With the Bitcoin Block Reward halving from 25BTC to 12.5BTC on the 10th July 2016 it makes you wonder if we will have another run up So far the price action is suggesting we will however it's also the recent increases in the hash rate that suggests this halving is on peoples minds, seems the miners are trying to get the most out of their rigs before the halving NiceHash just announced last night that they will soon be quoting their SHA256 contracts in PH/s (Petahash per second) rather than TH/s (Terahash per second) due to the recent increase in the global SHA256 hash rate So if miners are increasing their hash rate at additional cost now, something tells me they may be holding on to what they can until some time after the halving when they can adjust to the new output and the new network hash rate. Obviously if there was a price spike this would encourage more miners to continue mining and also to add additional miners. Probably worth noting as well that we have already mined nearly 65% of all the available Bitcoin leaving only around 35% left to be mined, we have done this effectively in only 7.5 years yet we will not mine the final 35% until another 124 years, expected final block to be mined 7th of May 2140. I except as we get closer to this halving date we will continue to see the price push higher as well as the network hash rate continue to spike, once we break the old highs I expect a similar price spike as we have seen in the past. We have had a long period now of consolidation yet the next price spike can occur rapidly. Perhaps seeing a new high in the US$3,000-US$6,000 range before retreating again. Something I will be very interested to follow is the BTC:LTC, Litecoin seems to play catch up with Bitcoin and overtake it in percentage terms during rallies, though at some point I expect Litecoin to break this pattern as other alternatives begin to trade closer to Bitcoin, whether or not it will make this break this time is not certain. I'm not sure if Litecoin will follow Bitcoins shadows in this rally or not, but it will be interesting to watch. Litecoin has just recently started to move again suggesting it may make some fantastic gains this year however I consider it a much more risky bet than Bitcoin.
Do you really think it will go that high? After all the market saturation in media (not all of it that good) and they is no new "buzz" hype with bitcoin, therefore I am very skeptical that they are enough suckers out there who will pay $3000 a bitcoin or am I missing somethings.
A $3K-$6K top this time around is what I'm feeling I watched BTC from around 50c but hesitated until I was too late to buy at 50c and I thought At 50c a BTC it would seem only a sucker would now pay $2 At $5 only suckers would now pay $20 At $50 only suckers would now pay $200 But I ended up buying in at $200, now coming back to $500 I think anything is possible when you have dollars continuing to be printed, new supply of Bitcoin shrinking, new demand for Bitcoin continuing to grow and a mass of investors looking for the next asset to start moving so they can jump on board. I strongly doubt Bitcoin will even be around in 20-30 years time but I'm almost certain it hasn't quite finished running it's course yet either. It's still only a drop in the bucket of global investment capital, BTC has only a total market cap of US$7 Billion atm, to put that in prospective BHP was just recently threatened with a fine for one of there mines in Brazil for US$43 Billion. That's one fine for one mine for 1 company, I think we have a long ways to go yet before we run out of so called future suckers.
I read that the average cost to produce a bitcoin is now circa 275$ so many expect the market price to settle around 500$ after the halving.
Found it here: https://www.cryptocoinsnews.com/bitcoin-price-cost-mining-production/ Not that I trust anybody.... But there you go. And sorry, I made a mistake. The estimated average production cost is apparently 247$.
The closer we are getting to the halving day, the more I'm convinced that there could be a major price drop. Am I the only one thinking this way?
It's very possible it could do that. One thing that might cause the price to drop is miners dropping ship. It may also jump up in price causing people to sell and make a profit which would then make the price drop. Right now I am at a point with my btc that I don't mind either way. If it does drop a good bit I will buy some more btc at a decent price, and it if rises I could potentially make a little extra cash.
The thing is that the amount of BTC sold by the miners doesn't really matter much anymore. If you look at the volume exchanged every 10 minutes on major exchanges, 12.5 BTC more or less don't make any difference. And the price of BTC is made at the exchanges. On the other hand, many have purchased BTC in expectation of a big rise at the halving as it happened last time (but the situation was very different back then) and they might end up selling out of disappointment after the halving if nothing happens. We'll see what happens, I guess.
Well, the hash power of the network has suddenly dramatically increased. Very interesting times ahead.
^Yes big upward move in hash rate, I dunno what leads what and how you could rectify the chat to compensate for new ASIC releases but there does seem to be some sort of method to the big miners when you look at the charts. Price spikes and increased mining, lower prices and slower increase in mining. Will be interesting to watch the hash rate change around the reward half date.
It's a pretty nice looking price spike though the volume doesn't appear to be quite there yet.... I was expecting a breakout when the pennant formation completed, but it's better a bit late than never
Woohoo! Sure is a sharp move, but still only a fraction of the volume we saw back in November. That either means it's a false move....or this is just the beginning of it!!
Pulling up towards that US$660 level now, will look to sell a small amount here and wait it out, expecting it to hold around here now for a couple weeks before an explosive move up into the thousands. Very exciting time now.
