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20k is near the floor of what it cost to mine crypto at scale, I think that's why it's a support point. Large miners have capital reserves to hold the Bitcoin
by somenewaccount1 4y ago
20k is near the floor of what it cost to mine crypto at scale, I think that's why it's a support point. Large miners have capital reserves to hold the Bitcoin if they can't sell it profitably. I'm guessing 2 years runway for well managed large operations. Which means one more 1/2ing in 2024, a price spike, and then it's final collapse 6-12 month later.
My magic 8 ball is done answering questions now.
- paulgb 4y ago> Large miners have capital reserves to hold the Bitcoin if they can't sell it profitably. I'm guessing 2 years runway for well managed large operations. “Well managed” is the key sentence here. A number of larger miners became addicted to using cheap capital to fuel massive hashrate growth, and it’s coming back to bite them. Riot Blockchain had about one quarter of cash left as of their last filing; they’ve been selling off digital currency holdings into a falling market.