This is the third hit on this demand plane (blue). At the end of the day (literally), price needs to hold above $6200. This is the current demand plane. I extended the lines so you can see where they project. I did more research into the costs to mine a single Bitcoin. The numbers tossed around by the media are misleading. So I did my own research, and here are some numbers probably closer to the truth: China mines 60% (cost $3100), Georgia 15% ($3300), Sweden 7.5% ($4800) , and the US 3% ($4800). This is 80% of all Bitcoins being mined. That’s an average cost of $4800 per Bitcoin. I’ll be using this number from now on. In big business, the large players always try to squeeze out the smaller players. So the lower the price goes, combined with economy of scale, the big players run the others out. But keep in mind that big players like Bitmain, in China also produce a lot of mining gear. If they push all of the little guys out, there is no reason for anyone to buy their equipment.
