Quote from: Coinport Exchange Support on August 13, 2014, 06:29:40 PM

If the profit of miners is not as high as the price of electricity. Miners will leave, then it will become more profitable for the miners that do mine, balancing it out. Simple economics. But if electricity costs so much that noone will want to mine, then, we are in quite a bit of trouble.

thats the weak thought plan of emotional miners.
so far in the last 4-5 years the price of bitcoin has NEVER dropped below average miner costs for more than a day at a time, because the price normally corrects itself back to the resistance point after a flash crash. (hence why bitcoin didnt go below $450 in spring this year or below $100 in october last year)

a small amount of miners will give up if they see it at -1% to -5% profit. as thy are very emotional. but smart miners will continue because a minus 1-5 percent is meaningless as just spending fiat to buy bitcoin for holding would also cost them that in fee's trying to 'get in' to bitcoin.

any crash greater then 5% loss would soon correct itself, which so far has proven correct. and thus the majority of miners just push on through it and hoard coins for the day its profitable.

the small amount of dumb/emotional miners that do give up simply help give the smart miners a larger slice of bitcoin.

EG
if a smart miner usually got 1btc a day, and if 10% of miners emotionally chose to stop mining. the smart miner would now get 1.1btc without needed to do anything.
so if the price went from $550 to $500 the smart miner is still making $550 reward per day.

and as you can see todays $523 low due to the etherium dump is no correcting itself. (lets hope they dont dump again today though). and the average cost of mining is around the $500-$550 price. so still profitable for miners.

so those hoping for a $100-$400 bitcoin price will only happen if a flash crash due to a mega dump occured. which will correct itself. so dont hope for a long term $100-$500 price, thats a thing of the past