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Price follows buyers and sellers. It is not some magical property that miners are chasing. They produce a product for costs and aim to sell it above those costs
by TACIXAT 8y ago
Price follows buyers and sellers. It is not some magical property that miners are chasing. They produce a product for costs and aim to sell it above those costs.
- DennisP 8y agoThey're a small minority of the total selling. In the past 24 hours the volume listed on coinmarketcap was 500K bitcoins. The number of bitcoins produced by miners was 12.5 every 10 minutes, or 1800 coins. Due to difficulty adjustment, they also have no ability to change the overall level of production. They can choose not to sell immediately, but for most large miners their costs prevent them from waiting too long. But since they're only 0.4% of overall daily sales, it won't matter to the price either way.