Re: What happens when the price of Bitcoin falls below the cost of mining?
But, the vitality of Bitcoin is maintained by the continuous mining of Bitcoin. On an average these mining costs are USD 3000 to 3500 approximately. So, what happens when Bitcoin falls to that level?
nonsense. if anything the cost of mining is about $6000 which has been calculated by silly speculators. but in reality cost of mining will always remain near bitcoin's current price because that is how mining and difficulty works.
if price goes up there will be more miners, more hashrate, higher difficulty, less profit, "higher cost of mining". and if price go es down it will be the opposite.
Some Googling fetched this result:
https://www.cnbc.com/2018/03/15/bad-news-for-bitcoin-miners-as-its-no-longer-profitable-to-create-the-cryptocurrency.html
https://www.cnbc.com/2018/03/15/bad-news-for-bitcoin-miners-as-its-no-longer-profitable-to-create-the-cryptocurrency.html
this article is how pure bullshit looks like. CNBC does that a lot
you know how you can determine that? it is easy look at the date of the article (it is from 5 months ago) now go to one of those hashrate chart sites like bitcoinwisdom,... and look at how hashrate has been increasing over the past 5 months. how can it be increasing if it was no longer profitable 5 months ago and price has been falling for the past 5 months?