Jump to content

Bitcoin Price Slump,We Can Buy Miner?


Recommended Posts

According to the latest data sent out by Arcane Research on June 22nd, we can clearly see that in the four months since the start of 2022, public Bitcoin mining companies sold 30% of their mining production, which tripled in the following month, from which it can be seen that further growth is expected in June.

Public miners hold 46,000 BTC, accounting for 20% of the network’s total computing power and their selling behavior often reflects the sentiment of the vast majority of private miners. In the time to come, if they continue to sell in the next time. it may further push Low Bitcoin price.

Why have mining machine prices dropped as well?

It is well known that fluctuations in the Bitcoin price have a strong correlation with mining machines. As the Bitcoin price has plummeted this month, so has the price of its mining hardware.

Bitcoin has traded at a plummeting price, trading as low as nearly $17,000 and down more than 60% so far this year, while the price of the most efficient miners has fallen by a relative 40%. And there are two main reasons for this phenomenon:

  1.  hash rates generally follow or lag the price trend of Bitcoin.
  2. The most important part of a mining machine is the Bitcoin mining hardware, which in turn is the source of the hash rate.

So from these two points it seems that when the Bitcoin price continues to fall, some miners will choose to unplug or even just liquidate their Bitcoin mining hardware due to lower profits, which will have an impact on the selling price of miners.

But is it time to buy a miner?

Yes,but this is only for certain miners who need it.

 

Link to comment
  • 3 weeks later...

A small drop in Bitcoin’s price is usually not enough to separate miners from their machines, but a sustained price drop will certainly trigger more supply of machines on the resale market, as miners with thin profit margins and poorly planned operations will be forced to liquidate some assets to raise cash. In general, the price of Bitcoin is often used as an indicator of the price of mining hardware, and miners can plan their machine purchases accordingly.

  • Thanks 1
Link to comment
8 hours ago, Alberton said:

Should miners plan their purchases to get back to their old grind? Hasn't this whole market crash thing proved that you should switch to PoS, and do it ASAP. Bitcoin price drop might be a Segway to the future PoS crypto community, don't you think? 

Hi @Alberton

Thanks for sharing.

All the best - MongiIG

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • NZDUSD Elliott Wave Analysis Trading Lounge Day  Chart, 26 February 24 New Zealand Dollar/U.S.Dollar (NZDUSD) Day Chart NZDUSD Elliott Wave Technical Analysis FUNCTION:   Trend MODE: Impulsive STRUCTURE: Blue wave 1 POSITION:  Black wave 3 DIRECTION NEXT LOWER DEGREES: Blue wave 2 DETAILS:black wave 2 looking completed at 0.60363 .  Now blue wave 1 of black  wave 3  is in play. Wave Cancel invalid level: 0.60512 The "NZDUSD Elliott Wave Analysis Trading Lounge Day Chart" dated 26 February 24, provides a comprehensive analysis of the New Zealand Dollar/U.S. Dollar (NZDUSD) currency pair on a daily timeframe, employing Elliott Wave principles to discern potential market movements. The designated "FUNCTION" is "Trend," indicating the primary objective is to identify and capitalize on the prevailing market direction. In this context, the focus is on capturing impulsive waves that define the strength and persistence of the overarching trend. The specified "MODE" is "Impulsive," signaling a market environment characterized by strong, forceful, and directional price movements. This suggests that the current phase in the market is conducive to identifying and participating in the primary trend. The described "STRUCTURE" is "Blue wave 1," denoting the specific wave within the Elliott Wave hierarchy. Blue wave 1 represents the initial phase of a larger impulsive move, typically marking the beginning of a new trend. The identified "POSITION" is "Black wave 3," indicating the current position within the broader Elliott Wave pattern. Wave 3 is often the most dynamic and extended wave in the sequence, reflecting a powerful surge in the direction of the dominant trend. In terms of "DIRECTION NEXT LOWER DEGREES," the analysis emphasizes "Blue wave 2," suggesting the anticipated corrective phase following the completion of black wave 3. The "DETAILS" section notes that "black wave 2 looking completed at 0.60363. Now blue wave 1 of black wave 3 is in play." This suggests the conclusion of a corrective phase (black wave 2) and the initiation of the next impulsive move (blue wave 1 of black wave 3). The "Wave Cancel invalid level" is set at 0.60512, serving as a critical reference point. A breach beyond this level would invalidate the current wave count and prompt a reevaluation of the analysis. In summary, the NZDUSD Elliott Wave Analysis for the daily chart on 26 February 24, indicates a continuation of the impulsive move, with blue wave 1 of black wave 3 in progress. Traders are advised to monitor the unfolding of blue wave 1 and consider the invalidation level at 0.60512.       NZDUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 26 February 24 New Zealand Dollar/U.S.Dollar (NZDUSD) 4 Hour Chart NZDUSD Elliott Wave Technical Analysis FUNCTION:   Trend MODE: Impulsive STRUCTURE: red wave 3   POSITION:  Blue wave 1 DIRECTION NEXT LOWER DEGREES: red wave 4 DETAILS:red wave 2 of blue wave 1 looking completed at 0.60512 .  Now red wave 3 of blue wave 1  is in play. Wave Cancel invalid level: 0.60512 The "NZDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 26 February 24, presents a detailed analysis of the New Zealand Dollar/U.S. Dollar (NZDUSD) currency pair using Elliott Wave principles. The focus is on a 4-hour chart, allowing for a more granular examination of price movements. The identified "FUNCTION" is "Trend," indicating that the analysis aims to capture the prevailing direction in the market. This suggests an interest in identifying and riding the impulsive waves that contribute to the overall trend. The specified "MODE" is "Impulsive," signaling that the current market conditions are characterized by strong, forceful, and directional price movements. Impulsive waves typically indicate the primary trend's strength and persistence. The described "STRUCTURE" is "Red wave 3," highlighting the current position within the larger Elliott Wave pattern. Wave 3 is often the strongest and longest phase of the Elliott Wave cycle, representing a powerful surge in the direction of the dominant trend. The designated "POSITION" is "Blue wave 1," indicating the specific wave within the Elliott Wave hierarchy. Blue wave 1 represents the initial phase of the larger trend cycle and marks the beginning of a new impulsive move. In terms of "DIRECTION NEXT LOWER DEGREES," the analysis emphasizes "Red wave 4," suggesting the anticipated correction or consolidation phase following the completion of red wave 3. The "DETAILS" section notes that "red wave 2 of blue wave 1 looking completed at 0.60512. Now red wave 3 of blue wave 1 is in play." This indicates the conclusion of a corrective phase (red wave 2) and the commencement of the next impulsive move (red wave 3 of blue wave 1). The "Wave Cancel invalid level" is set at 0.60512. This level serves as a crucial reference point, beyond which the current wave count would be considered invalid. In summary, the NZDUSD Elliott Wave Analysis for the 4-hour chart on 26 February 24, suggests a continuation of the impulsive move, with red wave 3 of blue wave 1 in progress. Traders are advised to monitor the unfolding of red wave 3 and consider the invalidation level at 0.60512. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!    
    • Hi @JRF567, Unfortunately, we do not have an update on this yet. We will provide one once we have received feedback from the product team on the latest developments. Thanks, KoketsoIG
    • The current market indicates that ERC-404 has the potential to be a game-changer. Because of the combination of ERC-20 (token) and ERC-721 (NFT) features, it is unique yet easy to draw attention to itself. As PANDORA has generated quite a bit of excitement and produced a number of millionaires, I'm hoping BEANS can do the same. But keep in mind that the cryptocurrency market is unstable, so do your homework before investing in BEANS or other tokens.
×
×
  • Create New...
us