/biz/ - Business & Finance

This is unironically not good

>>52958664
If they are filing for bankruptcy, don't you think they might have already sold?

>>52958673
Good.

>>52958664
Literally means nothing.

Oh boy; When will this nightmare gonna end? I unironically fear this might be the season where BoomerCoin never recovers itself again.

>>52958664
Doesn't matter. Miners become unprofitable, miners drop out, difficulty adjusts, the surviving miners continue.

This logic is literally built in to bitcoin. If corporations continue to mining when it's unprofitable for them, there are too many miners to begin with.

>>52958664
biggest nothing burger ive ever seen. this might even be bullish

It's like we warned years ago how it's gonna end, you didn't listen.

>>52958664
Doesn't that just mean less supply in general?

Is this a "big thing" or a symbolic "big thing" like the Bank of Japan nonsense.

>>52958664
>le miner fud
last year was shit partly because of this

The cope itt would suggest this is bad and we've got a ways to go down yet.

>>52958777
Holy based and checked.

>>52958664
They already dumped almost all of their btc back in the summer. They literally don't have much btc they could even dump at this point. If anything this means that whatever dumps they had left in them have already occurred and likely their hash power will be sold to competitors at bargain prices making it more likely for their competitors to survive.
Low key this is kinda bullish when you think about it.

>>52958713
75% away from the true bottom indicator post

>>52958664
Good being forced to sell the bottom is bullish.

>>52958664
They have 0 hoarded bitcoin. Everything they mine, they already sell to cover operation costs.

>>52958673
Very good in fact. BTC ponzi about to get rugged.

>>52959134
They have, in current price, 1.2 Billion worth of Bitcoins right now.
You on the other hand are now on suicide watch

Fuck you people are retarded. It literally means they have no BTC left to sell. Explain how this isn't just capitulation and not bullish

Miner capitulation and bankruptcies are bottom signal retards

>mining ramps up during bullrun
>revenue is leveraged into more assets
>expenses increase due to increased footprint as well as market adjustment
>market crash
>market doesn't unadjust itself and the footprint is just as big, meaning that many miners overleveraged their revenue on reinvestment
im probably retarded, but is this an accurate assessment, and smarter miners simply saw this coming and did not immediately reinvest too much of their revenue in preparation for the bear market.

>>52959245
>>52959259
okay yeah that makes sense

>>52958664
I don't even know what this is and I refuse to even acknowledge or ask about it

All the cope ITT tells me we're pretty far from the bottom. We will hit the bottom once you latefag bulltards throw the towel and forget about crypto

>>52959332
Just bought more BTC

>>52959332
surely this one thread is not representative of the entire market

>>52959165
>$74,304,000
no, you are a god damn retard
it is in black and white $74 million in bitcoin.

>>52959165
Miner capitulation is bullish, anon. They hold less than 5% of supply

>>52959411
You do understand why there is no $ at the front unlike other positions, right?

>>52959441
Look at that chart and see if it makes sense if they really had that much bitcoin. The numbers (all of them) are in thousands. Do you think they have 74 million BTC?

>>52958778
>less miners
>less supply
lmao this board

>>52959451
Cash ($) is in thousands, not assets which are not classified as cash.
Are you braindeads?

>>52958664
Ahh yes, this time BTC will really crash to 10k. Cope and seethe bearfag.

>>52959463
yeah? in order to have bitcoin it has to be mined, right?

>>52959464
no, you are retarded, why would they file for bankruptcy if they had $1.2 billion in bitcoin?

>>52959499
maybe it's like a clever debt avoidance thingy

>>52958676
No, absolutely not. The main benefit of bankruptcy is that you are not forced to sell right away.

>>52959441
>>52959464
fucking retards

>>52959499
Holy shit, kid. Grow up first of all.
Just like FTX
FTX found the other day over 1 billion

>>52959490
The BTCs available for mining are spread out over the entire world so it doesn't change anything. Having less miners is never a good thing

>>52959509
>>52959510
hey i got it right

>>52959519
right because they can't mine as many bitcoins meaning that there's less supply

Canadian Bitcoin ETF's didn't budge, mine's up 3%. Big money doesn't care.

>>52959464
look at the total assets required. see the dollar sign, yeah? how big is that number fuckface?
not anywhere close to 1.2 billion. obviously it's listing BTC value in dollars.
stupid fucking retard. kill yourself

>>52959518

LMAO sorry 'kid' but you just got BTFO ( >>52959511 ), now piss off and never reply again

>>52959526
markets (both regular and crypto) have been utterly delusional the entire last year
they'll ignore it right up until they can't anymore

>>52959528
>>52959511
>>52959535
look at all the 1 post by this ID kid
obviously when you add 1 asset to 1$ you get 2

>>52959543
here is your (You)

now fuck off

>>52959567
1 post by ID faggot on suicide watch
doesn't understand bankruptcy filings nor accountings

>>52959525
yikes. you need to have a primer on bitcoin. too lazy to type it. go watch andreas antopopopololopus

>>52959525
The last bitcoin is programmed to be mined somewhere around the year 2140
One (big) miner shutting down won't make a noticable change on the amount of weekly mined bitcoins

>>52959165
its (in thousands) so they just have 73M worth of BTC you dummy dumb. Another notinburger. Bottom is here

>Siacoin
These people were nihilists

>>52959642

>>52958664
Bankruptcies take years before they come to a point where they sell anything. If anything, this is good news

>>52959580
shut up nigger, you can't even do basic arithmetic

>>52959663
see
>>52959511
it's clearly listing converted cash value you stupid fuck

>>52959705
gotta get new IP so you can convince yourself that buying the top wasn't the worst thing

>>52959705
My bad you're actually right, 73mil

CS was over leveraged, not surprising at all. This is bullish news.

>>52958777
checked, and it's true, the shitcoin at hand is in fact BSV
>>52958664
>GPUs still not affordable
You gamers got shafted by card makers and are still complaining about miners when in reality it's not their fault. This is a nothingburger btw.

>>52959720
fucking retard

>>52958664
so they are basically going to hand their bitscorns to the banks for basically 0..... sigh
its all so tiresome
why cant any(thing) be financially responsible

>>52959165
>Unaudited

nothingburger

>>52958664
who the fuck is giganigga?

>>52958664
there are already enough "bitcoin killers" to know that nothing will take away that position, I think it is even more convenient to be with minor things like sora and its waifus, not everything has to be a competition to see who is the man

>>52959463
What is difficulty?
Bitcoin will find new block aprox every 10 minutes. Does not matter if we are at a billion exahashes or running the whole network on 2 GPUs.

>>52959464
Fucking retard

>>52958713
>When will this nightmare gonna end?
In the 3k range, which is btc's true value.

>>52959008
You don't know shit. It's the exact opposite : big miners used their BTC holdings as collateral for big loans this summer in hope it was the bottom and would bounce back.
Turn out the opposite happened. Now they must repay huge loans (on top of all the loans they compulsed for their operations) and their collateral lost most it's value. So they can't take new loans to pay the previous ones, hoping for a market rebound. They soon will be forced to sell, and that's when true pain is coming. On top of all the others black swans in the waiting.

>>52959526
Which one and how do you buy ETFs in Canada? Newfaghere

>>52958689

>>52960136
to add to your post and the brainlets learn something the diff adjustment is every 2016 blocks (~2 weeks if a block every 10 minutes) so if hashrate goes to shit difficulty will drop for the next epoch

>>52958778
>this post is unironic
Remember in 2017-18 when most of /biz/ know the very basics of crypto tech and at least read the bitcoin whitepaper?

>>52958777
Wasted

>>52958673

>>52958664
The third domino falls.....

Crypto really is ove4 isnt it. Jesus christ. theres no other way out of (((this))) now other than true revolt

>>52962013
kys glownigger. you suck at your job.

>>52958664
you know, historically miner capitulation is a bullish indicator right? it means the bottom is near

>>52959374
Sir, you are on a galactical reality wielding forum, please, do not dissapoint funny bear posters

>>52960233
You're the one who doesn't know shit.
https://cryptopotato.com/core-scientific-sold-most-of-its-bitcoin-holdings-in-june/

>>52958673
>another shitcoin going bust during a bearmarket

>>52958713
When it touches grass

>leveraged company that controls just 5% of the hashrate goes bankrupt
nothing to see here, more gains for small miners like myself

>>52959464
dear god you gotta be the biggest retard the planet has ever seen

>>52958664
its over,goys

>>52958664
They have to pump the price in order to dump. This might be the bulltrap to 30k.

>>52958664
>>52959510
Arthur Hayes argues that by the time miners declare bankruptcy they will have already sold off their bitcoin to try and service the loans they took out to buy more miners in the bull market. They don't know they're going to be insolvent from the beginning. So they try and survive until the bull market starts again, not plan out the eventual bankruptcy. Scroll down to bitcoin mining firms https://entrepreneurshandbook.co/pemdas-4362df99a509

whatever btc they have left, they will sell to "them" at a discount. They arnt going to just market dump them.
The bullish part is when you see who purchases them.
This is what "they" do. Put a company in distress and force them to go bankrupt. Then they buy distressed assets before pumping price of assets up.
The entire year has played out for them perfectly

>>52958664
Core only holds $20 million in crypto, which is basically a drop in the bucket. The problem is they borrowed nearly $1 billion to build out mining farms that they'll now be forced to sell at a major haircut. The main takeaway is that mining is getting cheap. Obviously.

This is a nothing story. Ping me when Binance finally shutters.

>>52958778
No. Bitcoin inflates at a constant rate. Every block has the same reward, so the inflationary supply of BTC is predictable.
That is of course until the block reward cuts in half every 4 years or so. Last I heard this is expected in April 2024.
The difficulty of mining is adjusted every 2016 blocks, or roughly every two weeks to try hit a target block time of 10 minutes.

>>52959165
Bro if they had 74k BTC you think they'd be filing for bankruptcy?
$74m that won't even get to creditors for years is actually fucking bullish, or a non-issue depending on how you look at it.
Even if it was 74k BTC, having that supply locked up with lawyers for years rather than dumped to pay mining costs would be even more bullish.

>>52963011
>buzzword buzzword buzzword
means nothing, BIDS make the price go up. cope and seethe

>>52962013
Bitcoin is or was a true revolt
creatively piecing together established but disparate technologies/ ideas is the revolution
The more ossified our systems become the more prone to corruption, keep improving, don't be lazy

>>52963044
Every single word is as simple as your brain. Go be a fuckhead any other place.

You guys thinking what I'm thinking?

>>52959165
Do you not know how math works? You cant add BTC units to a balance sheet that is in usd lmao. Fucking dumb.

>>52959165
>100m equipment
pretty crazy

>>52958702
>darknets don't accept BTC anymore

>>52958664
Good. Flush these retards out of the space. They have been selling for months just to keep the lights on.

>>52958778
Less miners means the supply doubles brainlet

>>52958750
this isnt how it works nigger. security is going down, making attacks more likely and cheaper. security is why people put money into btc.

>>52965896
As long as someone in the world has cheap or surplus energy the miners that are already manufactured will be plugged in eventually. No need to worry about security until people with excess energy don't exist. Until then, miners will continue to be plugged in, even old ones. The hardware will just drop in price until its worth it for those with cheap energy to scoop.

>>52959165
oh fuck they have 556 sia coins, will this tank sia?

>>52962013
if the only requirement to be a domino is being a literal who with only 100 million in property assets then we were fucked to begin with.

>>52958760
Perhaps, but THIS is definitely cope.

>>52959177
Retards (the target demographic of crypto) can’t comprehend that and won’t buy

XMR solves this

>>52958777
based and checked
corecucks and bizlets on suicide watch

>>52963201
>counterterrorism
:thinkingface:
hello luminescent friend

>>52958664
>The biggest threat to Bitcoins price has just started to happen.

Dear brainlets.
CORZ has already sold ALL of it's 12,000 BTC earlier this year, which is part of the reason the price crashed so hard.
They are still mining and selling BTC immediately at a loss every time, which is causing downward price pressure, but the good news is these motherfuckers have just filed for bankruptcy and will soon stop dumping on the market.

Contrast this with a mining stock like MARA who have not sold a single mined BTC this year and promised not to do so unless needed to pay short term debt only. They have over 12,000 BTC on their books and only increasing production in 2023, so if you want leveraged BTC exposure going into the halving, MARA is KING of the Bitcoin miners.
Also US based.

>>52967054
tl;dr
CORZ going bankrupt is a positive thing for BTC and price.

>>52967067
>>52967054
>this is good for bitcoin, unironically
Ok coiner, I’m sure it’ll moon back to half your average cost soon.

>>52958777
stiff sounds so faggy and gay
it sounds like something homo rapists would say after drugging someone and raping him. Oh man guys we really stiffed this guy after we drugged him . wooo that was fun. AND IF HE DOESNT LIKE IT! STIFF! *gay laughter*

>>52959510
They have already sold ALL of their BTC holdings.

>>52958664
Bottom signal same as late 2019

>>52959165
>>52959441
>implying there will ever be 74million btc in existence
kek, 7/10. you got the newfags at least.

>>52958750
Are you ready for 72 hour transactions?

>>52962306
This

CORZ doesnt hold shit anymore...theyre been rapidly selling to defend their companies balance sheet

>>52958664
They have no bitcoin, although they mine about 50 a day and immediately sell them. They also won’t be unplugging or selling their asics. Instead, they’ll just sell/create a bunch of shares of their company and give them to their creditors, which the creditors will take because they know this company is one of the biggest btc miners in the world and should be one of the most valuable. This will have no meaningful impact on the price or btc or any of your shitcoins. The people who will be fucked are simply the shareholders of CORZ, and maybe some of the creditors who don’t get to convert their debt into equity. This was newsworthy back in the summer when they dumped like 10k btc on the market in a single quarter to try to keep themselves afloat.
If this company comes out of bankruptcy relatively soon, they might be a good buy. But right now their current shareholders are about to get their stock diluted massively.

nothing ever happens

>>52958664

Take one look at the difficulty rate and tell me that miners are shutting off their machines en masse.

Pro(fessional) Tip: they are not.

Most of these assholes were just leveraged to the hilt.

t. Work at a mining facility

>>52958664
All these miners took on absolutely insane debt, they are all turbo fucked.

>>52966894
Suicide watch out deez nuts in your mouth
>>52967054
>>52967067
>>52967470
>>52967518
>>52967732
Huh, thats useful to know
>>52967299
You are very correct

>>52965896
>Security going down

You have no idea what youre talking about.

>>52959245

This price needs to keep for a lot longer, probably till next winter.

>>52966143
I miss 2017

>>52959705
>it's clearly listing converted cash value you stupid fuck
thats the whole fucking point, its 73mil dollars not 73 million BTC like some retards are claiming

>>52958664
10k or 3k is the target, be ready

>>52959165
>Sia coin

LMAO, what in the name of sweet fuck..

>>52961992
kek