What happens if Bitcoin's price falls relative to its difficulty such that it's no longer profitable at all to mine?
What happens if Bitcoin's price falls relative to its difficulty such that it's no longer profitable at all to mine?
Jordan Hughes
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Camden Roberts
Transaction fees go up until it IS profitable to mine again
Nicholas Rodriguez
bitcoin cash will take all the sha256 mining power because its difficulty adjusts every block
Jason Richardson
How so? Are you implying that miners adjust the amount in terms USD they're willing to accept for mining such that no matter what they are making a profit?
What do you mean?
Fuck off cashier retard.
Hudson Reed
I'm not a cashie, but this is exactly what will happen. You don't think the miners are just going to turn off their ASICS do you?
see
Chase Cooper
I mean people who want to do transactions offer the miners more in fees. The miners can then choose the transactions with the most fees to mine. This makes it profitable for them again
Dylan Carter
seriously, what happens?
My point is that if BTC somehow collapsed to $500 tomorrow, would it no longer be profitable to exist anymore and just die? Like the miners would stop and that would be the end of it?
I see, but this seems risky.
Gavin King
What about it seems risky, and for whom? It;s self-stabalising just as was intended
John Perez
It seems like if the price fell to $100, the miners would just stop mining and that would be the end...but I guess if fees are adjustable it makes sense.
Nathan Reyes
Then the original design kicks in and exchanges become the primary way to make money, meaning that the Capital-owning class rather than the entrepreneurial class takes an interest.