Dump failed
Starting to think $220 is to bears what $300 was to bulls
Kind of surprised
I think a lot of you forget that $220 or so is mining cost for a lot of operations. It would be surprising to me if we went lower for a long period of time. If you truly believe that is the case you should not be invested. Everyone remember how much hash rate dropped off the network in the Jan 15 drop to $166? If we had stayed at those levels and the hash stayed shut down there would have been major network problems for weeks. Block times/transaction times would have been a disaster. Watch the media coverage if that happens. It will not be good for anyone. Bear or Bull.
And before anyone argues that the Chinese miners have costs lower than that. ASIC development and deployment has slowed to a crawl compared to most of last year. If there really was money to be made in China wouldn't we be seeing huge farms coming online? It wouldn't take much to push the rest of the world out of mining if that were the case.
Frankly I have heard everything regarding mining costs.
Some people were saying that it was at around $400 last year, with miners like David Pate (
https://twitter.com/davidpate8) saying they were underwater at around $300-$400 already. Difficulty only increased since then...
I have heard Tim Swanson say that BitFury currently has a mining cost of basically $180 BTC, the best performing western miners I guess (the others have been squeezed out while only the biggest chinese pools remained).
Overall claims such as "price cannot go below X because that's the mining cost" makes no sense tbh IMHO.
I'm no expert in this so if somebody has better info feel free to chime in.