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The fact that some miners are suspending operations instead of continuing to mine and simply hanging on to the bitcoins mined until the price rises again sugges

The fact that some miners are suspending operations instead of continuing to mine and simply hanging on to the bitcoins mined until the price rises again suggests that they may lack the (fiat currency) funds to keep paying for electricity or that they’re fearful that the price won’t recover and they’ll end up permanently in the red. That's just stupid. No matter what your financial situation or what you think future prices will be, it doesn't make a lot of sense to mine bitcoins when you can buy them cheaper.

kordless 12y ago
> That's just stupid. I will point out your "don't mine if you can buy them cheaper" is nearly logically equivalent to op's "some miners are suspending operations instead of continuing to mine", especially when considering op said "they may lack the fiat" to pay for electricity or coins (assumption). Negating something you agree with, even in part, might be a sign of cognitive dissonance: http://www.geekceo.com/entry/bitcoin-s-polarization http://www.geekceo.com/entry/bitcoin-s-polarization
- hencq 12y ago
  > especially when considering op said "they may lack the fiat" to pay for electricity or coins (assumption). That's not the assumption. It is the conclusion. The wrong conclusion as gweinberg pointed out. If I can mine 1 bitcoin for $300 worth of electricity or buy one for $200, I should just buy instead of mine. The question of how many dollars I have is irrelevant for that.
  - jackgavigan 12y ago
    > If I can mine 1 bitcoin for $300 worth of electricity or buy one for $200, I should just buy instead of mine. The question of how many dollars I have is irrelevant for that. That's a fair point. I guess the only real difference between mining and buying is that electricity is usually paid for retrospectively, whereas buying requires you to have the money up front.

kordless 12y ago

> That's just stupid. I will point out your "don't mine if you can buy them cheaper" is nearly logically equivalent to op's "some miners are suspending operations instead of continuing to mine", especially when considering op said "they may lack the fiat" to pay for electricity or coins (assumption). Negating something you agree with, even in part, might be a sign of cognitive dissonance: http://www.geekceo.com/entry/bitcoin-s-polarization http://www.geekceo.com/entry/bitcoin-s-polarization

hencq 12y ago
> especially when considering op said "they may lack the fiat" to pay for electricity or coins (assumption). That's not the assumption. It is the conclusion. The wrong conclusion as gweinberg pointed out. If I can mine 1 bitcoin for $300 worth of electricity or buy one for $200, I should just buy instead of mine. The question of how many dollars I have is irrelevant for that.
- jackgavigan 12y ago
  > If I can mine 1 bitcoin for $300 worth of electricity or buy one for $200, I should just buy instead of mine. The question of how many dollars I have is irrelevant for that. That's a fair point. I guess the only real difference between mining and buying is that electricity is usually paid for retrospectively, whereas buying requires you to have the money up front.