So, as Bitcoin hashrate is also falling, we have nothing to be afraid of.
In other words, there is no red line mentioned by some stupid bloggers, where Bitcoin price is falling below the corresponding electricity price:
Electricity price varies by country, county, town, etc. When Bitcoin mining becomes unprofitable for the given miner, he disconnects out of network, maintaining the equilibrium.
It’s like in the Darvin theory of evolution: the most strong miners do survive.
Thus, you don’t have to panic-sell your Bitcoins anymore. Congratulations!
https://i.redd.it/pd6swtsvdqhg1.jpeg
Posted by pet2pet1993
4 Comments
Miners tend to accumulate as much as they can. So if the miners who had to shut off their rigs are miners sitting on huge stacks, they might be forced to liquidate to pay their debts.
So yes, a drop in hash power could put miners out of business and force liquidations.
Dont have to sell your magic beans. .. the magic beans always come back in price because its magic
The price of mining is more expensive than the current BTC price
Wouldn’t cheer on the inevitable centralization of miners and reduced security of bitcoin this leads to