Quote from: CMMPro on October 31, 2014, 10:15:48 AM

Quote from: nasterxy on October 31, 2014, 08:47:42 AM

Quote from: cbeast on October 31, 2014, 08:43:06 AM

Quote from: podyx on October 31, 2014, 08:38:31 AM

Hashrate has skyrocketed
https://blockchain.info/sv/charts/hash-rate?timespan=30days&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address=

Any reason why?

Because Bitcoin is dying, people are throwing more money into mining.

according to KNC, the mining cost of bitcoin is significantly below $400, i think it's around $170 per coin and they are trying hard to mine more and dump more

KNC 3T miner at 1710 Watts: $5995 (of cause the cost of manufacture is under $3000)
mine 1 bitcoin: 3.412 week, Power Cost: $98
let's say you mine 50 bitcoins and stop mining, cost per coin: $158

Except mining 50 bitcoins with that device would take 170 weeks (or about 3 years) at the current difficulty...and we all know the difficulty won't go up for the next 3 years right?

Idiotic....the mining cost of a single bitcoin is far beyond the btc/usd exchange price right now.

I agree, hashrate increases have slowed significantly and may even stop shortly which is a huge tell that we are very near cost of production, if not already below. The last time this happened marked the long term bottom.

Forward sales of mined coins may have even artificially depressed prices 'ahead' of schedule by bringing inflationary effects forward in time. At a price point lower than the forward sale though the hedged miners switch from natural shorts to floor-setting determined buyers, as they can make guaranteed profits buying at market and selling at their hedged price.