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What is the impact of the large price fall on mining?

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3 hours ago, koussai999 said:

I think that the old reason for that is the economic crises that countries are going through, and the reason for them are the diseases that are directed by the health authorities in the country that have negatively affected the global markets.

The effect of the Corona virus and quarantine was not apparent until recently. But in general, I wonder what the impact of falling prices will have on the miners, regardless of the reason for the drop in the price of cryptocurrencies.

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That depends on the miners and I think they will stop mining when the price falls because they will not make any profits, especially since the cost of mining is high as it requires the purchase of mining devices and electrical energy, so if mining is not profitable they may stop working

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11 hours ago, Zaino34 said:

That depends on the miners and I think they will stop mining when the price falls because they will not make any profits, especially since the cost of mining is high as it requires the purchase of mining devices and electrical energy, so if mining is not profitable they may stop working

Yes, some of them may stop working due to the significant drop in prices, and some of them have the option to move to mining a currency other than Bitcoin, but those who have ASIC Miner devices cannot move to mining another currency because it is designed to work on one algorithm.

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More than all the impact that is being given this year to bitcoin mining, is the reduction in half this year, since less production to reduce inflation, and boost the price of cryptocurrency.

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It can cause low value price point and your earnings daily may differ if price fall occur specially to the cryptocurrency you are mining. But don't be sad because if there is a price drop it will also have a price pump which you will earn good if that happens.

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Everything you say is true and I am sure that mining is exposed to losses when prices fall, due to the costs of expensive equipment and many other things. Therefore, I believe that mining and miners stop at low currency rates.

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13 hours ago, Depth Jonny said:

Even smaller mining operations with high Bitcoin values and not just Bitcoin are no longer profited, but even the old coin miners had trouble earning income. Nevertheless, I do not believe that large mining operations are affected as much as they continue to be mined.

So far, it has not been affected significantly, but if the situation continues like this, the impact could increase much more than that. Some workers will definitely stop and some of them have already stopped because mining bonuses no longer cover their expenses.

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I think now to mine one bitcoin you need more than 3k dollars to spend and after the halving this amount will increase because of the difficulty ,I dont know if that real or not because i dont mine and dont have to much experience on that 

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On 5/18/2020 at 4:59 AM, scorpiali said:

I think now to mine one bitcoin you need more than 3k dollars to spend and after the halving this amount will increase because of the difficulty ,I dont know if that real or not because i dont mine and dont have to much experience on that 

Yes, Rig Mining needs one large amount of money and may give you profits but it is not good enough. This is what we are saying here that the low prices will make many miners to stop mining and this will be a big problem.

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12 hours ago, Crypto123 said:

Yes, Rig Mining needs one large amount of money and may give you profits but it is not good enough. This is what we are saying here that the low prices will make many miners to stop mining and this will be a big problem.

If the miner stop mining we will be in the big problems and the need to create a new way to proceed and confirm transaction ,but in general it's not for now 

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17 hours ago, sara22 said:

Numerous littler mining activities are currently not, at this point productive with such bitcoin costs and bitcoin as well as even with the alt coin mining excavators will battle to increase any benefits. I don't feel that the enormous mining tasks are influenced so a lot anyway as they simply continue mining in any case.

Perhaps that is true. Big miners will not stop mining, but weak miners will inevitably stop because mining rewards will not be sufficient to cover mining expenses. If prices rise in the coming period, this will be sufficient to cover their expenses.

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On 5/23/2020 at 12:47 AM, sara22 said:

I don't feel that the enormous mining tasks are influenced so a lot anyway as they simply continue mining in any case.

@sara22 I get your point but make your point more direct. You are right that if the price is affected that mining will continue. But if they price is significantly reduce, it created a panic and this could make some miners leave or stop working for a moment. 

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Big miners not impact when bitcoin prices suddenly dump, but I think small miners face some problem when bitcoin prices drop, present small miners not survives in mining they almost stop their mining, because of mining cost, but big miners continue and  earn profit.

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On 5/2/2020 at 7:32 PM, bliznec said:

Bitcoin miners, in a way, do not play any role in order to increase the value of bitcoin. This determines the fact that it is cryptocurrency trading on exchanges, in terms of volume. 

yes that's absolutely true bitcoin miners has nothing to do with bitcoin price the price of bitcoin increase or decrease just because of supply and demand if supply increase and demand decrease the price will go low 

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On 6/3/2020 at 10:15 AM, Honny143 said:

Big miners not impact when bitcoin prices suddenly dump, but I think small miners face some problem when bitcoin prices drop, present small miners not survives in mining they almost stop their mining, because of mining cost, but big miners continue and  earn profit.

Certainly, large miners are not affected by the low prices, they mine very large amounts of bitcoin and get a lot of money, and they can influence the market price, the biggest harm is done to the young miners.

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The impact that can be happened when there is large of the price fall is that, the mining fees must be increased depending on rates of USD, so thats the miners reward will be increased 

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17 hours ago, guatazoo said:

The impact that can be happened when there is large of the price fall is that, the mining fees must be increased depending on rates of USD, so thats the miners reward will be increased 

Perhaps this option is one of the proposed solutions to keep the Bitcoin network in the event of a significant drop in price, miners can be compensated by high fees to cover mining expenses and remain in their work to ensure the continuation of the Bitcoin network.

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On 3/18/2020 at 10:00 PM, magd said:

mining should be at a huge level in order to achieve profits.

Well, mining is now the huge level in order to achieve or getting some profit because you're just waiting for your profit and it has a high tendency that you can earned profit quickly when you have some high specification equipments for your mining rig.

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13 hours ago, Crypto123 said:

Perhaps this option is one of the proposed solutions to keep the Bitcoin network in the event of a significant drop in price, miners can be compensated by high fees to cover mining expenses and remain in their work to ensure the continuation of the Bitcoin network.

But sometimes miners are passing through hard time there is when the cryptocurrencies prices have been decreased but the fees still not changed. 

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If there are no significant profits from mining when price of major currencies sharply drop in the cryptocurrency markets, I think most of miners stop mining activities. Some miners may still run operations if mining cost is affordable for them due to cheap charge for electricity supply. 


 

 

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4 hours ago, Whited35 said:

If there are no significant profits from mining when price of major currencies sharply drop in the cryptocurrency markets, I think most of miners stop mining activities. Some miners may still run operations if mining cost is affordable for them due to cheap charge for electricity supply. 

Yes, the number of miners has actually decreased, if the price of bitcoin falls more than that, their number will continue to decrease and there will be a significant impact on the strength and security of the network, strong miners will stay and the weak will surely leave or some of them will remain though, but will store bitcoin until its price rises.

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On 3/18/2020 at 3:32 AM, Crypto123 said:

So will the miners stop mining? Or will they continue?
Does the current bitcoin price cover mining costs or is it losing?

No matter the price change, miners will not stop to mine Bitcoin, there might be a miner purge though. So instead of trading their mining rewards just like regular trader or coin holder, they become more of a holder; they will mine to hold until we have another bearish market, so they can sell to make profits to match up their efforts.

Edited by Raqeebzy
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My Altcointalks username —° Raqeebzy

 

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3 hours ago, Raqeebzy said:

No matter the price change, miners will not stop to mine Bitcoin, there might be a miner purge though. So instead of trading their mining rewards just like regular trader or coin holder, they become more of a holder; they will mine to hold until we have another bearish market, so they can sell to make profits to match up their efforts.

Yes this solution is the best, miners stay in mining and hold bitcoin until its price rises well it will be much better than leaving miners to work, there are a lot of miners who bought expensive mining equipment and will not give them up so easily so I think they will stay in their work and wait for a rise price.

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17 hours ago, Crypto123 said:

Yes this solution is the best, miners stay in mining and hold bitcoin until its price rises

It is truly a good suggestion but still also know that miners can stop mining any unprofitable coin and look for a better one. If the price of a coin reduce significantly, mining hash power reduce. 

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