Difficulty goes up 11% in less than two days

>difficulty goes up 11% in less than two days
>once bitcoin drops to 6k, it'll cause a massive sell off
>Bitcoin won't be profitable to mine
>game over

it was already clear from the start that mining will have an end sooner or later...

... and then this is the end of the entire market being draggoed down by this old piece of crap.

BTC belongs in a museum.

Bitcoin collapses, and we all know who’ll take its place.

Looking forward to a massive drop in GPU prices on the secondary market. Instead of an RX vega 64 or 1080ti selling for 1300 on ebay, maybe they could actually be less than their original msrp.

It would recover eventually, but yeah, it would be very fun.

>Bitcoin won't be profitable to mine
>Miners leaving
>What is difficulty?

So many fags here that dont even understand the basics of blockchain tech.

I will mine BTC out of spite then. As will many hobbyists.

There is a very real possibility that if no one mines it, everyone wants to exit and the value plummets. If the value plummets, no one mines it... Et cetera. And when it has lost all its value, a competitor will have taken its place.

The chain death spiral is real. As well as the infinite power creep that we've seen during the last few years. Which is why Proof of Work is retarded.

Don't think hobbyists could even make a dent in the required hashpower for mining now.

So you don't know what difficulty is.

>that if no one mines it

This simply wont happen bro

Thats the reason why we even have difficulty

Less miners = less competition = higher gains for miners

Read the first line, brainlet. Difficulty won't adjust for another 2016 blocks, with almost no miners.
The timing is perfect.

It takes 2016 for a difficulty adjustment.

If there is a sudden loss of hashing power, the difficulty will still stay high. Blocks would take a long time to be found. The blockchain would slow down dramatically.

The difficulty adjusts too slowly.

Just as said.

Not how it works. Difficulty wont drop.

Are you fucking retarded?
Let's say you're CuckPool and 30% of the hash power while SoyPool is 50%.
If SoyPool stops mining, you're now 60% of the hashrate. Less blocks are mined overall, but you mine the same amount or somewhat more since there's less competition.

>no longer profitable to mine
>hashrate drops
>someone who invested a shitton of money into mining hardware will probably be willing to mine at a loss until reaching the next difficulty adjustment when suddenly he could mine massive amounts with his existing computing power
>some miners will still stay for this reason
>difficulty adjusts
>miners get back in

Yeah but meanwhile block times are blown out to like 30 minutes for the next month or two

No. You mine the same amount while the price drops because the number of unconfirmed transactions and fees go through the roof. Transactions take days or weeks, and the value quickly plummets to zero, until you're mining for useless scraps of a broken coin that no one wants to buy. And then you close up shop because the electricity bill is too high, and you flood the gpu/asic market with your second hand shit.

>CuckPool
>SoyPool

Yeah, there will be less blocks mined but the remaining blocks get split between less competitors. Let's hope that the "invisible hand" works the right way. This is pure capitalism.


Also this

Thanks, just bought back the 100k I sold when I read the OP.

the market always fixes itself

I don't get why miners mine bitcoin when they could just be mining monero or eth instead
I mean are they not more profitable to mine
Why continue mining boomercoin

>smiling_draghi.jpg

there is hardware optimised for this and that

If enough people leave it will take months for difficulty to adjust you brainlet

because they have ASIC-s if they want to make profits from BTC mining, and ASIC-s are only good for SHA-256 based coins. Which are BTC and a bunch of shit noone heard of

>If enough people leave
Won't happen.

This is precisely why Samsung is entering the ASIC market right now. Bitmain has been selling old shit, Samsung's miners will be much better. Start saving money for it.

What's in the OP happened in a few months in mid 2011. Bubbled up to $30 max, tons of miners jumped on board, new coins lowered price, support at $10-15 for a while, difficulty increase made it not profitable, dump to $3. Stayed at $3-9 for like 2 years. Some people kept mining and riding the thin edge of profitability, most quit.

now a post written with a fucking brain, not a kid hodling bunch of cryptocurrency dreaming of having a lambo by the end of the year.

There will always be miners. Shit a lot of the hashpower across the board is virus driven botnets leeching CPU and GPU power from millions of unwitting computers around the globe. You think virus driven botminers give a fuck about electric cost vs revenue?

Most people who have been in this market for years have a lot of difficulty accepting that bitcoin is dying. It was just understood that alt coins ebb and flow but btc is digital gold.

They got emotionally attached to it, yeah.

They should realize that bitcoin merely is the first stone, not the whole building.