Bitcoin mining is analogous to the mining of gold, but its digital form. The process involves specialized computers solving algorithmic equations or hash functions. These problems help miners to confirm blocks of transactions held within the network. Bitcoin mining provides a reward for miners by paying out in Bitcoin in turn the miners confirm transactions on the blockchain. Miners introduce new Bitcoin into the network and also secure the system with transaction confirmation.
Perhaps someone can shed some light or point to a good resource where I can find how break-even price of mining 1 BTC has changed over time, by country and/or average? This metric seems to be very important affecting the price of Bitcoin itself. I'm very curious to plot a moving log-ratio of price-to-mining cost or BTC / C(BTC), where C() is the cost function. I'm more than sure this multiple is asymptotically approaching 0 the further in time the data goes but regressing on these values might be a good method of approximating the price going into the future.
Cost to mine 1 Bitcoin is now $14,000 USD. "Bitcoin Price Chart Fractal Seen in 2019 Hints at $14K Within Months". I bet BTC price ascends to $14,000 in next 30 days! NewYorkCoin (NYC) is a faster, no fee version of Litecoin since 2014! Official New York Coin nycoin.net | newyorkcoin.net
2 WEEKS 💕 until the halvening! BTC price is back above cost to mine. Bitcoin price slowly but surely rising to $12,000+, the cost to mine 1 Bitcoin in 2 weeks. HODL all faithful Hodlers. NYC is a lightning-fast, no fee version of Litecoin. Official New York Coin nycoin.net
Faithful HODL'ers that survived FEAR & CAPITULATION (Peter L Brandt) will be handsomely rewarded! Quickly climbing to $12,000+ (cost to mine 1 Bitcoin in 5 days). Once Bitcoin price breaks $10,500, we'll have officially entered next BTC bull market. Should be a very exciting next 12-15 months ...
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Estimates for Cost of Production to Mine 1 Bitcoin?
Anybody have estimates for the current cost of production to mine one bitcoin based on hardware and electricity cost as changing variables? An analyst has estimated that Hut8 is mining at a cost of $7.1 k based on their financial reports but I believe this would be close to the upper bound of estimates. I believe miners with access to cheap electricity and latest-gen hardware are likely still mining at high margins. This would explain why we are not observing a significant drop in hash rate estimates after the price drops last week. With miners still profitable, it is unlikely many are turning off their equipment. However, if prices drop another 20-60%, we may see a drastically different story where hash rate comes offline and we observe a number of consecutive difficulty decreases.
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