Post
Topic
Board Bitcoin Discussion
Re: Is it possible that number of miners will decrease for a while?
by
bearexin
on 22/05/2020, 12:11:51 UTC
If it is true, is it possible that some miners will just leave mining for a while until they get back in a equilibrium or in profit? What fo you think?
Yes man that's true. If the price doesn't increase, then the space won't accommodate small miners who can't keep up with the expenses of mining. I even read an article that some old miners are no longer able to mine Bitcoin, which means that the miners will have to throw those away, because they are now a piece of junk. When these miners drop out it might affect the market a little bit, the price will drop to an extent, and when demand starts increasing again then it will go up and be able to cover up the expenses for these miners.

I don't think it's likely for bitcoin to rise in price in the short term.
Anything may happen. As of now, new people who think about starting mining business, might go for buying bitcoins rather than mining. Existing miners may go for cost cutting like they may not sell more number of rewarded bitcoins but only the rewards which will cover their running costs of mining process. So, everything may work in the same direction which means rise of bitcoin prices in very short periods.