tippytoes
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September 08, 2020, 11:47:48 PM |
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Hopefully it will be quick onetime thing and not a long term idea for them. I mean surely they could make a lot more profit if they just keep it and not sell the excess they have. Miners do have a cost when they mine, I understand that and I accept that but that really doesn't mean that they have to sell all the bitcoin they mine, they could only sell the bitcoins they need to sell to cover the cost and that would be enough, whatever is left over after the cost they could keep.
If they do not do that and if they keep on trying to sell every single one, there is really not much that we could do, it would really hurt bitcoin price and there is really a big fall coming back to back, it is going to hurt the crypto economy. Hopefully they will stop and not do that.
I don't think this is their long term plan, to sell all their coins. What will be their gain on this move? If they will continue to mine btc, I don't think it is in their best interest to continue selling. Let's wait for the next coming weeks and see if they are still on this action. I am not seeing valid reason why will they totally exit in the mining business after all these years, and struggles encountered by btc.
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cryptomaniac_xxx
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September 09, 2020, 10:33:08 AM |
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Hopefully it will be quick onetime thing and not a long term idea for them. I mean surely they could make a lot more profit if they just keep it and not sell the excess they have. Miners do have a cost when they mine, I understand that and I accept that but that really doesn't mean that they have to sell all the bitcoin they mine, they could only sell the bitcoins they need to sell to cover the cost and that would be enough, whatever is left over after the cost they could keep.
If they do not do that and if they keep on trying to sell every single one, there is really not much that we could do, it would really hurt bitcoin price and there is really a big fall coming back to back, it is going to hurt the crypto economy. Hopefully they will stop and not do that.
I don't think this is their long term plan, to sell all their coins. What will be their gain on this move? If they will continue to mine btc, I don't think it is in their best interest to continue selling. Let's wait for the next coming weeks and see if they are still on this action. I am not seeing valid reason why will they totally exit in the mining business after all these years, and struggles encountered by btc. As far as selling? @exstasie, has a good explanation in page 1. Of course, this is just short term as they can't really continue to sell their precious bitcoin and it will come on a point wherein they have to stop and then hold. Everything here is cyclical, and that's the (beauty) economics of the whole bitcoin system. Everyone is involved, miners, traders, long term holders, exchanges. You might not see a valid reason on your viewpoint, but everyone here has a reason to sell that will somehow affect the market.
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mnporter2001
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September 09, 2020, 05:47:55 PM |
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Miners are moving unusually large amounts of BTC(Almost 1,500 BTC) since 2 days ago. Poolin, Slush, F2Pool, HaoBTC, etc. have taken the bitcoins out of the mining wallets for a week and sent some to the exchange. Data source: https://twitter.com/CryptoQuant_com maybe it is time they sell off and get back the capital they invested a long time in the mining machines. These are also the cases that often happen and I don't think it has too much impact on Bitcoin's future price. you know, when the mining power of the machines is halved, the scarcity will increase, the demand will be higher and we will see Bitcoin break ATH soon next year. Don't be alarmed by such sell-offs, the long-term future is still very good. Very good time to invest from now on.
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el kaka22
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September 09, 2020, 06:41:18 PM |
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Miners are not people who have a distain for bitcoin, on contrary they are people who loves bitcoin and very much involved with it, they are people who have the most riding bitcoins price and they really love it; which means they can't just continue to sell, they do not want to part with their coins because they love it so much, which means the biggest whales of bitcoin mining world wants to have as much bitcoin as they can, obviously it is right that they will have to sell some time to time but not always and they will want to keep most of it if they can afford to.
This means this was definitely a short term thing and it will stop. At that point you will see that there are less sellers in the crypto world and the price will react to that and will go up once again.
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Viscore
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September 09, 2020, 11:35:01 PM |
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They are just playing it safe but I'm not sure how people understand it. Miners could freely do anything that they want but somehow we mistakenly understand it and put them in question. Anyway, if they are still making good in mining, I believe also that they have a reason also why they have to transfer their funds to exchanges and converted it to stable coins, which might be a big option since the market is so volatile.
Well, I don't dig deeper into what is their plan and why they are doing that. With this free market, we are entitled to make a change and prepared for the incoming.
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TravelMug
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September 10, 2020, 01:27:18 AM |
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Miners are not people who have a distain for bitcoin, on contrary they are people who loves bitcoin and very much involved with it, they are people who have the most riding bitcoins price and they really love it; which means they can't just continue to sell, they do not want to part with their coins because they love it so much, which means the biggest whales of bitcoin mining world wants to have as much bitcoin as they can, obviously it is right that they will have to sell some time to time but not always and they will want to keep most of it if they can afford to.
Obviously, that's there where they got their money/profit from, but they have to do, what they have to do in order survived in this game long term, that is sell some of their holdings. Maybe to reinvest on mining hardware again in order to make more profit. This means this was definitely a short term thing and it will stop. At that point you will see that there are less sellers in the crypto world and the price will react to that and will go up once again.
Yes, the effect will definitely be short term and they will have to stop offloading at some point then continue to accumulate again.
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Saisher
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September 10, 2020, 02:01:54 AM |
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Miners are not people who have a distain for bitcoin, on contrary they are people who loves bitcoin and very much involved with it, they are people who have the most riding bitcoins price and they really love it; which means they can't just continue to sell, they do not want to part with their coins because they love it so much, which means the biggest whales of bitcoin mining world wants to have as much bitcoin as they can, obviously it is right that they will have to sell some time to time but not always and they will want to keep most of it if they can afford to.
This means this was definitely a short term thing and it will stop. At that point you will see that there are less sellers in the crypto world and the price will react to that and will go up once again.
The community is not very familiar or not used to miners dumping huge amount of coins in the market, so when this happens the majority of people are caught by surprised, because of the dumps or drops many newbies or weak hands follow the trend and dump their shares, in the future maybe next week or next month this scenario could happen again.
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Salauddin1994
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September 10, 2020, 06:06:12 PM |
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In fact it is very difficult to understand how the mine will affect the market but even if the market is dumped it will rise a lot over time. At the same time the risks should not be forgotten as they also increase proportionately. always act wisely and control potential damage controlling the share of currencies does not last long but in the case of long-term investments the form of mining changes.
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Hypnosis00
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September 10, 2020, 11:43:00 PM |
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This is not surprising. Often times miners will sell their shares also to any exchanges. What it caught to OP is that they are moving a huge amount of Bitcoin, and this might something it leads to declining sentiments if they will dump it. Well, it is not sure how it affects the market because even whales do this thing, the market price isn't moving that way instead of seeing it on the opposite drive. Not a simple case to influence the market and this is not enough, though.
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slaman29
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September 11, 2020, 06:01:39 AM |
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They are just playing it safe but I'm not sure how people understand it. Miners could freely do anything that they want but somehow we mistakenly understand it and put them in question. Anyway, if they are still making good in mining, I believe also that they have a reason also why they have to transfer their funds to exchanges and converted it to stable coins, which might be a big option since the market is so volatile.
Well, I don't dig deeper into what is their plan and why they are doing that. With this free market, we are entitled to make a change and prepared for the incoming.
Nothing wrong with questioning everything, but I think sometimes people read too much into what miners do (or don't do). I think a lot of what we think we know about miners and mining is wrong. It probably doesn't cost as much as we think, for example, mainly due to state subsidies and other kickbacks and merged mining few people count. Things like that.
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Wind_FURY
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September 11, 2020, 11:53:27 AM |
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This is not surprising. Often times miners will sell their shares also to any exchanges. What it caught to OP is that they are moving a huge amount of Bitcoin, and this might something it leads to declining sentiments if they will dump it. Well, it is not sure how it affects the market because even whales do this thing, the market price isn't moving that way instead of seeing it on the opposite drive. Not a simple case to influence the market and this is not enough, though.
Plus this is good for the issuance of the cryptocurrency. We don't want miners to HODL everything in their wallets, it would cause more centralization issues in Bitcoin.
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RealMalatesta
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September 11, 2020, 04:06:38 PM |
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Dumping coins is not really something we should be scared off for the long term, obviously it is going to hurt bitcoin in the short term because it drops the price but in the long term if they keep dumping all they have and all they make they can't just make a profit forever, they will eventually stop because they do not have all the coins in the world, which means they are going to stay at a level and can't sell more, when that level is reached and they fail to sell more that means we will find a level where buyers will have to go above, if buyers go above that level miners will not be able to match that and price will keep going up even when they keep selling.
This is what they wanted probably, they wanted to show buyers how much they would have to spend to keep it going up.
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SquallLeonhart
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September 12, 2020, 06:14:43 PM |
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This could also be a threat, or at least to show the world that they are still strong. We all know miners are not as strong as they think they are, they wanted to change all of bitcoins blockchain system to allow miners to make more profit while making things faster, I do not remember the method but they really wanted to make more money and change blockchain for it but they failed and miserably at that, not even close, which they had to move towards bitcoin cash and they did made a ton of money thanks to that.
Now this could be something similar, to say to us that they may have lost a big income because of halving and that is why they made the fee's a lot bigger but they are still not gone, that they are still there as a powerful party and could ruin the price when they want.
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