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.
Christopher Ramirez
you dumb nigger, if there's less miners there's less supply, meaning there will be less supply
kys
Bentley Hughes
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
Luis Brooks
>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.
Jacob Price
>if there's less miners there's less supply I hope this is bait
Jose Murphy
This. Veeky Forums is so fucking retarded. OP's just trolling though.
Alexander Perry
True, it triggered me pretty hard though.
Angel Perry
>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
Asher Davis
> Over time we will see many blockchain networks fall apart due to lack of miners you're an idiot
Jeremiah Nguyen
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.
Jayden Miller
good thing I locked my prices in at 17K would be feeling pretty down right now otherwise
Gavin Jones
correct. there is a 2 wk window though, no?
Benjamin Richardson
Ledger nano master race. Only locked in at 15k since I'm a noob
Owen Hughes
As a slush miner, I can objectively confirm that this is complete bs
Jordan Gray
>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.
Chase Perry
> "At least it was fun while it lasted"
Sooo typical for paid shills to use that langage, no matter what the topic is.
Dominic Miller
Readjustment for BTC is in 378 blocks (about 2 days)
Jason Roberts
Thank god i got my Vega rig close to the MRSP
Sebastian Hernandez
The latest mining rigs + cheap electricity will always be profitable since the difficulty adjusts itself as there's less hashing power in the network.
Anthony Campbell
Nigger. Please.
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.
Christian Moore
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
Nathaniel Bailey
If only we had a coin that didn't need mining, was free to transfer and lightning fast.
Carter Turner
Also please at least have an elementary understanding of how POW mining works before making any statements in the future.
Jose Morris
yes, if only
Camden Murphy
but biz told be BTC would hit $100k by February
Samuel Hill
you say "didn't need mining" like that is in anyway desirable...
Ayden Flores
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.
Jordan Lee
*fewer
Lucas Carter
this. I switched to ETC for the moment, anticipating the greatest gains short term after recovery.
Justin Morales
POS doesn't waste shit though, still provides incentives for supporting the network. How's your node situation working out?
Hunter Kelly
this just means that /v/ can finally play their games again Crypto will never die, haven't you heard what master roshi said?
William Thomas
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
John Foster
Node working just fine now, thanks! Ask Binance.
Easton Brooks
mining lets you cost average on a 60 day revolving account sounds like you have 0 knowledge of economics in general
Jason Stewart
damn i dont have v2 or higher ledger so i couldnt lock in bitcoin price
William Bailey
>mine when the difficulty is high >stop mining when the difficulty is low
Why are miners so fucking stupid
Brody Cooper
I'm comfy holding nano. Don't care about shirt term price. Nano will replace btc, bch, ltc
Ryan Gutierrez
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.
Jordan Adams
A price crash doesn't instantly lower difficulty, it lowers profits while keeping expenses the same.
Kayden Ortiz
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
Parker Price
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.
Hudson Cruz
>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.
Jonathan Brown
>aaarrgghh...
Jace Morgan
>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.
Ethan Baker
>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.
Xavier Hughes
>MINE HIGH SELL LOW
Why are we still here? Just to suffer?
Jordan Kelly
Just in case anyone actually believes OP, were basically at an alltime high in hashrate.
Bentley Bailey
No. Just false.
Alexander Thomas
paid shill trying to fud, kys my man
Benjamin Rogers
> we are already starting to see ASICs and GPUs being sold for lower and lower prices
OH BOI OH BOI
Adam Brooks
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.