.
Well in order to be profitable miners should try mining rigs with low power consumption because it clearly depends on the Power consumption.
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Alanin
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February 29, 2020, 07:56:01 PM |
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More halvings means less profit for miners, which are the ones verifying transactions on the blockchain. after enough halvings it wont be profitable to mine any if the price doesnt follow the expenses. Which then could lead to a massive decline as people would start to look for a new crypto to replace it with. or in a worse case, a whole other kind of market. therefore it could go either way. after all, bitcoin did manage to survive until now. so i dont see why it wouldnt keep doing so with a bigger community now than ever
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enhu
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February 29, 2020, 08:12:22 PM |
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Could it be because the demands still the same while the supplies gets lesser and lesser?
Miners will only mine about 6.25BTC after this coming halving, they may find it not profitable at first few months I guess but then the lesser coins they sell the higher the price could be as it will turn out the system itself is hoarding the supplies while people kept buying BTC. While the price keep growing, the miners will soon find out that its going to still be profitable to mine because prices is growing.
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bithisach
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February 29, 2020, 09:14:26 PM |
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Could it be because the demands still the same while the supplies gets lesser and lesser?
Miners will only mine about 6.25BTC after this coming halving, they may find it not profitable at first few months I guess but then the lesser coins they sell the higher the price could be as it will turn out the system itself is hoarding the supplies while people kept buying BTC. While the price keep growing, the miners will soon find out that its going to still be profitable to mine because prices is growing.
Kinda like it has already happened in the past. Last halvening true lasting effects on price didn't come into effect until about a year after it happened, so it's really not all immediate either
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ice098
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February 29, 2020, 09:59:47 PM |
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Well, I am pretty sure there are way more miners going for speculation than you think. That's how it most likely became popular to mine BTC: whoever mined BTC in 2015 when a Bitcoin was worth $170-200 had their mined coins become worth 100x more two years later. Think of how many have invested in BTC when its price was between $10k and $20k hoping another 10-100x increase would follow - I could easily link this to what happens with mining. The title asks about the way halving affects the price and the post asks how will it affect miners... which one do you want to know? ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) Hopefully both sides will be explained here and based on the ideas that I had, halving effects is really amazing when there's a consistent price increase. Demand will follow for the entire market influence, so we will able to see the price growth progress. Miners will also increase the numbers of transactions as well as profit, because more people starts to trade and blockchain network will be back to its normal activities.
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odolvlobo
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February 29, 2020, 10:11:35 PM |
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Well, basically block halving will affect miners financially. Unfortunately, miners needs to upgrade their computer hardware such as GPU's for them to be able to solve blocks faster, since every halving, Bitcoin will become harder and harder to mine. Eventually, some small time miners will shutdown due to the expenses in upgrading, electric consumption, and the continues halving of rewards. Only those who have big mining farms is capable of sustaining their business.
You can't mine BTC profitably on a GPU or in your browser. The biggest factor in profitability is the cost of electricity. A small miner can make a good profit if they can get their electricity at a low cost. So it's important to take care of miners profit.
The miners that are not profitable will stop mining, but mining will always be profitable to some miners. There is no danger of no miners being able to make a profit, no matter what the price is. Well in order to be profitable miners should try mining rigs with low power consumption because it clearly depends on the Power consumption.
A miner's profitability depends on their costs compared to all other miners. That might be related to their power consumption, but not directly. Could it be because the demands still the same while the supplies gets lesser and lesser?
The halving does not reduce the supply. It reduces the production. The supply does not get lesser and lesser. It continues to grow until it reaches 21 million.
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criza
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March 01, 2020, 12:47:57 AM |
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Aside from the possibility of a Bull run as the halving event occurs, we should also anticipate the possibility of the miners whether they would continue to mine or not because, the halving event might overcome the power they need to continue. A decrease in reward might make them lose their capability to continue mining for Bitcoin because, the reward might not be enough for them because of an inadequate funds to operate. Even if that happens, the possibility for a Bull run would still be possible and it might only make it more possible because, the decrease in the miners = decrease in the accumulation of supply that would only fuel the impending Bull run to happen.
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LogitechMouse
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March 01, 2020, 03:00:01 AM |
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the scarcity of the Bitcoin supply will lead to an increase in Bitcoin demand, leading to a rise in prices.
That is not how it works ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Yes the supply of Bitcoin will decrease in the next months but that doesn't mean that the demand will increase immediately like what you said. Maybe the supply will decrease but the demand will still be the same. Maybe the supply will go lower and the same time demand will go lower too. The decreasing of supply of Bitcoin doesn't mean that the demand will increase and will lead to a rise in prices. Seems we are entering the bear market again and we are only a few months away from the Halving
We will be in a bear market if we are 21% below from its recent highs. RSI is slowly going upwards base on the charts and luckily, we managed to hold the 21 weekly EMA which is an important support too. After this correction, I expect for a rise in the next weeks before the halving happen ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) .
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Nocrap
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March 01, 2020, 03:13:19 AM |
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The halving does not reduce the supply. It reduces the production. The supply does not get lesser and lesser. It continues to grow until it reaches 21 million.
By these so, what is the real purpose of having this bitcoin halving.
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Wexnident
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March 01, 2020, 05:15:17 AM |
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Iirc, the ones to be most affected by the halving would be the Miners. Halving means the rewards they get from mining gets halved, but the processing power they use would still be the same so it isn't in a balance anymore. Plus, the supply is directly linked to it so it takes more processing power after than halving compared to before the halving in mining a single block, thereby making the costs to performance to rewards ratio different compared to the past. If we were to see it as 1:1:1 in the past, the after halving would be 1:1.5:0.5 or something similar. Not particularly sure about the specifics of it though.
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Reid
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March 01, 2020, 06:52:52 AM |
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How will the Halving affect the miners?
There is always a way. They can quit mining bitcoin and switch to another one if they don't see profit. Afterwards, there will be new miners that would want a spot for mining bitcoin. Or, the difficulty will be lower and they will have an easy way to make bitcoin for just a manner of time. They always have a choice here. They are not mandated to stay. It is like business, when there is no profit then you will need to let it go and find a new one. Another way is, they could upgrade all their technology for a better outcome. But we should not much worry about this. Bitcoin will provide. That, I dont have any doubt about.
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YOSHIE
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March 01, 2020, 11:03:01 AM |
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Generally everyone knows that Halving reduces rewards, for crypto miners like bitcoin, which is a habit that happens every four years, if not mistaken.
What is very common is the Halving phenomenon, which can be attributed to an increase in value which has an impact on fiat, in this case everyone knows is reducing the supply of Bitcoin which only made 21 million pieces.
Basically, Halving can be linked like a deeper dig to find something valuable against a very limited and thinning reserve, For this it could happen Halving against Bitcoin, because decentralized Bitcoin is very much different from fiat money, it is caused by the distributed network in Bitcoin spending, so if explained here we have to write a full page, about Halving, Reducing half the cryptocurrency. OP, just wait until the time comes.
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