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Author Topic: Are miners abandoning BTC?  (Read 1131 times)
romec1701
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November 11, 2017, 05:41:56 PM
 #1

The number of unconfirmed transactions on the BTC network is increasing rapidly. It is now 115,000 and rising - I have never seen it that high. Are miners switching to BCC/H due to the huge price increase of the last 48hrs and the cancellation of Segwit2X ?

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November 11, 2017, 05:47:58 PM
 #2

BCC price is just one out of all reasons, the main reason for this case is the mining difficulty of Bitcoin.

https://www.coinwarz.com/difficulty-charts/bitcoin-difficulty-chart

Just take a look at Bitcoin difficulty it's terrible. In just a day from 26 - 27 October it increased from 1200G to 1400G. It made miner have to spend longer time to get a new block with the same hashrate so I think it's the main reason for this problem. But for now it's decreasing but not too much. Maybe it can help to solve all this stucking transactions.
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November 11, 2017, 05:54:52 PM
 #3

The number of unconfirmed transactions on the BTC network is increasing rapidly. It is now 115,000 and rising - I have never seen it that high. Are miners switching to BCC/H due to the huge price increase of the last 48hrs and the cancellation of Segwit2X ?

There is a problem with transactions confirmations and this could be even looked as a kind of miners protest, at least part of them. Cancellation of fork also plays a role but still I don't think miners will abandon Bitcoin or that Bitcoin cash or Bitcoin gold will take the place of Bitcoin. It just takes time for all this mess to settle down and that everything goes back to track.

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November 11, 2017, 05:58:41 PM
 #4

I guess the market will decide which bitcoin ends up being the "real" bitcoin.
Or maybe all of them will die and a new better crypto will take their place. either way I think this is positive.

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November 11, 2017, 06:05:10 PM
 #5

They could all switch to other little Altcoin as they want. That will even help fix the Bitcoin Mining difficulty problem. The unnecessary hyping of an insignificant Altcoin is very annoying. Bitcointalk needs to include the ability to hide keywords.

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November 11, 2017, 06:12:15 PM
 #6

Yes, miners are abandoning bitcoin because everyday it is harder to mine bitcoin. Now you can mine only with sophisticated and expensive hardware and even with this kind of equipments the time required to mine increases everytime a new bitcoin is mined.

Bitcoin mining is profitable only if you can invest huge amounts of money in buying the latest technology and you have to take in consideration the time that you spend until you get back your money and you earn profit.

Also new coins like BCH or BitcoinGold attract miners because they can use new technology to mine those coins and the price is rapidly increasing.

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November 11, 2017, 06:18:08 PM
 #7

There has been like a billion USD traded on bitfinex in the last 24 hours. Mostly the BTC-BCH pair. Those maybe the reason behind the backlog of unconfirmed transactions.
The miners must be holding a lot of BTC. I don't think they'll let their hard-earned investment go to waste just because BCH is rising. There's space for them both.

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November 11, 2017, 06:21:29 PM
 #8

The number of unconfirmed transactions on the BTC network is increasing rapidly. It is now 115,000 and rising - I have never seen it that high. Are miners switching to BCC/H due to the huge price increase of the last 48hrs and the cancellation of Segwit2X ?
It's just Bitmain distorting facts. Most of the miners in the Bitcoin Cash network belong to them. They are everything that Bitcoin stands against, they are lobbying to manipulate public opinion, distort markets and lie. Just check who is the biggest supporter of Bitcoin Cash and who cancelled the SegWit2x fork. It's all planned. Stay out of Bitcoin Cash if you don't want to support evil people.

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November 11, 2017, 06:23:03 PM
 #9

The number of unconfirmed transactions on the BTC network is increasing rapidly. It is now 115,000 and rising - I have never seen it that high. Are miners switching to BCC/H due to the huge price increase of the last 48hrs and the cancellation of Segwit2X ?
It's just Bitmain distorting facts. Most of the miners in the Bitcoin Cash network belong to them. They are everything that Bitcoin stands against, they are lobbying to manipulate public opinion, distort markets and lie. Just check who is the biggest supporter of Bitcoin Cash and who cancelled the SegWit2x fork. It's all planned. Stay out of Bitcoin Cash if you don't want to support evil people.

What is the answer?  Will Bitcoin recover from this?  Many are saying that BCH is the "real bitcoin", which I know is false.  But I don't want to ride the Bitcoin train to $1K and watch BCH run to $10K.  What is the answer?  Just hold both?  I don't know what I'm supposed to do with my Bitcoin other than HODL

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November 11, 2017, 06:31:46 PM
 #10

It is just a matter of time till they will come back, they move on bitcoin cash because have a lower difficulty now.


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November 11, 2017, 06:32:50 PM
 #11

The number of unconfirmed transactions on the BTC network is increasing rapidly. It is now 115,000 and rising - I have never seen it that high. Are miners switching to BCC/H due to the huge price increase of the last 48hrs and the cancellation of Segwit2X ?

You must be new. I've only been around little over a year and I've seen this level many times. If I recall correctly, the highest I've ever seen was well over 220,000 and was pretty sure it climbed higher.

Miners are switching, yes, but only because of the price. They've been switching back and forth (yes! Even BCC/H miners who supposedly want nothing to do with Bitcoin) ever since they forked away in August. Just check the hashpower charts and you'll notice the swings around the time of each difficulty adjustment. It's a pretty simple tactic. Switch away for a pricier coin, and return when the difficulty is lower, easier to find blocks.

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November 11, 2017, 06:49:51 PM
 #12

Yes, miners are abandoning bitcoin because everyday it is harder to mine bitcoin. Now you can mine only with sophisticated and expensive hardware and even with this kind of equipments the time required to mine increases everytime a new bitcoin is mined. Bitcoin mining is profitable only if you can invest huge amounts of money in buying the latest technology and you have to take in consideration the time that you spend until you get back your money and you earn profit.
Also new coins like BCH or BitcoinGold attract miners because they can use new technology to mine those coins and the price is rapidly increasing.

Totally false.
BCH is also sha256 so you can mine it with the same equipment.
Do a research and tell me how much you will earn mining BCH with a gpu, two or three cents per month?

The number of unconfirmed transactions on the BTC network is increasing rapidly. It is now 115,000 and rising - I have never seen it that high. Are miners switching to BCC/H due to the huge price increase of the last 48hrs and the cancellation of Segwit2X ?

And if they do? The next difficulty adjustment will kick in and the slight delay in blocks caused by less miners than the last difficulty will be gone.
Also most of the tx in the mempool are spam as always generated by the bch team.
Let them burn money.



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November 11, 2017, 06:57:28 PM
 #13

The number of unconfirmed transactions on the BTC network is increasing rapidly. It is now 115,000 and rising - I have never seen it that high. Are miners switching to BCC/H due to the huge price increase of the last 48hrs and the cancellation of Segwit2X ?

We've seen this before, miners are mining whatever is the most profitable at the moment, so because of BCH's pump they have switched to it, but after all the difficulty adjustments and price changes they will switch back to Bitcoin when it will return to being more profitable. All this situations with forks and spam attacks needs to be sustained with money - some people think that if they will disrupt Bitcoin, users will switch to their altcoin, but sooner or later it will become too expensive for them and their attacks will stop. And I think it's a good test for Bitcoin that can demonstrate to everyone how strong and resilient Bitcoin is.

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November 11, 2017, 07:03:42 PM
 #14

There has been a substantial jump in bitcoin cash prices and a decrease in bitcoin prices. All altcoins are tied with the bitcoin price, so there is also a decrease in altcoin price. It is perhaps a miners revolt and they are switching over to mine by, sense the increase in by price.
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November 11, 2017, 07:07:37 PM
 #15

Today I sold all stocks of BCH. I think that soon they will collapse in price. I believe in bitcoin and I will keep my coins till the end. It seems to me that kernel developers need to take care to get rid of the dominance of large pools of miners. The present situation only underlines the need for modernization of bitcoin and its adaptation to current realities.

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November 11, 2017, 07:24:00 PM
 #16

The number of unconfirmed transactions on the BTC network is increasing rapidly. It is now 115,000 and rising - I have never seen it that high. Are miners switching to BCC/H due to the huge price increase of the last 48hrs and the cancellation of Segwit2X ?

There is a problem with transactions confirmations and this could be even looked as a kind of miners protest, at least part of them. Cancellation of fork also plays a role but still I don't think miners will abandon Bitcoin or that Bitcoin cash or Bitcoin gold will take the place of Bitcoin. It just takes time for all this mess to settle down and that everything goes back to track.
Yes my two transactions containing fees of more than 150 sats/byte took 2 long days to process. Seems like miners are surely protesting against. But weren't miners against the segwit fork? If it has been cancelled isnt it a sort of good news for them?

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November 11, 2017, 07:44:56 PM
 #17

The number of unconfirmed transactions on the BTC network is increasing rapidly. It is now 115,000 and rising - I have never seen it that high. Are miners switching to BCC/H due to the huge price increase of the last 48hrs and the cancellation of Segwit2X ?
It's just Bitmain distorting facts. Most of the miners in the Bitcoin Cash network belong to them. They are everything that Bitcoin stands against, they are lobbying to manipulate public opinion, distort markets and lie. Just check who is the biggest supporter of Bitcoin Cash and who cancelled the SegWit2x fork. It's all planned. Stay out of Bitcoin Cash if you don't want to support evil people.

What is the answer?  Will Bitcoin recover from this?  Many are saying that BCH is the "real bitcoin", which I know is false.  But I don't want to ride the Bitcoin train to $1K and watch BCH run to $10K.  What is the answer?  Just hold both?  I don't know what I'm supposed to do with my Bitcoin other than HODL
The answer is, don't invest more than you can afford to lose and don't support things you do not believe in just to make money.

There are a lot of ways to make money by supporting good causes, like Bitcoin, while avoiding bad ones like Bitcoin Cash.

If you are worried just diversify into altcoins that you sincerely believe in or even stocks.

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November 11, 2017, 09:00:41 PM
 #18

The number of unconfirmed transactions on the BTC network is increasing rapidly. It is now 115,000 and rising - I have never seen it that high. Are miners switching to BCC/H due to the huge price increase of the last 48hrs and the cancellation of Segwit2X ?

We've seen this before, miners are mining whatever is the most profitable at the moment, so because of BCH's pump they have switched to it, but after all the difficulty adjustments and price changes they will switch back to Bitcoin when it will return to being more profitable. All this situations with forks and spam attacks needs to be sustained with money - some people think that if they will disrupt Bitcoin, users will switch to their altcoin, but sooner or later it will become too expensive for them and their attacks will stop. And I think it's a good test for Bitcoin that can demonstrate to everyone how strong and resilient Bitcoin is.

You and other has mentioned about the level of difficulty will go down once the fast and powerful mining machines are switched off.  The genious of Satoshi is at work again...assuming that all the greedy powerful mining conglomerates leave BTC, then the levels of hashing difficulty will come way down - hence people with a decent home computers may have a shot at mining again.  Wouldn't that ease off the bitcoin traffic jammed and release the demand for bigger side blockchain ? do I miss something here ?
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November 11, 2017, 09:06:26 PM
 #19

The genious of Satoshi is at work again...assuming that all the greedy powerful mining conglomerates leave BTC, then the levels of hashing difficulty will come way down - hence people with a decent home computers may have a shot at mining again.  Wouldn't that ease off the bitcoin traffic jammed and release the demand for bigger side blockchain ? do I miss something here ?
Yes you're missing a lot. For mining to be possible with ordinary computers again, the difficulty needs to drop a trillion fold. Mining difficulty rises fast but drops very very slowly. If ASIC miners all jumped ship now and only PCs were left mining, it would take over a hundred years for it to correct back to PC levels.

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November 11, 2017, 09:15:17 PM
 #20

Today I sold all stocks of BCH. I think that soon they will collapse in price. I believe in bitcoin and I will keep my coins till the end. It seems to me that kernel developers need to take care to get rid of the dominance of large pools of miners. The present situation only underlines the need for modernization of bitcoin and its adaptation to current realities.

I sold all of my BCH too when it got above 0.22. I was going to hold longer but I am not confident in how long this high price level will last. Even if the price continues to go higher I feel sooner or later it will crash back down under my sell price where I can buy back in if I want. But for now I feel better being in BTC.

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