Bitcoin halving and hardness - page 2.

crwth

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Is hard even the correct term? If you search for the meaning of it.

Quote from: https://www.merriam-webster.com/dictionary/hardness

hard·ness | \ ˈhärd-nəs \
Definition of hardness
1: the quality or state of being hard
2a: the cohesion of the particles on the surface of a mineral is determined by its capacity to scratch another or be itself scratched
— compare MOHS' SCALE
b: resistance of metal to indentation under a static load or to scratching

That's just the wrong adjective, IMO. It can be used differently, but it's confusing if you think about it. What is hard about it? Is it to get Bitcoin? Is it because of the price that's why it's harder to get? I think the best description is the one that has something to do with the cryptography being solved.

NeuroticFish

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Quote from: Yoav_account on June 28, 2022, 08:54:08 AM

I posted this on Reddit and got a bunch of conflicting answers, so thought I may get a clearer answer here.

Am I correct in saying that if the hashrate were to remain the same, bitcoin will be 2x as hard after the 2024 halving as it is now?

Note, I am not talking about the difficulty of the SHA-256 problem needed to mine one block. Rather, I am referring to how hard bitcoin would be as a money/asset, purely from an economics perspective.

Thank you very much.

While the miners will get half of the block rewards (plus probably same transaction fees, let's not forget) for the same amount of work (and spent electricity) since you said that the difficulty won't increase, this doesn't necessarily mean that the price on the exchanges will double. It's not only the miners who are selling bitcoin.
It should have an effect, but it's not easy to predict how big that effect will be. As said, there's no direct correlation. On the other hand, if we go by the s2f model, the price should get to some 3.5x current value (so much "stronger" than what you say).
Even more, that price is usually counted in gradually, it doesn't happen in the second (or day, or week) of the halving.

Upgrade00

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You're essentially asking what the result would be on the value of Bitcoin as a currency or asset after the halving, if there is no change in the difficulty level required to mine blocks?

In my opinion, that should somewhat have an effect on the value or hardness as you call it. It shows that miners deem the value of Bitcoin to still be the same, despite the fact that they are getting only half of the reward that was available, which could be an indication of an increase in the value from before the halving or an expected bull run.

This does not mean that there is a direct correlation and that there would be an immediate impact on the market if that happens, but it would influence trader sentiments

Yoav_account

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I posted this on Reddit and got a bunch of conflicting answers, so thought I may get a clearer answer here.

Am I correct in saying that if the hashrate were to remain the same, bitcoin will be 2x as hard after the 2024 halving as it is now?

Note, I am not talking about the difficulty of the SHA-256 problem needed to mine one block. Rather, I am referring to how hard bitcoin would be as a money/asset, purely from an economics perspective.

Thank you very much.

Topic: Bitcoin halving and hardness - page 2. (Read 246 times)