Bitcoin Miners Face Leanest Month of 2024: August Earnings Hit Year’s Low - page 4.

larry_vw_1955

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Quote from: Z-tight on September 02, 2024, 05:39:44 AM

I don't think there is a risk of centralization in the BTC network though.

You don't?

Foundry USA secured 1,248 blocks, capturing 29.10% of the total, while Antpool uncovered 1,074 blocks, securing 25.04% of the share.

This means that two mining pools, Foundry USA and Antpool, scooped up 54.14% of the total $851.36 million revenue.

Z-tight

hero member

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Fees have been low for the last month or so, and with the BTC halving this year, miners earnings was surely going to take a hit. However, i think things like ordinals and runes that caused tx fees to rise and miners to earn a lot in fees delayed reports or news like this.

Quote from: larry_vw_1955 on September 01, 2024, 10:53:11 PM

So bitcoin users want

1) low fees
2) high hashrate
3) lack of centralization

I don't see how they are going to get all of these at the same time in the future. Pick one but you can't pick all three. Maybe you can't even pick two.

Every bitcoiner wants low fees, but with every halving event and a reduction in miners reward, they are going to depend more and more on tx fees, so if it stays very low, then i think so many miners will pack up their gears and stop mining. I don't think there is a risk of centralization in the BTC network though.

Apocollapse

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I've seen few articles talking about Bitcoin miners revenue went down, but why there are no articles talking about mempool went empty which make Bitcoin fee gets cheaper and a best time to consolidate the inputs?

But, when the mempool is full and there are so many people spamming the network, we will see articles talking about how expensive Bitcoin fees is instead of talking Bitcoin miners are earn a lot.

They always talk about bad and popular thing.

_act_

legendary

Activity: 1064

Merit: 1298

Lightning network is good with small amount of BTC

Do not just relate mining to centralization just like that, what you should relate more to centralization are node runners. Node runners are collecting nothing as an incentive.

So if I have to chose, I will choose low fee. If any bitcoin miner is no more making profit from bitcoin mining, they should stop mining so that the money earned by miners will be sufficient for the remaining miners. The hash rate will reduce but not to the extent that it will have negative effect on bitcoin blockchain security.

davis196

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Merit: 937

Quote

So bitcoin users want

1) low fees
2) high hashrate
3) lack of centralization

The Bitcoin users want two things.
1.Bitcoin price to the moon baby!
2.Low fees.
I don't think that most Bitcoin users care about hashrates or centralization. It's totally possible to have a way higher Bitcoin price and keep the transaction fees decent. The blockchain just has to be kept away from useless garbage like Ordinals, Runes and other "the next shiny thing" crypto projects. The hashrate can be adjusted when more BTC miners stop mining. Some BTC miners might have to switch to mining altcoins for several months. Nobody can guarantee the BTC miners big profits. Mining is a business like any other business and no profit is guaranteed.

Helena Yu

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People including myself are obsessed with money (earn as much as you can and spend as low as you can), so people will vote the number one.

Most people don't really care with high-low hashrate, centralization or decentralization because they always happy when government start accepting Bitcoin as legal tender, whales purchase Bitcoin in large sum, leaving their coins in CEX in order to not pay mining fees, staking in CEX rather than earn nothing etc.

At least even though I care with profit and loss, I don't mind to hold my coins in non custodial wallet.

larry_vw_1955

sr. member

Activity: 1190

Merit: 469

Bitcoin miners faced their most challenging revenue month of the year in August, marking the lowest earnings since September 2023. Onchain fees collected in August also dipped, reaching a low not seen since last year, with a $4.14 million drop compared to July.

https://news.bitcoin.com/bitcoin-miners-face-leanest-month-of-2024-august-earnings-hit-years-low/

So bitcoin users want

1) low fees
2) high hashrate
3) lack of centralization

I don't see how they are going to get all of these at the same time in the future. Pick one but you can't pick all three. Maybe you can't even pick two.

Topic: Bitcoin Miners Face Leanest Month of 2024: August Earnings Hit Year’s Low - page 4. (Read 910 times)