Quote from: franky1 on October 23, 2021, 03:52:03 AM

Quote from: Poker Player on October 23, 2021, 03:16:42 AM

What you have just explained has made me wonder about something. Do you think that the rise in electricity prices that is happening in many parts of the world, especially where it is being mined the most now like the US, is going to affect the price of Bitcoin? It should, I'd say, even though we are in a bull market I guess it is another factor that will push the price up.

put it this way. chinese mining at say 140exa hash had a $20k underlying value.. meaning no one dares sell below $20k unless foolishly making a bug in their trade bot.

now majority of mining maybe outside of china. the lowest cost value is already higher. so say america is majority the average underlying value is about $37k

meaning thats the new 'bottom' and toughest resistance to break that no one will dare sell below
so its not just hash power but also yes electrical price. slowly making the min price ever to be seen again be on a rise. supporting the price from ever going below a certain value.
the only time this bottom value support can decline is if hashrate declines

Mmm, is this really the case? It could also be that if mining value becomes lower than BTC value, then some miners will stop mining. Miners stopping mining will reduce the protocol's difficulty, which will make mining value easier to meet.