Re: Bitcoin Miners Face Leanest Month of 2024: August Earnings Hit Year’s Low
That has nothing to do with how high or low fees are. Fees go up or down depending on network demand. But what actually more cost-efficient miners mean during the current period of "low profitability" in Bitcoin mining is, it will be harder for the less-efficient miners to profit or to break-even. They will either need to turn off their mining farms or migrate to a region where they could mine using cheaper electricity.
humans seem to be willing to take alot of abuse and then more on top of that. just so they can make a few bucks. that's going to be miners oneday...
everyone is going to be shitting on them and they will be barely breaking even. what a wonderful world.1. hobby miners dont move/migrate home just to be profitable.. when the underlying bitcoin costs raise and the market lowers to where the market is down at the value support testing the new bottom.. those unprofitable miners switch off mining or move mining over to a crapcoin temporarily.. and/or then become market buyers of btc because its cheaper to buy coin than buy electric to mine it
Or because they're hobby miners, the incentives/profit are not their actual main motivators when the mine Bitcoin. They will probably continue mining at a loss, then wait until the price surges their operations back to profitability.
Plus some miners might be speculators too, including professional miners.