oh boy....thoughts on what happens if this crosses over Rpietila? do you expect a prolonged downtrend?
Told ya so. Yet again my holistic view coming true...
It doesnt mean alot alone
I'm sure some people will use it as a signal and sell. Sad, but true.
Not sad. It is necessary to form a bottom. That is good.
what in your opinion happens to those big farms if the price hits -$200?
Those big farms are likely running at a loss right now, considering the need to continually upgrade their hashing power. Cheap power cost does not solve this major problem of Bitcoin ASIC mining.
But even if miners are better off in the long run simply buying and holding bitcoin, they are still better off mining compared to conventional business investment because the next bubble will vastly increase the value of any coins they have not yet exchanged, thus ensuring that if they can hold on, they will prosper. I understand for example that the operator of the US Washington State bitcoin ASIC farm has a personal holding of over 1000 BTC.
Correct. He said he already paid back his initial investment numerous times over. Low-cost power is a key factor. Thus victors to the one who can locate with economies-of-scale. This is why ASICs will drive incredulous centralization. It will only get worse over time.