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80% of BTC are mined in China, mining equipment is overwhelmingly made in China, and a relatively small number of mostly Chinese mining pools / miners are keeping up the blockchain. Are you worried about this centralization? If not, why not? (x-post from /r/Bitcoin)
The 3rd Bitcoin halving is coming in the middle of this month. The supply of Bitcoins issued as mining rewards will cut in half. How many miners are around the world now? Do you think the number of miners after shrinking rewards will increase or decrease?
Bitcoin.com, ViaBTC join ‘Miner’s Choice’ initiative for Bitcoin Cash miners. ...a move that will eliminate the current dust limit and begin processing a number of zero-free transactions in every Bitcoin BCH block.
So B2X signatories had more than 20 millions custodial wallets, hundreds of millions of VC money, 85% of miners signalling. And they failed. This shows that in bitcoin, these numbers aren't those which matter.
There is an incentive for miners that have heavily invested in newer (and faster) mining equipment to exert pressure on the price of Bitcoin. Doing so wipes out the slower competing miners, which helps maximize the number of Bitcoins they can acquire before the halving in May 2020. Read more...
Andreas in Jan 2016 on nodes vs miners and their contribution to bitcoin network: "Node count is a lot less important than miners. Validating on the way to the miners is important for propagation, but bitcoin network has no problem with latency or propagation. The current number of nodes is fine"
Bitcoin holders will always have roughly 100x more staked on the value of Bitcoin than miners. This proves it is financially infeasible for miners to afford a node, that a significant number of Bitcoin stakeholders cannot also afford. For that reason, the "Runaway node" cost is a myth.
On Bitcoin Core developer mailing list: Hardfork to fix difficulty drop algorithm suggested to take care of potential drop in number of miners after the halvening this July. However, if a hardfork is considered anyway, then why not increase block size in that same hardfork while we're at it?
06-12 11:54 - 'Seems like a lot of what you said just isn’t how it works / Edit: the number of mining devices shouldn’t be affected and if anything there would be fewer miners running / being sold if the profitability drops from the reward...' by /u/butterball6 removed from /r/Bitcoin within 1-11min
''' Seems like a lot of what you said just isn’t how it works Edit: the number of mining devices shouldn’t be affected and if anything there would be fewer miners running/ being sold if the profitability drops from the reward having. Electricity costs also stay the same. Profitability drops for all mining operations by the same proportion and if the price of bitcoin doubled at the same time then profitability would match what it was before the halving and everything would be basically the same in terms of mining. ''' Context Link Go1dfish undelete link unreddit undelete link Author: butterball6
Graph: Mempool Transaction Count - The number of transactions waiting to be confirmed. Backlogs at an all-time high, users experiencing delays, unable to transact, miners losing fees. Bitcoin network congested and unreliable due to Core/Blockstream's never-ending obstructionism, censorship and lies.
"Today, the fees represent 0.5% or less of a bitcoin miner’s income'...' However, as the reward decreases over time and the number of transactions per block increases, a greater proportion of bitcoin mining earnings will come from fees. " - Andreas M. Antonopoulos
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This week we cover Coinmine, an at home mining rig that has a simple setup. We also discuss Tippin (a new tipping platform on Twitter), signing up for Betterment, and Samsung's new Galaxy phone ... Each mining unit is individually numbered. BitClub Only Buys the Most Efficient Mining Hardware. Everything is Owned by BitClub Members. Naturally cooled to last 10(+) years! GPU Mining Is Only ... How To Clean Bitmain Antminer S9 D3 L3+ / disassembly miner remove hashboards and clean from dust The new Bitmain Bitcoin Miner the ASIC BM1391 7nm unit at face value appears to be the most efficient and powerful one yet. With a reported J/TH of 42j/TH, that is about %44 more efficient than ... Bitcoin's halving, which is coming up this week. Let's also chat about some rumored, scummy behavior from Justin Sun/Tron, Bitcoin mining from countries and more! #Bitcoin #crypto #cryptocurrency