Antpool and other large mining pools have been seeing as much as 80% drops in hashpower. The low price of BTC and altcoin are causing miners to pull out since it's no longer profitable to keep their mining rigs up. BTC needs to maintain an average price of $9500 just to cover the electricity cost of running an Antminer S9.
On the second hand market (ebay, craigslist) we are already starting to see ASICs and GPUs being sold for lower and lower prices. As these prices drop, more miners will pull their rigs apart and start liquidating their hardware to try and recoup some of their initial investment.
Over time we will see many blockchain networks fall apart due to lack of miners. Sure, bitcoin and ethereum likely won't ever die out completely, but the low hashpower makes it extremely vulnerable to 51% attacks. As we've seen from Mt. Gox, all it takes is one malicious attack and public trust in these platforms will fail.
Sorry guys. At least it was fun while it lasted, wasn't it?
less miners just means the difficulty drops and the system works just fine.
you dumb nigger, if there's less miners there's less supply, meaning there will be less supply
Exactly, if there was no variable difficulty OP would be correct. I will mine at a loss regardless as a hobby and to accumulate coins
>we saw with mt. gox how easy it is to kill crypto you know mt. gox happened in 2014? Even if we have a couple years bear market (we wont) crypto wont stay down.
>if there's less miners there's less supply I hope this is bait
This. Veeky Forums is so fucking retarded. OP's just trolling though.
True, it triggered me pretty hard though.
>fiat will be worthless muh, why didn't you load up on korean eth yet? >tfw getting justed because being loaded up on koean eth I unironically love to see btclets cripple their own dream
> Over time we will see many blockchain networks fall apart due to lack of miners you're an idiot
That isn't how mining works. It's a free market, if it isn't profitable people will pull out and the difficulty will adjust and Bitcoin will be fine.
good thing I locked my prices in at 17K would be feeling pretty down right now otherwise
correct. there is a 2 wk window though, no?
Ledger nano master race. Only locked in at 15k since I'm a noob
As a slush miner, I can objectively confirm that this is complete bs
>Antpool and other large mining pools have been seeing as much as 80% drops in hashpower Bullshit, ethermine is almost to 56 TH/S It was at 40 TH/S 3 weeks ago.
> "At least it was fun while it lasted"
Sooo typical for paid shills to use that langage, no matter what the topic is.
Readjustment for BTC is in 378 blocks (about 2 days)
Thank god i got my Vega rig close to the MRSP
The latest mining rigs + cheap electricity will always be profitable since the difficulty adjusts itself as there's less hashing power in the network.
You've forgotten that difficulty adjusts to respond to hash power. As people pull out of mining, it becomes more profitable for the people staying around. Let the weak-handed bitches shake out. Fuck them. More for me.
This is a long game and all of these new December entrants are having their mettle tested. Just like the June and July entrants did.
The ones that stick around and don't act like scared little sluts will be fine. Those that leave at a 50-60% lose are why our market cap goes up long-term.
there is SO MUCH paid shilling just to bring down the morale tho. I understand PnDs and FUDding for your own purposes but who wants everybody in crypto to feel like shit enough that he pays people to post these shitty threads
If only we had a coin that didn't need mining, was free to transfer and lightning fast.
Also please at least have an elementary understanding of how POW mining works before making any statements in the future.
yes, if only
but biz told be BTC would hit $100k by February
you say "didn't need mining" like that is in anyway desirable...
Mining is the biggest waste of resources imaginable. Crypto using more power than Ireland. I'd say not having our planet turn into a furnace is a good thing, yes.
this. I switched to ETC for the moment, anticipating the greatest gains short term after recovery.
POS doesn't waste shit though, still provides incentives for supporting the network. How's your node situation working out?
this just means that /v/ can finally play their games again Crypto will never die, haven't you heard what master roshi said?
This retard has been spamming the same thing on /g/ for weeks.
Bitcoin needs to hit $2500 for it to be unprofitable to mine.
$305 profits - 68% = $97 USD (break even with electric costs) $8100 - 68% = 2.5k
Node working just fine now, thanks! Ask Binance.
mining lets you cost average on a 60 day revolving account sounds like you have 0 knowledge of economics in general
damn i dont have v2 or higher ledger so i couldnt lock in bitcoin price
>mine when the difficulty is high >stop mining when the difficulty is low
Why are miners so fucking stupid
I'm comfy holding nano. Don't care about shirt term price. Nano will replace btc, bch, ltc
The problem happens if the drop in hashpower is too high and too soon while the difficulty is still high. Say that suddenly 80% of hashpower on BTC disappeared. It would take us potentially years to free BTC from its prison of a difficulty that was calibrated on 20k prices, because actually reaching the readjustment block would become impossible for the low hashpower of the remaining miners.
A price crash doesn't instantly lower difficulty, it lowers profits while keeping expenses the same.
Where can I get some of these discounted gpus fuck tard? I need more rigs.... oh wait no ones selling shit for cheap cause you just full of shit
I don't have any crypto, I have read about people locking their BTC. Where can i read about this? I don't understand the theory.
>Nano will replace btc, bch, ltc No. No it will not. But I got a good laugh from your shill attempt, retard.
It doesn't really matter what NANO needs. What Crypto needs is mineless technology to take over. Normies see that people are literally buying GPUs hand over fist to mine coins in their basement. That is not high tech, its prehistoric, no body wants that shit.
Congrats, you are Myspace of crypto, but you just cannot stay any longer.
>crypto is dead for the 1,000,000th time. OK pajeet. Also look into Monero, it literally does not matter over there since they got the fundementals right from the start.
>What Crypto needs is mineless technology to take over The article I linked advocated POS you literal brainlet. You probably don't even understand the difference between the major consensus algos, so I don't expect you to understand economic theory. Nice bags though hope you got strong hands friendo.
>MINE HIGH SELL LOW
Why are we still here? Just to suffer?
Just in case anyone actually believes OP, were basically at an alltime high in hashrate.
No. Just false.
paid shill trying to fud, kys my man
> we are already starting to see ASICs and GPUs being sold for lower and lower prices
OH BOI OH BOI
No I understand, I'm specifically talking about mining here, as that is what OP is about.
There is no "what NANO needs here". What crypto needs is important, and that is for miners and mining to GTFO.