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It can not increase forever by one simple reason: the mining. Over time, energy cost for mining = revenue of mining + some small %
If BTC pris is $1 milj in 2020, it means mining revenue is like $675.000.000.000. Total world energy use is about $2000.000.000.000. So it means bitcoin mining would need expansiion of powerplants by 33% in 2 years. Thats simply not possible in such short time. And even if it was, would never be allowed by governments around the world... If bitcoin price gets too high, governments around the world will start to try to ban it simply because of the energy usage.
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The company name is Little Dragon Technology LLC, or did I misunderstand something from their blog?
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Problem with this idea. What if someone else scores too? then you have to share the win with someone else and gets only half back. So you need to find a lottery with really high jackpot...
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but they got $200 million in ICO/presales... seems some peuple believe in then and their new miner tech?
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Just heard of cryptotech and their own new sha256 acis. If what they claim is true they will take over bitcoin mining for next couple of years?
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I think Satoshi's plan from very beginnign was to create the biggest pyramide game the World ever saw: bitcoin. And the reason to do so was because he wanted to be the Worlds richest man one day. And he realized best way to grow Bitcoin while still holding a big enough part to be come super rich one day is to mysteriously disapear and not touch his coins for years, maybe for 10 years. I would guess he locked his coins somehow so he can not touch them even he wants to. Especially can you all imagine how bitcoi price would suddenly go down if he reappears suddenly and starts to sell off his 1 million bitcoins? Better he stays hidden until his goal of Worlds richest man is archieved...
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Im pretty sure the main reason behind the shortage of miners from BITMAIN and the others is exactly because they try to keep the difficulty from not going up too fast. There could be several good strategic reasons for them to "create" this shortage situation, but I hardly think its because they dont have enough funds to buy more chips...
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anyone still have these for sale for delivery end jan to europe?
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do you have skype or similar? im also into fpgr mining but dont want to share here in forum
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if you have been there, could you tell us how many they produce per day? how many workers they have on assembly?
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how u guys can think bitmain is not scam?
1. they compete with their customers
2. they can manipulate customers profits AFTER they have money but BEFORE they deliver
3. they can use sales to manipulate their own currency
4. they have oligopoly
5. in total they can make sure only they profit and customers get zero gains (or just whatever the current capital cost for bitmain is)
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also in long run... if bitmain and avalon keep most miners for themselves, after a couple of years they will be close to the 50% mining power to cheat the ledger? maybe this is ONLY reason they sell miners at all? if they come close to 50% and this comes out it means RIP bitcoin.
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i dont think gpu manufacturers have mining farms, no...
and gpu you can spend money today and start mining tomorrow..
bitmain: spend money today... wait 3 months... while they put out 100.000 miners themselves and tripple difficulty... oups if bitcoin went up u still do little profit... if bitcoin down or stable your miner is worthless because the action of the seller. sounds like scam to me!
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so basically bitmain, avalon etc are all big scam business? taking money from "retail" miners while the only ones who can make profit are the few who cobtrol the few asci miners?
only way to have a chance to earn on mining is by gpu as this is not controlled market?
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I too was making similar observation some days ago. What hit me is if currently 1000-5000 new S9 or equivalent are turned on every day, where they come from? Obviously its nearly impossible to buy new miners, at least on short term, if you are lucky and are able to order you have to wait months. some of these numbers could be from old miner models being turned back on again, others from some s9 getting delivered from old batches. but anyway numbers seems huge! Can it be that the miner factories (avalon, bitmain etc) put most of their production into their own farms? or can it be someone made a more effective miner (like n10 chip) but does not offer it to public and just use it for own farming? Ideas?
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