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shield132 (OP)
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December 09, 2018, 10:52:01 AM |
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As you see guys, price falls and falls, that's very bad we all know and it's not something we want but it keeps falling.
This fall was also sudden and somehow very suprising not only for me but maybe for you too.
Do any of you think that it has something common with mining? As you see a lot of miners just gave up and left bitcoin mining, not only this...
Imagine following: There are giant miners like bitmain, bitfury and so on... What about if they want to create monopoly? Once for example 20% of miners will leave mining, they'll fill this 20% and more by new and improved equipment which they won't release for a while and make it almost nonsense for others to start mining with currently publicly available miners.
P.S Don't call me crazy...
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The grue lurks in the darkest places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
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Coin-1
Legendary
 Offline
Activity: 2436
Merit: 2174
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December 09, 2018, 11:57:28 AM |
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As you see guys, price falls and falls, that's very bad we all know and it's not something we want but it keeps falling.
This fall was also sudden and somehow very suprising not only for me but maybe for you too.
Do any of you think that it has something common with mining? As you see a lot of miners just gave up and left bitcoin mining, not only this...
Imagine following: There are giant miners like bitmain, bitfury and so on... What about if they want to create monopoly? Once for example 20% of miners will leave mining, they'll fill this 20% and more by new and improved equipment which they won't release for a while and make it almost nonsense for others to start mining with currently publicly available miners.
P.S Don't call me crazy...
No, you're not crazy. Some miners are really starting to sell their mining equipment due to falling prices of crypto currencies. I'm really scared of where these ASICs will be used in the future. Perhaps some criminals will buy a lot of such cheap processors and successfully complete a 51% attack on the blockchain. Undoubtedly, only strongest mining pools will survive in these tough times. |
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mu_enrico
Copper Member
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Activity: 2310
Merit: 2142
Slots Enthusiast & Expert
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December 09, 2018, 12:47:00 PM |
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Actually, the price drop is predictable from the technical analysis, e.g., correction from the all-time high, breaking support line, etc. I know it's easy if you look at the historical data (because of hindsight bias).
Sure mining has a correlation relationship with the price. When the price is high, the hash rate is high; and vice versa. Bear in mind that this is not a causation relationship, only correlation.
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Julunguul
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December 09, 2018, 01:59:38 PM |
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As you see guys, price falls and falls, that's very bad we all know and it's not something we want but it keeps falling.
This fall was also sudden and somehow very suprising not only for me but maybe for you too.
Do any of you think that it has something common with mining? As you see a lot of miners just gave up and left bitcoin mining, not only this...
Imagine following: There are giant miners like bitmain, bitfury and so on... What about if they want to create monopoly? Once for example 20% of miners will leave mining, they'll fill this 20% and more by new and improved equipment which they won't release for a while and make it almost nonsense for others to start mining with currently publicly available miners.
P.S Don't call me crazy...
No, you're not crazy. Some miners are really starting to sell their mining equipment due to falling prices of crypto currencies. I'm really scared of where these ASICs will be used in the future. Perhaps some criminals will buy a lot of such cheap processors and successfully complete a 51% attack on the blockchain. Undoubtedly, only strongest mining pools will survive in these tough times. I don't know, how can they sell, then is it possible if later Bitcoin creates a new ATH, the miners will buy a new ASIC? They should save or use as much as they can so that the electricity consumption is worth selling at a time like this. |
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o_e_l_e_o
In memoriam
Legendary
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Activity: 2268
Merit: 18509
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December 09, 2018, 02:18:41 PM |
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I'm really scared of where these ASICs will be used in the future. Perhaps some criminals will buy a lot of such cheap processors and successfully complete a 51% attack on the blockchain. https://www.blockchain.com/en/charts/hash-rate?timespan=all&daysAverageString=7The hashrate is currently sitting at around 36,000,000 TH/s. Yes, we are down from the peak of 55,000,000 a few months ago, but bear in mind we only hit current levels for the very first time back in June. For the last 9 years leading up to June this year, we have been sitting below currently levels, the majority of that time being significantly below. This time last year (so at the peak of the bullrun and all time high of 20k, when a 51% attack would have been the most profitable it has ever been), we only had a hash rate of around 12,000,000, which is a third of what we are sitting at at the moment. The biggest pool at the moment is BTC.com at 18.6%. We are still a long way off a 51% attack being economically viable. |
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liuqi
Sr. Member
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Activity: 1092
Merit: 257
LuckyB.it is Back!
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December 09, 2018, 02:27:16 PM |
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Actually, the price drop is predictable from the technical analysis, e.g., correction from the all-time high, breaking support line, etc. I know it's easy if you look at the historical data (because of hindsight bias).
Sure mining has a correlation relationship with the price. When the price is high, the hash rate is high; and vice versa. Bear in mind that this is not a causation relationship, only correlation.
In crypto platform each one expecting profit but current market is not properly working so many miners are stop the mining platform because of electricity rate is too higher the mining profit. But price drop is depends big whales because they only sell the total cryptocurrency in single shot it is directly affect the market, then all the miners are loose the hope of improvement so they decide to stop the working. I hope again market will change. |
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3acaga
Member
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Activity: 462
Merit: 12
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December 09, 2018, 03:02:59 PM |
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Bitmain or someone else is not profitable to control 51% of mining, because then bitcoin will simply die as it will not be decentralized.
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supermine
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December 09, 2018, 04:25:37 PM |
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Bitmain or someone else is not profitable to control 51% of mining, because then bitcoin will simply die as it will not be decentralized.
But it is still a long way to reach 51% to get control of over mining. I don't think people will leave their mining completely they may just stopped mining for a while and the big mining pools will never stop in my opinion.If they stops means they won't get anything so they need to support ow if they want to make profits in future. |
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Reid
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December 09, 2018, 05:05:12 PM |
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I wont call you crazy but it got nothing to do with miners.
It actually helps them if some group suddenly want out.
The difficulty gets lower and they will make profits easier for every transaction will be a lot faster.
Remember this also. There are still miners out there who wants to get a spot into bitcoin mining.
Some of them are at ETH or Zcash by now because of the difficulty level that bitcoin have.
No need to worry about it. Let us be happy when some of them surrenders.
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Oilacris
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December 09, 2018, 05:30:24 PM |
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I wont call you crazy but it got nothing to do with miners.
It actually helps them if some group suddenly want out.
The difficulty gets lower and they will make profits easier for every transaction will be a lot faster.
Remember this also. There are still miners out there who wants to get a spot into bitcoin mining.
Some of them are at ETH or Zcash by now because of the difficulty level that bitcoin have.
No need to worry about it. Let us be happy when some of them surrenders.
If someone surrenders then someone would really fill up.On the current situation theres no doubt that some miners do tend to jump out because of the unprofitability but theres still who remains and tends to jump in in spite of the difficulty. There are lots of choices actually if we would like to mine it would really just depend on some factors before to start up. |
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cizatext
Member
Offline
Activity: 952
Merit: 41
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December 09, 2018, 06:07:01 PM |
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As you see guys, price falls and falls, that's very bad we all know and it's not something we want but it keeps falling.
This fall was also sudden and somehow very suprising not only for me but maybe for you too.
Do any of you think that it has something common with mining? As you see a lot of miners just gave up and left bitcoin mining, not only this...
Imagine following: There are giant miners like bitmain, bitfury and so on... What about if they want to create monopoly? Once for example 20% of miners will leave mining, they'll fill this 20% and more by new and improved equipment which they won't release for a while and make it almost nonsense for others to start mining with currently publicly available miners.
P.S Don't call me crazy...
No I won't call you crazy cause many miners have close they mining farm due to the continues decline in the price of cryptocurrency in the market, but I strongly don't think its only they actions that lead to this current dip we are witnessing in the market as we just witness a hard fork in the bitcoin cash network I believe this also hard negative impact on the price of bitcoin and other altcoins. |
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figmentofmyass
Legendary
Offline
Activity: 1652
Merit: 1483
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As you see guys, price falls and falls, that's very bad we all know and it's not something we want but it keeps falling.
This fall was also sudden and somehow very suprising not only for me but maybe for you too.
Do any of you think that it has something common with mining? As you see a lot of miners just gave up and left bitcoin mining, not only this...
Imagine following: There are giant miners like bitmain, bitfury and so on... What about if they want to create monopoly? Once for example 20% of miners will leave mining, they'll fill this 20% and more by new and improved equipment which they won't release for a while and make it almost nonsense for others to start mining with currently publicly available miners.
P.S Don't call me crazy...
the major hardware producers and mining operations (often one and the same) have too much invested in bitcoin's mid/long term health to risk crashing the market. that would be an incredibly risky approach to squeezing out their competition. it would be a safer bet to invest into out-scaling the competition, or even to sell hardware unnecessarily low to undercut competitors' prices. plus, the difficulty adjustments will just make it cheaper to mine again. hash rate has dropped 30% (and rising) to meet the 40% price drop. that's another reason why this theory doesn't work. |
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1Referee
Legendary
Offline
Activity: 2170
Merit: 1427
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December 09, 2018, 10:25:43 PM |
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This time last year (so at the peak of the bullrun and all time high of 20k, when a 51% attack would have been the most profitable it has ever been), we only had a hash rate of around 12,000,000, which is a third of what we are sitting at at the moment.
It's always profitable to attack Bitcoin, because with Bitcoin you basically control the entire market with how the price of every coin is attached to what Bitcoin does. What people seem to discard, is how BCash after its split managed to have more than half of BTC's hashrate to be shifted over to its own network. It was a legit attack on Bitcoin, and as far as I know the only time another network had more hashrate than BTC, but we survived that. I'm not sure to what extent the Coinbase pump has anything to do with it, but it's quite interestingly timed. The same that Bitmain & Co tried to do to Bitcoin is being done to them by nChain and CoinGeek. Karma it is called. Assholes. |
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Semosuchi Tesongrato
Member
Offline
Activity: 546
Merit: 33
Rasputin Party Mansion
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December 09, 2018, 10:31:31 PM |
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Difficult to prove, but possible. The point is that when conditions become difficult, people must survive, and take into account any escape route, even if irrational.
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CuriousGeorge
Sr. Member
Offline
Activity: 1498
Merit: 251
KUWA.ai
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December 09, 2018, 11:22:40 PM |
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As you see guys, price falls and falls, that's very bad we all know and it's not something we want but it keeps falling.
This fall was also sudden and somehow very suprising not only for me but maybe for you too.
Do any of you think that it has something common with mining? As you see a lot of miners just gave up and left bitcoin mining, not only this...
Imagine following: There are giant miners like bitmain, bitfury and so on... What about if they want to create monopoly? Once for example 20% of miners will leave mining, they'll fill this 20% and more by new and improved equipment which they won't release for a while and make it almost nonsense for others to start mining with currently publicly available miners.
P.S Don't call me crazy...
No, you're not crazy. Some miners are really starting to sell their mining equipment due to falling prices of crypto currencies. I'm really scared of where these ASICs will be used in the future. Perhaps some criminals will buy a lot of such cheap processors and successfully complete a 51% attack on the blockchain. Undoubtedly, only strongest mining pools will survive in these tough times. As long as this coin can implement an algorithm which asic can't mine it and it will be fine. A lot of GUP miners have sold their GPU. I have seen that in so many times and this will be a true story and it needs to be prevented by the developers. |
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Indrawan77
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December 10, 2018, 06:42:49 AM |
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I don't think its because of the mining, infact I think this situation is damage the miners, the miners stop mining because the price falling too low, the falling price is caused by the heavy manipulation from the whales, and the trust level of the investors that already drop down because of the long bear market
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shield132 (OP)
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December 10, 2018, 08:36:07 AM |
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As you see guys, price falls and falls, that's very bad we all know and it's not something we want but it keeps falling.
This fall was also sudden and somehow very suprising not only for me but maybe for you too.
Do any of you think that it has something common with mining? As you see a lot of miners just gave up and left bitcoin mining, not only this...
Imagine following: There are giant miners like bitmain, bitfury and so on... What about if they want to create monopoly? Once for example 20% of miners will leave mining, they'll fill this 20% and more by new and improved equipment which they won't release for a while and make it almost nonsense for others to start mining with currently publicly available miners.
P.S Don't call me crazy...
the major hardware producers and mining operations (often one and the same) have too much invested in bitcoin's mid/long term health to risk crashing the market. that would be an incredibly risky approach to squeezing out their competition. it would be a safer bet to invest into out-scaling the competition, or even to sell hardware unnecessarily low to undercut competitors' prices. plus, the difficulty adjustments will just make it cheaper to mine again. hash rate has dropped 30% (and rising) to meet the 40% price drop. that's another reason why this theory doesn't work. Man yeah, that's very risky but also at the same time more risk = more reward, for some it worths. Well, what I mean is following: Yeah, difficulty drops but imagien big miners invented upgraded miners and filled current difficulty loss by massively turning their new miners into mining but left less effective miners for people. As you know bitmain was mining altcoins for a long time before they would release miners, I mean same situation. |
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Harlot
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December 10, 2018, 08:44:50 AM |
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Even if a lot of the miners have temporarily stopped or have permanently stopped mining the level of difficulty has decreased and chances are it can attract new people and even companies to start their mining operations on their own. Miners cannot really have monopoly in this industry as they cannot control on who can enter inside the industry as their competition not unless they themselves control the supply of mining hardware which isn't really the case. The halt in a lot of miners' operation is not the biggest factor why we have a bear market right now.
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automaticmoney
Member
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Activity: 420
Merit: 18
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December 10, 2018, 02:27:36 PM |
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crypto mining is badly affected because of present cryptocurrency price crash once the positively start again the crypto mining demand will bounce back until then mining will be hard to survive
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pedangrusak
Member
Offline
Activity: 462
Merit: 11
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December 10, 2018, 10:12:37 PM |
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I do small mining also for some bitcoin like Monero but globally there has been a decline in profits since 2017 until now. if we recalculate it with a fixed operating cost but the selling price of the old coin decreases, this is not good for friends and if this is the case I will also go from mining because many other miners also experience the same problem. almost all of them are unable to cover operational costs from the sale of coins, do they have to continue mining if they lose money?
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