Quote from: expert4knowledge on July 13, 2015, 01:38:48 PM

Quote from: Erdogan on July 09, 2015, 11:36:48 PM

Quote from: expert4knowledge on July 01, 2015, 02:26:27 PM

Quote from: Erdogan on June 30, 2015, 12:34:42 PM

Quote from: Anony on June 30, 2015, 06:29:36 AM

When the price of Bitcoins is higher, people are more likely to mine, especially people whose costs are close to their expected proceeds.
As the demand of bitcoin increase, mining prices also increase as it include hardware to purchase,supply of electricity (countinous flow of power)etc.
because of blockchain as it has to countinous update in transaction. Sad

as with decrease in demand of bitcoin ,mining price may effect as they have to overcome with their regular charges.

Correct. Higher price means more expenditure on mining. Note the direction of the causality.

So the direction is vice versa of what people including me think

Many people get this wrong. Do you think majority makes it right?

I am thinking most of the people think wrong about it and it iscomplicated

The same rule goes for all things in the market, however harder to understand, like cars and bread and whatnot. The consumers value it, and the cost in the free market adjusts to price. But for bitcoin, it is rather straightforward, because you have the difficulty that adjusts.

Note that it is the market that does the cost adjustment. If there is no freedom in the market, the cost will not adjust, this is also the reason for the loss of productivity in socialism.