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Over a set period of time (around 10 mins for BTC), a number of transactions are compiled into a block by a miner, and then the block is verified on the general ledger and added to the list of blocks which make up the blockchain.

Consider the price of Bitcoin goes down to $3000, will this effect Mining operation go on?

What actually going to happen to the difficulty of solving problems in mining?

Thank you in advance.


Regards,

Raghu Ariga

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More than a question it seems like you are asking for a prediction of behavior. What miners will do eventually, and how getdifficulty will be affected, has been central to many conversations around Bitcoin.

In my honest opinion, even at 3000 USD per BTC it is still highly profitable for miners. The key factor is if miners need to move their generated Bitcoins to fiat money to pay bills.

If a miner or mining pool manages to avoid these payments based on future price -something they should aim at-, they will be doing quite good with even 1000 USD per Bitcoin.

Remember that we are creating the Bitcoin/Frame/Economy. Trading for fiat currency is just not the main idea behind cryptocurrencies.

  • There was a survey recently about cost of mining bitcoins that's relevant to this discussion: ibtimes.com/… – Abdussamad Feb 11 '18 at 13:11

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