[2019-06-01] Bitcoin as healthy as ever as the network hits all-time high mining

stompix

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Quote from: 1Referee on June 05, 2019, 07:31:37 AM

It all comes down to how efficient your operation is. Bitmain as large as it was, has proven to not be efficient during the bear market and therefore needed to shrink in size. They went from ~40% dominance to ~25% but have had a recent surge and now hover around 32% due to the price pump.

Just because that's the market share of btc.com and antpool it doesn't mean that's all the hash rate Bitmain has at its disposal.
11% of the blocks are unknown, it could be anybody.
Viabtc with 9% has received investment from bitmain, btc.top with 7% is a private pool, nobody really knows what's going there and the ower is a bcash fan.

So, in reality, it could be way more than 50% even now, and they might be doing this simply to prevent people from talking about a 51% attacks.

ps.
Don't forget the 3 exahash mining BCH (about 5% of BTC hahrate) that is 99% owned but Bitmain.

1Referee

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Quote from: Vishnu.Reang on June 05, 2019, 02:54:07 AM

My logic was that in case the difficulty increases, then the miners will be needing mining rigs with higher hash power. I thought that only the large scale miners would be able to afford those. But if your post is correct, then the share of the larger mining pools is going down.

It all comes down to how efficient your operation is. Bitmain as large as it was, has proven to not be efficient during the bear market and therefore needed to shrink in size. They went from ~40% dominance to ~25% but have had a recent surge and now hover around 32% due to the price pump.

Quote from: Vishnu.Reang on June 05, 2019, 02:54:07 AM

I don't want any 51% attack with Bitcoin (just a few days back we had one with BCH).

That was not really surprising to be honest. BCash network is vulnerable with how many entities within the Bitcoin space can attack that chain. Bitmain and BTC.TOP attacked their own network. At one moment both entities controlled like 75% of the total network, closer to 90% if you add Roger's pool.

I'm sure that when Roger or Jihan for whatever reason make a mistake and lose a large portion of their funds, that chain will be rolled back faster than you can blink with your eye. Cheesy

7788bitcoin

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Quote from: hatshepsut93 on June 02, 2019, 09:58:03 AM

Remember how not so long ago media were reporting miners going broke and having to sell their equipment for cheap? And now we're not even close to overcoming the price ATH, yet we already broke the difficulty ATH - this just shows us how much faith miners have in BTC, while some market analysts are still in denial that we are in a bull run, and are telling people to wait for lower prices to buy.

It is not just the faith in the miners, they have invested heavily and they might have recovered their investments and made their profits and they might not be willing to mine when the price went down than the profits they could make and now when the price started moving up, they dusted their miners and starting mining bitcoin again, it is all about profit and the miners are taking advantage of the situation

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Vishnu.Reang

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Quote from: 1Referee on June 04, 2019, 03:24:33 PM

Quote from: Vishnu.Reang on June 04, 2019, 02:09:50 PM

This is somewhat a mixed news for the viability of BTC. Increasing difficulty means that for both Bitcoin and Bitcoin Cash, the mining is becoming more centralized. Small-scale and medium-scale miners will be gradually pushed out (unless they shift to some altcoin such as Bitcoin Gold) and the larger mining pools will increase their monopoly.

We have had enough historical evidence that higher difficulty doesn't lead to centralization.

I would say that today with all time high difficulty levels, Bitcoin's total hashrate distribution is more distributed than in the years before with much lower difficulty levels. Bitmain and its pools have seen their share of the network decrease substantially throughout the last 15 months, which once again points out that even the larger players face difficulties.

As for BTG, that coin is mined with GPU's, so the ASICS used to mine Bitcoin are useless in this case.

My logic was that in case the difficulty increases, then the miners will be needing mining rigs with higher hash power. I thought that only the large scale miners would be able to afford those. But if your post is correct, then the share of the larger mining pools is going down. And that is a good news. I don't want any 51% attack with Bitcoin (just a few days back we had one with BCH).

BLAST2MARS

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If I am even a miner once who left it because of the thought it is not profitable anymore back in 2018, I will go back to it again after seeing it climbs back quickly to $8k in a span of 2 months. The bull market just ignited hope back to them and miners are surely saving it for the next halving event.

1Referee

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Quote from: Vishnu.Reang on June 04, 2019, 02:09:50 PM

This is somewhat a mixed news for the viability of BTC. Increasing difficulty means that for both Bitcoin and Bitcoin Cash, the mining is becoming more centralized. Small-scale and medium-scale miners will be gradually pushed out (unless they shift to some altcoin such as Bitcoin Gold) and the larger mining pools will increase their monopoly.

We have had enough historical evidence that higher difficulty doesn't lead to centralization.

I would say that today with all time high difficulty levels, Bitcoin's total hashrate distribution is more distributed than in the years before with much lower difficulty levels. Bitmain and its pools have seen their share of the network decrease substantially throughout the last 15 months, which once again points out that even the larger players face difficulties.

As for BTG, that coin is mined with GPU's, so the ASICS used to mine Bitcoin are useless in this case.

Vishnu.Reang

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This is somewhat a mixed news for the viability of BTC. Increasing difficulty means that for both Bitcoin and Bitcoin Cash, the mining is becoming more centralized. Small-scale and medium-scale miners will be gradually pushed out (unless they shift to some altcoin such as Bitcoin Gold) and the larger mining pools will increase their monopoly.

Betwrong

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Quote from: BitHodler on June 03, 2019, 01:42:24 PM

~
Jihan Wu is a Bcash guy. More profits through miner sales for Bitmain means more liquidity going towards that scam coin, and more liquidity will go towards anti Bitcoin campaigns behind the scenes.

If it wasn't Bitmain backing Bcash, it wouldn't even manage to be worth 0.01BTC, but their liquidity allows them to keep it at 0.05BTC, and it may go higher with enough hype in the market.

But at least he's not claiming BCH is real Bitcoin. I found a tweet by him saying "No, please stop this. Bitcoin Cash is Bitcoin Cash. We should not confuse it with Bitcoin." in a reply to "#BitcoinCash is #Bitcoin".

And then later

You can read all the conversation following the link below:

https://twitter.com/jihanwu/status/928756075108511744?lang=en

I mean, if he sees BCH as just another altcoin that can compete with all the others on equal terms, why not? Aren't most of supporters of other alts saying something similar. I think Bitcoin will win (and has been winning) in a fair competition anyway, so we can relax and don't see supporters of other alts as our enemies.

BitHodler

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Quote from: Betwrong on June 03, 2019, 08:56:43 AM

Quote from: BitHodler on June 02, 2019, 01:17:21 PM

~
The only downside is that Bitmain will get more orders in an use their profits against the coin that allows them to make all this money. ~

I tried to decipher this on my own, but I failed.

Can you, please, elaborate a little on this matter?

I thought, maybe, you meant that Jihan Wu is supporting BSV, but no, they are practically at war with CSW, as far as I can see.

Jihan Wu is a Bcash guy. More profits through miner sales for Bitmain means more liquidity going towards that scam coin, and more liquidity will go towards anti Bitcoin campaigns behind the scenes.

If it wasn't Bitmain backing Bcash, it wouldn't even manage to be worth 0.01BTC, but their liquidity allows them to keep it at 0.05BTC, and it may go higher with enough hype in the market.

NeuroticFish

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With the quantity of Bitcoin Bitmain probably has from mining and orders too, they can play dirty games on the market. At least this is one of the bad things I see from such a monopoly like Bitmain.
Of course they've done this already and we have survived Wink

Betwrong

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I stand with Ukraine.

Quote from: BitHodler on June 02, 2019, 01:17:21 PM

~
The only downside is that Bitmain will get more orders in an use their profits against the coin that allows them to make all this money. ~

I tried to decipher this on my own, but I failed.

Can you, please, elaborate a little on this matter?

I thought, maybe, you meant that Jihan Wu is supporting BSV, but no, they are practically at war with CSW, as far as I can see.

BitHodler

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Quote from: Betwrong on June 02, 2019, 10:48:53 AM

Also, I'm glad that finally many miners with higher electricity costs can mine not at a loss, but with profits. For example mining with AntMiner S17 Pro (53Th) can now be profitable with electricity costs as high as 0.3 USD/kWh.

I'm sure that the farms that sold their hardware at dirt cheap rates seriously regret having done so. One miner's loss is another miner's gain. This just shows how poorly managed some of the operations have been.

If you fill up your buffers so that you can fill gaps in less profitable months, you can at least keep mining, but nope, greed makes people reckless and they paid the price for it. This is a brutal industry, for spot investors and miners.

The only downside is that Bitmain will get more orders in an use their profits against the coin that allows them to make all this money. Competition in this field hasn't really seen much of an boost. It's still Bitmain being the leader.

Betwrong

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I stand with Ukraine.

The higher the hashrate the more secure the Bitcoin network is, so I think it's overall a good news for all the Bitcoin community. Also, I'm glad that finally many miners with higher electricity costs can mine not at a loss, but with profits. For example mining with AntMiner S17 Pro (53Th) can now be profitable with electricity costs as high as 0.3 USD/kWh.

hatshepsut93

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Remember how not so long ago media were reporting miners going broke and having to sell their equipment for cheap? And now we're not even close to overcoming the price ATH, yet we already broke the difficulty ATH - this just shows us how much faith miners have in BTC, while some market analysts are still in denial that we are in a bull run, and are telling people to wait for lower prices to buy.

veleten

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not surprising at all , seeing that 6000$ level is profitable for miners with 0.06 cents electricity costs
now at 9000$ the ones that have been mining for loss in a hope to recover after a price rise continue to do so
and the ones who stopped because of it being totally unprofitable , dusted their miners and turned them on
this price range of 8.000+ is very comfortable for the majority of the miners so I predict even more records in this month
and the price tests 10k we could see the used miners prices go up to the retarded levels of 2017 - early 2018

buwaytress

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Quote from: bL4nkcode on June 01, 2019, 01:01:13 AM

Bitcoin as healthy as ever as the network hits all-time high mining difficulty

Bitcoin is having a very good week – both in terms of price and the stability of its blockchain.

Shortly after surging past $9,000 to hit its highest price for 2019, the cryptocurrency‘s mining difficulty increased by 11.26 percent to 7.46 trillion, setting an all-time high for the network. The previous record came in October, 2018, when the difficulty rose to 7.45 trillion.

Source: https://thenextweb.com/hardfork/2019/05/31/bitcoin-cryptocurrency-blockchain-mining/amp/

Now this is what I call news, and that tells me the fomo really is back. Heh. Too bad it didn't last longer, I was getting so used to getting my wallet padded up at bargain prices. Am I too ungrateful that I wish all this wouldn't happen so quickly? Am I courting trouble by wishing we had more time scraping depths and making lows and purging every part-time optimist there was before we climbed back up again?

I don't suppose it'll be another crypto winter before we see difficulty come down for a while. All those old rigs firing right back up, it's going to be quite a bit of momentum now with this.

CryptoBry

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Bitcoin is at $8,557.85 per CMC as I am writing this. The whole bitcoin community is very excited to know of this development which bodes well with its overall very positive prospect. At the same time, as what that article stated, "Bitcoin’s hashrate also continues to grow steadily, currently standing at 53.36 EH/s – a good indication that the network is in a healthy state." There are now many good developments around bitcoin and these are telling us of something so good about to come. I am expecting that in the remaining months of 2019, we can see bitcoin explore many new possibilities even beyond what it previously achieved.

bL4nkcode

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Bitcoin as healthy as ever as the network hits all-time high mining difficulty

Bitcoin is having a very good week – both in terms of price and the stability of its blockchain.

Shortly after surging past $9,000 to hit its highest price for 2019, the cryptocurrency‘s mining difficulty increased by 11.26 percent to 7.46 trillion, setting an all-time high for the network. The previous record came in October, 2018, when the difficulty rose to 7.45 trillion.

Source: https://thenextweb.com/hardfork/2019/05/31/bitcoin-cryptocurrency-blockchain-mining/amp/

Topic: [2019-06-01] Bitcoin as healthy as ever as the network hits all-time high mining (Read 255 times)