So, I was thinking, for the long term, even if Bitcoin goes below USD 6000, no worries, 5000, 4000, much the same. Hodl for the long run.
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?
Maybe the mining rigs won't mind bearing losses for a few months if they sense an upside later on. But, what if they don't, and start bailing out?
In that case, USD 3000 or whatever the lowest cost of mining Bitcoin will effectively become the null point. If Bitcoin falls to that point, downwards beyond that is a steep vertical cliff wall, and an inevitable fall to Zero.
i think it won't matter as we know that the price of bitcoin of January last year was at $1k or much lower and we don't heard any problems with those miners. Those miner will also go with the flow along with the price of bitcoin. Yeah they will be affected but it's part of the volatility of the bitcoin price and they know that before they put up there mining rig.