I think the major problem that pulling the current market down is because the huge mining power that supporting the BTC network. According to statistic shown in https://blockchain.info/stats, last 24 hours, the total hashrate reported was 38,805,395 TH/s, 158 block was mined and 1975 BTC was generated within 24 hours.

1975 BTC x 6500 USD = 12,837,500 USD in value

Assuming all the BTC mining unit used was 13.5TH.

According to https://whattomine.com/

For the past 24 hours
Revenue per 13.5 TH/s for BTC was 4.53 USD
Net profit after deduction of electricity was 1.24 USD

* if the cost of electricity 0.1 USD /kWh without taking into account those cooling system needed for the mining farm.

The revenue is just 27.37% per 13.5TH/s after minus off the power cost.

Therefore, in order for the majority miner to survive, they will have to sell off some of their coins to pay the power cost. So the market will need 9.32 mil (USD) of new funds to maintain the market price.

To me it really need main stream adoption in order to bring BTC price to next level. I believe in the technology, but we need huge buying volume to move the price up.



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Thank you.