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Author Topic: does the bitcoin mining system favor large investors?  (Read 653 times)
lechuck
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June 30, 2011, 11:23:53 AM
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is it only me or does the whole system of bitcoin mining favor those that have the ressources to buy alot of hash-power? the harder mining gets, the more miners are being sidelined because their mining efforts are not paying off anymore, leaving only the people that have invested massive amounts for multi-g-hasrates.. isnt that sorta like buildung a monopoly or a classic case of the rich become richer?

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jaime
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June 30, 2011, 11:39:05 AM
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..people that have invested..

does life favor prettiest girls?


lechuck
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June 30, 2011, 12:37:34 PM
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yes it does, or lets say ppl favour "attractive" ppl - there are plenty of studies to prove this

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June 30, 2011, 12:53:01 PM
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is it only me or does the whole system of bitcoin mining favor those that have the ressources to buy alot of hash-power? the harder mining gets, the more miners are being sidelined because their mining efforts are not paying off anymore, leaving only the people that have invested massive amounts for multi-g-hasrates.. isnt that sorta like buildung a monopoly or a classic case of the rich become richer?

The main factor is whether or not "economies of scale" apply. Although I have not seen any hard evidence, I think it is probably a smaller factor, since a single mining rig is cheap in my country and mining pools are common. Plus, small-time miners have more frequent access to free electricity.
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June 30, 2011, 07:49:46 PM
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Well yes but dont forget - many of these big investors will be running in the red for quite some time (unless the price of BTC was to suddenly go through the roof) just trying to make enough money back to pay for their investment.

My suggestion to new starters is start off small. Once you start generating some coin add some more hardware. This is the safe way to go.


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