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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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11994823 No.11994823 [Reply] [Original]

The hashrate tanked to at least 77% of its former value.
The last block took fucking 24 minutes.

The deeper the hashrate falls, the less profitable BTC becomes.
The less profitable BTC is, the more miners shut down their ASICs.

I-is this good for Bitcoin?

>> No.11994839

>>11994823

nope, that is why SV happened

>> No.11994843

>>11994823
nothing bad will happen, at worst there's one block per 20 minutes for the next month.

>> No.11994845

>>11994823

Healthy correction

>> No.11994864

>>11994823
the more centralized is the mining the cheaper are the mining costs, the lower can btc go before nobody is profitable.

>> No.11994870
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11994870

>>11994843
But then the price would need to double, to let the miners who are left to go break even.

>> No.11994888

>>11994823
last winter there were 60 min gaps too. wtf is your problem. if miners shut off difficulty adjusts down and somewhere it becomes profitable again except btc goes to 0. now fuck off with your half ass facts

>> No.11995725

>>11994823
24 minutes is a perfectly normal time to wait between blocks. you don't know what average means and you need to die

>> No.11995752

>>11994823
Actually the deeper the hash rate falls, the more profitable it becomes to mine. Brainlet.

>> No.11995762

>>11995725

The average is between 3 and 11 mins.

>> No.11995783

>>11995752
>Actually the deeper the hash rate falls, the more profitable it becomes to mine. Brainlet.
Only after the difficulty adjusted itself.

>> No.11995785

>>11995762
lul nice brainlet

10 minutes average = 1 minute or 2 hours, both without same day.

>> No.11995815

>>11995762
Stupid response! Quality of /biz/ gets worse and worse! They need to go back!

>> No.11995897

>what is variance
Fucking newfag brainlets.

>> No.11996129

>>11995783
this

>> No.11996256

>>11995725
uhm guys isnt it 58 minutes now?

>> No.11996281

>>11994870
Miners are thinking of the future value of BTC. If your mining at a loss in 2014, your still a winner in 2017. Price doesn't matter to hardcore miners.

>> No.11996309

>>11996256
Ok it has been just over an hour now but that is not that abnormal.
Know that the difficulty just adjusted earlier today and it became 15% easier to mine or 18% more profitable.
This should probably entice some miners to put them back online again.

>> No.11996355

>>11994839
sv's last block just took over an hour too you dumb fucking nigger.

>> No.11996624

Difficulty will get depressed until we reach equilibrium. Meanwhile miners will switch to other coins. No biggie.

>> No.11996690 [DELETED] 

Death knell

>> No.11997056

>>11994823
Are big miners shorting BTC on Bitmex to stay afloat to push out the old miners and small miners?
Are they shorting to flip BTC with one of their forks?
Both?

>> No.11997146

>>11994823
The reward for a miner when it finds a new block is already composed of the subsidy (currently 12.5 BTC) and sum of transaction fees that the miner included into the block. If you look at the blockchain right now, the minimum transaction fee sum of last 3 blocks was 0.5075 BTC. This means that much sooner than before last bitcoins are mined (i.e. reaching 21M cap) the part of the reward from transaction fees will be much greater than the subsidy itself.

After next halving, the subsidy will be 6.25 BTC, then 3.125 BTC, ... and after 7 halvings, the subsidy will be less than 0.1 BTC. And this is going to happen in cca 30 years (while the last bitcoins will be mined in more than 120 years). So much sooner than what you are referring to, the transaction fees will become major dominant part of the reward.

>> No.11997158

>>11997146
The average for the last 3 blocks is not 0.5, its actually 3.6.

>> No.11997169

>>11997056
they almost certainly are shorting to hedge.
if they sell now they know for a fact what their future revenue will be, no matter where bitcoin goes.
same shit farmers do on the futures for s o y beans or whatever.

>> No.11997196
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11997196

>>11996355
Every time you lie a nigger kills a white person.

>> No.11997221

>>11997196
How do you check that

>> No.11997236
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11997236

>>11997221
it's a screenshot from https://cash.coin.dance

>> No.11997241

>>11997236
Thx <3

>> No.11997246

>>11997196
but anon.....your table shows they were right....

>> No.11997253

>>11997196
>4 hours with 10 blocks
>defending that

paid cuck

>> No.11997256

>>11997246
ssh ;)

>> No.11997285
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11997285

>>11997196
kek fuck off retard

>> No.11997289

why the fuck would i care if btc is profitable to mine, the difficulty will fall so much that the network can use raspberry pis to calclulate a block in 10 minutes.

>> No.11997302

>>11997196
that's a lie, good thing no white person will be killed for it though

>> No.11997313
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11997313

>>11997253
>>11997285
>>11997302
I'm just having some fun. the whole discussion is pointless. BTC's difficulty was just updated. Sometimes there are 10 blocks per hour, other times there are 2. It's always 10 minutes to the next block even if it was 90 minutes since the previous block.

>> No.11997323
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11997323

>>11997313
fair enough anon.