💲 Are Bitcoin miners selling? by resiliencia

hive-102880 · @resiliencia · May 10 '20

$1.36

💲 Are Bitcoin miners selling?

Hello!

Today the price of Bitcoin fall more than 10% in minutes. The price went from the 9,750$ levels to 8,500$, and now is trading for 8,750$ approximately.

The price drop came 1 day prior to Bitcoin halving, the supposed ultra-bullish event that should take to the moon the Bitcoin price. In this post I am going to discuss what are the reasons of this quick dump of the price.

![btc mining.jpg](https://files.peakd.com/file/peakd-hive/resiliencia/p5mNFTJX-btc20mining.jpg)

[Source](https://tokeneo.com/bitcoin-mining/)

# Why is the halving Bullish?

Some of the reasons why people think that halving is bullis are the following.

**It has been bullish in the past:** True, the two past halving had been bullish. This time, there are different factors to take into account. Now, we are deep in a bear market, and the other 2 halvings we weren't.
Now, our economy is suffering the effects of a pandemic, nobody knows what are going to be the effects in the mid-term, so we should be very cautious.

**The daily production of Bitcoin is reduced:** True. There are 1,800 Bitcoins produced everyday that are shared between the miners. In 1 day this production will be reduced to 900, the half of what it is today.
Following the reasoning by the basic ecomonic law: With the same demand and half of the offer the prices will raise. It all indicates that the price of the asset will grow over time.

But this point should take into account more things. The difficulty to mine a block will raise, and this will make some of the less efficient miners unprofitable, they are likely going to sell their Bitcoins in order to close or update their equipment.
I am not sure about this, but I think that this is what happened yesterday. Some Bitcoin miners after pumping the price to almost 10,000$ are starting to sell.

I am expecting the price to drop even lower, and I think that then will be one of the best opportunities to buy Bitcoin. Hopefully I will be able to accumulate some more.

Exciting times ahead!
Enjoy! 😊

👍 numberofthingz, beiker, inature, clumsysilverdad, truce, homeginkit, linakay, bitrocker2020, marfonso, sbi7, theestateof.mind, taskmaster4450, cryptoxicate, sbi-booster, toofasteddie, holm, cryptofiloz, ronaldoavelino, ano123, midlet, backscratcher, ikrahch, gandhibaba, torrey.blog, gascap9000, sevillaespino, intrepidthinker, ketcom, syedumair, glastar, world-travel-pro, lagtvgames, otage, gharrington44, kenanqhd, hypersonic1, tj4real, michaeljn, badmusgreene, onepercentbetter, rangertx, daltono, cryptohodlgroup, myach, rativiv, dolphinstudios, joannewong, rightwing670, trydice, resiliencia, supremebape, plantstoplanks, stackin, theb0red1, digi-me, billytercero, sharkface, ireenchew, bobby.madagascar, aafeng, thomasbrown, thexbttrader, momogrow, theexcelclub, and 187 others
👎 camillesteemer, kromlek

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