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Could this possibly cause a drop in exchange price for BTC? If this user bought a bunch of ASICs, he needs to make his money back which could mean selling a lot
by xhrpost 14y ago
Could this possibly cause a drop in exchange price for BTC? If this user bought a bunch of ASICs, he needs to make his money back which could mean selling a lot of coin on a regular basis. However, if most miners already sell, it shouldn't make a difference, may even cause an increase if he starts hoarding more after making a full return on investment.
- Retric 14y agoThe overall rate of BTC production is basically fixed. If anything this is going to push some people to stop mining BTC.
- yk 14y agoIn the short term and if the miner sells all of his BTC yes. But in the medium term, the difficulty will increase, the same amount of coins as always will be mined and the price should remain roughly constant. ( And in addition, if you want to move the market to 25.50 $/BTC, you need to sell about 3k BTC [1] at the moment.) So the market would not move much, even if all of these bitcoins are dumped in an instant. [1]http://bitcoincharts.com/markets/mtgoxUSD_depth.html http://bitcoincharts.com/markets/mtgoxUSD_depth.html