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What happens when bitcoin mining prices exceed bitcoin value?
Hey guys, if I understand correctly, bitcoin mining is an essential part of the whole system - without enough miners, transactions couldn't happen fast enough. Now, with the amount of people interested in bitcoin growing and coming close to the new mining reward reduction, the question arises: what will happen when the major powerminers just don't make profit off of bitcoin mining (initial investment+power for cards+air conditioning)? If we assume bitcoin price will stop growing eventually, this probably has to happen at some point, no? What happens then? Sorry if noob question.
Is there any credence to the statement “Bitcoin is only profitable for miners if it is over $6,000.” I have heard this is a true statement and I have heard it is BS. Which one is it?
Modded witcher 3, blew up my graphics card (gtx 780, 6 months out of warranty). Anyone know what part this is that fell out from my 780 after much smoking (penny for scale)? Labeled 1R0 I think. What is the best current video card replacement during the bitcoin mining price spike?
"Just have to say that people are really sleeping on #BitcoinCash. It solves so many problems that Bitcoin has failed to solve. It's price only needs to get to like 1K, and miners will start mining it more than Bitcoin."
When the bitcoin price goes up so do mining rigs. Is this the last time normal people can invest in rigs before it gets completely taken over by big companies?
Im thinking about bitcoin mining as an oil drilling company. When the prices of the underlying commodity goes up so does the drills. When the price of 1 btc will hit 100k USD the price for a rig will be approx 150k or am im thinking completely wrong? I'll be more than happy to hear your thoughts. Have an awesome day!
"Just have to say that people are really sleeping on #BitcoinCash. It solves so many problems that Bitcoin has failed to solve. It's price only needs to get to like 1K, and miners will start mining it more than Bitcoin."
I see price predictions of bitcoin hitting 100k in 5 years possibly. Now if that happened, wouldn't that mean that by 2140 once the last bitcoin is mined, the price is ridiculously high?
Fast forward a few years more people are betting on 1 million. This doesn't seem very probable to me?
For example, one featured Bitcoin mining rig costs USD $1,767 to build and operate and generates $4.56 in profit per day at current prices. Thus, it would need to run for 387 days to become profitable . Bitcoin Price Today. Die-hard BTC supporters believe that bitcoin is the future; we are just scratching the surface. Considering the continuous rise of bitcoin in the market capitalization, it is one investment every investor needs to take advantage of it. The current market capitalization of bitcoin stands at an all-time high of $109 billion. Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH. Exclusive Casino Tournament with $5000 Prize Pool Begins at Bitcoin Games. Play in the newly launched tournament at Bitcoin Games to win a share of the $5000 prize pot, get guaranteed Free Spins ... *Based on current mining difficulty and Bitcoin price. View historical difficulty for BCH and BTC ** Daily fee covers electricity and maintenance costs.The contract will end if the total revenue from the past 30 days is less than the total daily fee for the same period.
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