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Topic: Are miners abandoning BTC? - page 2. (Read 1302 times)

legendary
Activity: 2968
Merit: 3684
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November 11, 2017, 01:32:50 PM
#10
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.
sr. member
Activity: 1442
Merit: 320
November 11, 2017, 01:23:03 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
legendary
Activity: 1218
Merit: 1000
November 11, 2017, 01:21:29 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.
legendary
Activity: 1904
Merit: 1159
November 11, 2017, 01:18:08 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.
full member
Activity: 326
Merit: 103
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November 11, 2017, 01:12:15 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.
Ucy
sr. member
Activity: 2674
Merit: 403
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November 11, 2017, 01:05:10 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.
full member
Activity: 181
Merit: 100
November 11, 2017, 12:58:41 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.
legendary
Activity: 2912
Merit: 1068
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November 11, 2017, 12:54:52 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.
sr. member
Activity: 322
Merit: 250
November 11, 2017, 12:47:58 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.
full member
Activity: 157
Merit: 100
November 11, 2017, 12:41:56 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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