Bitcoin miners in Q2 sold 660% of what they sold in Q1

The second quarter of 2022 was a difficult one for public bitcoin (BTC) miners, as 18 of them sold BTC 21,342, according to a recent report released by crypto consultancy BlocksBridge Consulting.

2 Likes

Interesting to see that there are still a good number of BTC miners! :thinking:

As steve369 (I think) said, when people stop talking about btc is probably when it will start going up again. I’m holding for sure. If I get the chance, I plan to DCA as it goes down.

5 Likes

I think it was Cash who also suggested that I try to DCA and it does sound like a good idea. :thinking: Which coins are you holding right now?

1 Like

DCA on any asset is time tested and proven to be an excellent way to maintain gains .
Takes the stress out of trading exclusively

3 Likes

Bitcoin and ethereum. The major coins. The funny thing is that I DCA’d on the way up starting from the $30k mark. And I made my biggest purchase right before the drop!!

I wasn’t sure if it was gonna break thru or not…

I wasn’t watching the charts much but I knew there was resistance there that it was either gonna bounce or break. It bounced.

I’m still holding though. I haven’t sold anything. Dan Peña said bitcoin will go to zero.

He could be right. But he never talked about what would happen AFTER it goes to zero.

If it does go to zero, I’m buying!!!

1 Like

That will be interesting! How to buy something that’s free!

1 Like

Remember when oil dropped below $0?!?! It actually went into the negative! Technically, the broker would have to pay you to go long on oil! Of course, that’s not how it went, but that’s a great buying opportunity.

I have traded less than 5% of my crypto holdings since early January. My overall portfolio has tanked by 80%+. But that is still worth more in USD terms than we put in during 2020. One of our holdings has tanked 99%. I am still extremely positive about crypto. We are in a shake out but I think I will shortly return to DCA additions. Need my late summer hols first to recharge my batteries and spend some time with my wife and business partner without others interrupting us all the time. We have two weeks booked to escape from “people” and do some serious late life planning Muhahahahahahahaha.

3 Likes

So how did it actually go then when the price of oil went negative? :open_mouth: I mean for traders?

1 Like

Aww how exciting! Where will this escape be!

1 Like

No idea. I was still totally new to trading. I knew it was a great opportunity to buy, but I had no idea how that worked. So, I don’t know how that all went down.

Now, I know better. Unfortunately, trading CFDs is unavailable in the States. You can only trade Futures, which I don’t understand at all. If I had an account in another country, I could trade CFDs, however.

I just found this:
¨US crude finished April 20, 2020, at minus-$37 a barrel, blowing past the zero mark that few imagined would ever be crossed. Negative oil is the equivalent of getting paid by your local Starbucks to take coffee off its hands. “It was a dark and really scary time,” said Regina Mayor, KPMG’s global head of energy.20 abr 2021¨

In truth, it’s not scary for investors. It’s the time to put 20% of everything you have into oil!

I think this is the majority of crypto holders sadly.

1 Like

Hi @ponponwei and @dushimes

In my early days on oil rigs in the Philippines I worked with guys in the late 1970s from Texas and Louisiana. Some of the drilling crew did not know how to write so I used to fill in their daily drilling log. But they sure knew how to drill for oil - and to invest in futures. So who were the traders? There were to speculative guys like those oilfield workers, betting that the price of commodities would go up or down, and pitted their wits against the bankers. But the real traders were the oil and gas producers and the refineries. A lot of oil and gas is on long term contracts but these contracts tend to be “relative to a known benchmark” like Brent Crude or Texas Light. Anyway, when the oil price went negative, the world had its tanks full to the brim, and the producers were not cutting their production rates, so it reached a pitch when the tank farms were full at the refineries and there were no cargo ships available to carry any more surplus. When a commodities contract expires, the physical goods must be removed by the buyer, and if the buyer has no capacity to actually ship the commodity, the buyer is in default of contract. No storage meant nobody wanted to take delivery. A bit like a truck waiting on the M2 to clear Dover port in the madness that followed Brexit. Hence a negative price.

1 Like

So, at that point, technically, the buyer has to pay someone to remove the excess oil. Right?

At that time, I understood the concept, but I knew too little about trading to jump in. I didn’t want to put in $500 and somehow I do something wrong and end up in the negative.

That’s the time you get mad at yourself for not learning about investing earlier in life.

BTC can’t go into the negative (right?) but if it goes to $0.01, I’m definitely moving money into it. Not wrecklessly, but I will push my risk tolerance to the maaaaaax!

It can move many more decimal places to the right. Many double and triple digit % losses are technically possible.

1 Like

That’s the time when even putting in $20 can grow into something. I’d start looking for loose change in the couch if it goes to $0.0001