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63 sats \ 4 replies \ @Bell_curve 15h \ on: Is increased merchant adoption reducing bitcoin's purchasing power? econ
Interesting theory but I think miner profits and ETF flows are the 2 biggest factors affecting NGU
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most miners are still struggling to break even and have been forced to sell more bitcoin (hodl less) to stay alive... July and August should be interesting since a lot of miners turn off their machines because hot summer months means higher electric bills
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ETF flow is a new important factor to monitor, https://jan3.com/monthly-etf-flows/
On the first point, is that because price has stayed pretty flat while difficulty has continued rising?
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At $52 per PH/s/Day, hashprice is close to – or at – breakeven for many miners depending on operating cost and machine model type.
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Correct!
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Yes
I would say the biggest factor is higher than expected difficulty
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