/biz/ - Business & Finance

>>9862577
Baby's first dip

>>9862577

you wont get my bitcoins GOLDBERG SHEKELSTEIN

>>9862577
I'm holding because it's all house money.

though it sucks to see your stack drop by 5% in value each day.

anywae, the google trend is on an upstick.

so there's that.

>>9862596
> -67.75 % change since the bubble popped
> dip

Actually mining cost is closer to 4-5k.

fuck you i am not selling.

>>9862615
still up 7x since january 2017

>>9862615
t. december buyer

>>9862619
no

I sold what was 30% of my coins back in January for something like 30k in return on 600 dollars of initial investment. Anything left is purely profits and I'm going to sit on this until it either goes to zero or becomes my retirement.

I don't give a fuck. Cope.

>>9862625
Of course I bought in december, 2016 though.

>>9862645
how are you so stupid then

>>9862577
youre correct but people wont listen, so dont waste your time. people will continue to hold , as their coins lose 5-8% a day, slowly, until they return to nothing.. no amount of reason or logic will get people to sell. they are too stubborn and will go down with the ship

>>9862577
How has your first month in crypto been you translucent fucking jellyfish.

Grow some fucking backbone or fuck off back to the attic you lesser fucking person

>>9862577
Yes let's all sell low so we can buy higher later on.
Unless you have a magic ball that can tell you the future, selling now is not a good choice.If you do you are more likely to lose your position.

>>9862577
a single bitcoin is worth whatever the fuck someone will buy it for

nubiz sucks fuckin ass

>>9862670
How much do they pay you Sanjeev?

>>9862664

Some people are just lucky lol.

>>9862577
Crypto has always recoverd given enough time.. this is the largest correction from ATH in absolute values in crypto history. It would be rational to expect it to take the largest amount of time to recover as well

>>9862703
I was lucky enough to buy back then, but I'm not dumb enough to hold after at 20k when Bitcoin doesn't have a single use case and yet everyone was talking about how awesome it was in January 2017.

If you are still holding you aren't just unlucky, you are just plain stupid.

>>9862756
*January 2018

>>9862700
its rakesh, ty

Bitcones limited supply will make it go up long term no matter what

Muh digital gold

>>9862802
nice fud, idiot

>>9862635
Go to whattomine.

A Bitmain S9 will generate on average 0.00072 BTC per day at a cost of $3.28 in electricity (at $0.10 per kWh).

1/0.00072 = 1388 (1388 days for 1 S9 to mine 1 BTC).

$3.28 * 1388 = ~$4500

It's not hard anon...

>>9862936
Isnt Mining difficulty going up in the next 5 years?

>>9862577
bitcoin will be abandoned soon. Trust me.

>>9862577
>Too lazy to wait six months
You won't make it Anon.

>>9863150
Difficulty is just proportional to the network hash rate.

Basically what you are doing when mining Sha-256 is you are looking for a solution to a function in the form of a matrix with an arbitrary amount of leading zero's (the probability of randomly finding a solution like this is low, so it takes a lot of iterations to find a solution (aka solve a block). The higher the network hash rate, the more leading zero's are required for the solution (this is how the system adjusts to accommodate fluctuating hash rate as to always produce new coins at a steady rate).

This is the core feature of the system and doesn't change. What you are referring to is the block reward. This halves every 4 years, I think the next halving is in 2020? The difficulty doesn't change necessarily, but the reward halves.

>>9862936
Also not factoring capital costs, which would be significant as I assume the turn over on those bad boys are probably a couple years MAX before a bigger toy comes out.

>>9863184
Is it happening? For real this time?

>>9863317
Yes exactly, this is just accounting for electricity price along ($0.10 is a good value to use, most countries are higher than this, US average is $0.12 etc so it is a realistic number).

Initial setup costs (hardware as well as fitting out an approximate warehouse, time commitment, employee's/labor. Also some machines will have faults and need fixing or replacing from time to time etc.

Realistically I'd say BTC below 5-5.5k would strike trouble for a lot of major mining operations.

>>9862612

Google trends is a lagging indicator.

>>9862936
Un huh
https://www.cryptocompare.com/mining/calculator/btc?HashingPower=4730&HashingUnit=GH%2Fs&PowerConsumption=1293&CostPerkWh=0.10&MiningPoolFee=1

>>9862639
Nice

>>9862577
Yeah I might sell at an all time low cheers op

>>9863512
>all time low

>>9863481
??? What is this suppose to prove.

>>9862615
yeah a perfect time to sell.

If you havn't sold yet there is nothing wrong with that. Now is the time to be buying.
Anybody who sais otherwise is a buy high sell low brainlet.

Anyone have modern wallet suggestions for BTC/ETH? I'm getting a cold storage wallet for BTC soon, and would like to have something to carry ETH and hold any BTC until the product arrives. Furthermore, are there any wallets that won't carry fees for transferring funds to this new CSW?

>>9862577
a mining price of $3k justifies a price of no less than $3k, sure—but, as those of us who understand that bitcoin has intrinsic value know, we're aware that bitcoin is not purely traded on this intrinsic value alone. there is, of course, speculation—two different, key factors that people can speculate on. people may speculate on price trends, and they may speculate on the hashrate—decreases in which are sparse at this point, and would only be set in motion by some kind of catastrophe.
if one speculates that the hashrate may triple over the course of a coming month (which we will see, for certain), then people may buy with that expectation in mind, and sell accordingly.
at this point, it mostly is speculation over price action—but we have crossed the line where mining is no longer profitable for most of the world (>$0.14 kw/h), and miners' profit margins are being compounded heavily by taxes. especially in canada, where many mining companies are moving from china for the very cheap power, the harder they win, the greater percentage of their earnings they lose. i'm not sure what kind of taxes they face right now, but the threat of federal overtaxation to pay for muhammad's al-qaeda endeavours hanging overhead should be enough for them not to want to let the price fall a whole lot farther. another anon ITT used $5k to $5.5k as a trouble point—but companies such as bitmain, which sell their miners to the public, are losing out on a large piece of their business model. nobody wants to buy an asic if it isn't profitable to do so; you're better off buying the coin you're looking to mine!
point is, miners control the market, even moreso than whales.
if you sell below mining price, you're giving away money. bitcoin in most places is below those places' respective mining prices; the places that are profitable to mine in are the exception, and increasingly, it is in the favor of both miners and existing whales to sway the market higher.

>>9864134
This. I can confirm that the majority of ‘real’ whales are miners. Mining pools hold a huge amount of bitcoin’s circulating supply

>>9864134
See >>9862936
and >>9863281

>>9862577
I see something in the charts

>>9863281
>>9863366
difficulty adjusts down too dumbass. hardly any miners pay that much for power, even US industrial power is far cheaper than the residential average at 7 cents ...

If btc price does keep dropping miners who pay the most will drop first, and difficulty will drop with it.
Bitmain for example breaks even below $200 btc at current difficulty.

>>9865157
First of all, residential average in the US is 12 cents, secondly, I explained how mining and difficulty works (of course it can adjust down). However, difficulty adjusting down due to farms switching off their rigs means farms with useless hardware not doing anything.

Also, how the fuck do Bitmain get power at less than $0.005 per kWh? That's significantly lower than the production cost of any currently achievable method...

Selling right now would be objectively retarded. Nobody knows what's going to happen, it could very well go down to 3k, or it could moon back to 10k in three days and you'd be left holding your stinky fiat and double cucked. So risks outweight benefit at this point in my opinion. Might as well hold, it's going to turn around at some point, probably.

>>9865197
the industrial average is 6.92 cents and any miner who matters for shit is using industrial power there big guy.
as for bitmain i was a bit off, but their cost is well under the vast majority of miners and they have the majority of the hashrate too.

>>9865219
This. Even if it goes to $1k this year we will see a bull run again at some point that will take us to new all time highs. Unless you desperately need the money you have invested (in which case you shouldn't have 'invested' it) the only reason to sell now would be to buy back lower (any decision has associated risks and you should just do what you're comfortable doing).

>>9865233
Well at 7 cents, you're talking ~$3.2k production cost for 1 BTC.

I don't see how Bitmain could get electricity for less than 3-4 cents max, so their production could would still be ~$1500. There are fundamental physical laws that limit the production cost of electricity. If Bitmain are getting electricity for less than production cost, someone else is paying the difference.

>>9865233
bitmain isn't getting cheap chinese power anymore tho
hashrate is and has been increasing, too

>>9865282
Yes, if memory serves me correctly, Bitmain use to get subsidized chinese electricity (meaning they were getting electricity at less than production cost and the government was covering the difference). Now it seems as though China has stopped this (and rightly so) so I don't see Bitmain getting any crazy power costs. Maybe less than the industrial average but not significantly so.

As a general rule, it is probably a safe bet to say that production cost at the high end is ~$4.5-$5k, and the low end is ~$3k.

>>9865275
>>9865282
>>9865324
i thought they still get a discount and use excess power?
maybe im a bit behind the times bois, and this whisky isn't helping anything kek

>>9865275
Electricity production is not that flexible, there is a lot of waste power floating around. It is possible to get industrial quantities of free electricity if you are lucky.

Maybe, but I expect a bounce from here. Maybe even a short-term bullish cycle. My color will confirm it

>>9865429
Pink... not a good sign.

>>9862577
I am hodling because the EOS native tokens are forcing. I mean, I could not unhodl even if I wanted to.

>>9865497
lmfao

>>9862577
YOU WILL NOT SHAKE ME OUT, FAGGOT!
JEWISH TONGUE MY ANGUS!