By now experienced miners should recognize the trend that profitability will ALWAYS reduce to the bare minimum margins acceptable by large farm
It is no coincidence that the price ALWAYS reduces to match the efficiency improvements and hovers nears the costs of 10c electricity.
Notice the new gear is already useless to mine at anything over 10 cents/KwHr
Again that is NOT an accident....
So THAT is the agreed level acceptable such that large investors can sustain the monopoly without large losses
Even at that level most ops still mine at a loss but recover profit by local tax write offs that mere mortals won't be privileged to..
Seems obvious to me that the price is being artificially supported by large whales. Giant centralized private farms make up over 50% of the hash rate.
Public pools who service other large miner ops fill in most of the other 50%
Smalltime individuals represent a minuscule portion of the hashrate
That means mining is and has been in the hands of BIG BUSINESS for a LONG time...
But WHY?
China is by far the largest HOLDER of Bitcoins...WHY?
China is also the largest holder of U.S. Treasury bonds.....
Bitcoin is an insurance policy to protect the MASSIVE VAST DEBT it holds from US dollar depreciation
EVERY hit the US makes on the Chinese economy gets met with a large dump of US bonds and a spike in Bitcoin.
EVERY concession made to China coincides with a large DUMP of Bitcoin converted into Chinese RMB and US bonds/stocks.
ONLY this kind of massive volume can sway the price significantly....irrespective of the public Bitcoin holders/market actions.
China is completely committed and compliant with the US to maintain and protect the current FIAT monetary system controlled by the B.I.S.
However this loyalty comes with a price that the US must cede a larger portion of the money monopoly they have used to exploit China.
The US political system is currently divided into the 2 camps ...one wishes to maintain the gravy train the other knows the US is fucked and are desperately trying to ride China's coattails during the shift of power.
Neither can afford to have Bitcoin threaten the system.
ANY significant price increase can ONLY come from a MASSIVE purchase (BILLIONS!)...And who would do that? Why?
EVERY large bag holder knows ANY significant jump will only give an opportunity for weak to cash out.....Speculators and exchanges will be MOST eager to take some profit.
Often this is a PLANNED subsidy injected to the market by FREE worthless FIAT to suck in new investors and keep the illusion of value afloat.
The is a standard practice in the stock market.
The top ten wallets hold more than 85% of ALL BITCOIN ever mined....funny how that is same ratio that the Big Banks hold of the worlds FIAT and DEBT!.
The next halving event will eliminate the remaining competition and complete the planned takeover of the Bitcoin threat.
Bitcoin will always exist but will be reduced (Has already been) to being a novelty commodity for investors like Silver or Gold that individuals may see some gains but have no real effect on the market.