I would like to read that thread. Can you give me link?
Even if that's true, part of that coins are probably sold to lock profits and others in order to wait for the trend to change.
Would me less than if they need to sell nearly all to pay bills, but still adding selling pressure though.
some of my posts from the therad
Well if the mining profit margins are so narrow, how are they staying in operation without dumping BTC for fiat to cover their costs? They must have endless reserves of cash to hold all that BTC until the price rebounds right?
1. They have millions of dollars from selling mining gears
2. They have millions of dollars from VC investement
3. They have millions of dollars in Bitcoin profit from mining in the early days
So yes they must be burning through quite a lot of cash right now but in the long run they will be fine and they know it. Of course I am not suggesting they are ALL holding 100% of the Bitcoin mined but my guess is they are holding a good majority of them.
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Miners are industry insiders at the top of the pyramid. I'm sure they are pretty confident about BTC's future.
BitFury founder and CEO Valery Vavilov indicated that the new funding will allow the company to complete production of its 28nm ASIC chip without selling the reserve bitcoins it has mined from its three industrial-scale data centres.
Vavilov told CoinDesk that it decided not to tap its bitcoin reserves as it remains bullish on the long-term value of bitcoin.
"We believe in the long-term perspective [the price of bitcoin] will grow and we decided to not to sell [our bitcoin] at such a low price," Vavilov added.
Here's another one from Josh Garza from GAWMiners at Hashers United conference :
Garza voiced the least concern regarding the price, saying that ultimately, the value of bitcoin is underpinned not so much by the consumers and merchants who use and accept digital currency but by the miners who facilitate the whole network.
Miners believe in the currency the most, he said.
More from this conference :
Terpin polled the crowd by asking how many sell a certain percentage of their bitcoins for fiat currencies like the dollar. One only miner raised their hand when Terpin asked if they sold 100% of their bitcoin for dollars, and about one-third of the crowd indicated that they dont sell any of their generated bitcoins.
Again, I'm not saying all of the miners keep 100% of their coins but it is naive to believe the majority of them dump their Bitcoins for fiat
The thread is here :
https://bitcointalk.org/index.php?topic=833155.0