Bitcoin Forum

I for Don put this post for minning  board but I say make I bring am come local board as we relate wella

The question is  WILL MINNING GET SCRAPPED ??

Let's take a look on the current hash rate actually it's very high compared to previous hash rate but not as high as what is to come  actually Let's have a view

https://www.talkimg.com/images/2023/09/19/6rDEI.jpeg

Source Link: https://twitter.com/BitcoinNewsCom/status/1702927917372592195?t=CJX0tjK2JOFj05XD0MIjHw&s=19

So to my opinion, checking the hash rates to come minning might not be scrapped but miners will be forced out of the game which is inevitable unless miners form a get together  creating a larger   pool of miners in which all work together to share the reward for minning a block.

However most miners will still drop out of the game because the reward reaching each miners will be very low compared to all effort put into .

Na wetin me I think be dis but I believe sey you guys go still get plenty opinions and ideas wey you fit add abi wetin una think.

Any post wey go bring quality come this board abeg no carry am commot, although merit no dey too much for the board to encourage those that brings quality conversation but when the merit come every quality thread will be recognized. Bitcoin mining no go last forever, when the last bitcoin will be minned around that 2140 time, miners go come stop to dey receive bitcoin from mining but dem go still get their reward based on the transaction fees and this one no mean say dem go dey get small money because only God knows how active the bitcoin blockchain go be by that time. Just imagine what local banks dey run daily based on transaction, now imagine that amount globally for the bitcoin blockchain, because adoption go dun increase well, miners go still dey cashout.


My own prediction na say as many altcoins dey migrate from proof of mining algorithm to proof of staking algorithm, it means there'll be more miners without a job and dem all go switch to mining Bitcoin and no forget say the price of Bitcoin today no go be the price of Bitcoin those years wey you dey see for that image. In future, while the block reward for miners dey reduce, the price for Bitcoin go dey go up so those miners still dey profit irrespective of how small the bitcoin dem dey get as share for mining a block be. But sha las las miners go still dey drop because the competition go too much for retail miners to benefit as all those big cooperations wey get mad mining facility go take charge.

Ps: reduce image size to 200 or less.

Not really, however it could cause problems for certain miners if the price of BTC after the next halving falls below a minimum of $45-50k, forcing most of them to sell their HODLs or dilute shares in order to stay in the game.

As the hashrate increases, so does the price of BTC, therefore miners will continue to earn unless something unexpected happens, as I explained.

The fear of miners will be if the government passes mining tax and the price of electricity also go up.

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Ps: Op don't post duplicate threads, if you must post in the local board after posting on the English board it must be in Pidgin.

Firstly, mining na people work o. That is, there are people that get paid to just mine BTC or cryptocurrency and it is a full time job, yeah.
Also, BTC still got to get to 21million as already estimated and how do you think this can be achieved without mining being a main processor to this effect?

I have a solid doubt that mining will get scrapped, no matter the slash in the miners fees after the halving or for whatever concerns the miners have to deal with on personal or environmental level.

I don't think I've made any duplications in my post. About the pidgin, I try as much to add pidgin in some areas not all is pure English but nevertheless I will take note of that

Mining will not get scraped and of mining is scraped then bitcoin transaction will end as well because it the Miners that mine the bitcoin you sent to another address so if dem stopped bitcoin mining den indirectly you dey let bitcoin stop entirely in the world and dat no go happened. And as you dey do things dey hustle like dis, mining sef na another person hustling so e no go fit just scrap like dat.

Since mining e get to use machine, there are some physical challenges and di risk you go face wey be say dem go strong pass investment and p2p.

This is true, if the price of bitcoin is increasing, miners make more profit, but it is worth knowing that these are not directly proportional all the time.

https://www.talkimg.com/images/2023/09/25/PAYWT.jpeg   https://www.talkimg.com/images/2023/09/25/PAvro.jpeg.
Bitcoin mining hashrates

Those are images of the hashrates since bitcoin was recognized and since last 3 years. You can see that hashrates has always been increasing, except in few times of decrease which will be followed by increase. After bitcoin reach all-time-high, bitcoin hashrates continue to increase, but bitcoin price decreased and got below $20000. As bitcoin price was decreasing after 2021 all-time-high of $69000, hashrates continue to increase.

Although, I can understand you, that if bitcoin price decreases, miners will not make money as it was before when the price increased, but there are other factors that should be considered.

However, my previous assertion was slightly wrong because the price of Bitcoin affects the hashrate rather than the other way around.

The number of miners causes the increase and decrease in hashrate; when there are less miners, the calculation (hashrate) to mine a coin becomes easy (low), and when there are more miners, the calculation (hashrate) to mine a coin gets difficult (high). Hashrate decreases reflect a decrease in the number of miners, while hashrate increases reflect an increase in the number of miners.

The only thing that keep miners in business when the hashrate is high and ther price of Bitcoin is low and there's isn't good profit is their previous HODLing.


https://talkimg.com/images/2023/09/25/PHCK1.jpeg

Price (BTC) against Hashrate in the last 3 months.

And that's serve as partly reason the price of BTC keep going down because they need to drop some of their HODLings to pay for some expenses  such as electricity and others.

Miners will continue to increase as more countries / groups accepts bitcoin and though this will definitely increase the hashrates but the price of bitcoin will compensate for that as it as been doing for over decade now. After all don't forget this also helps in fighting against 51% attack.