Topic: Could Bitcoin’s security be at risk as a result of this update? (Read 266 times)

It seems like you're a miner or rather have someone close to you been a miner but that is nit enough fact to conclude on such assumptions and if you have invested already in the past that after your buying comes in the dip in price makes to to loose hope that miners have gone liquidated, this little shift in price towards $20.6k range is resistive to go below than maintaining the uptrends, you should ask yourself what have the miners been feeding at since the previous dip before now, this will gives you more insight about bitcoin volatility, where you get the ATH and ATL and miners had been making it through since ever then, so this shouldn't be a different case for creating an alarm.

210exa hashrate of an asic gen: 110thash for 3.25kw at $0.04/kw
=~$6.6k of just electric per btc

260exa hashrate of an asic gen: 140thash for 3kw at $0.04/kw
=~$5.9k of just electric per btc

so although hashrate has gone up.
the amount of electric used has gone down

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next phase is those miners at the bottom cost will be met with some other miners with higher cost that can mine for profit again. this pushes a healthy mining competition forward.

and new entrants with same electric cost per kw but using less kw

these new entrants will have 2 year contracts of electric and new hardware lifetime so they wont give up.

which then means those getting 0.0x coin per block will get slightly less coin per block due to the competitors taking a slice

which due to less coin per miner with more competition. means that the market price per decimal amount of btc changes.

instead of 0.0001btc which they sold for $1.90
instead of 0.00008btc* which they sold for $1.90
*20% less coin due to 50% more competition

which means the price of whole BTC goes up

now thats the theory
but because its not as clear in that separations of amounts the price is not clearly jumping by those amounts
but its why the prices are slowly moving upwards to protect a new 'bottom' that is going to be higher that the start of the years 'bottom'

You won't be able to generate traffic for your website this way, not a sustainable one at least. Specially when the articles you are sharing are low quality since they are filled with a lot of mistakes and misinformation.

Please can you elaborate more on this statement of yours, because i see no reason why things shouldn't be going well for bitcoin miners just because of a very small increase in price as if this is the first time Bitcoin hitting above $20k resistance.  And in regard to this might be a sign for a bull market which we have all been waiting for, so for me, i think this will be the best time for any Bitcoin believer to buy and hodl and not panic, as this update can never a risk to Bitcoin security just like you said in the title of this thread

Who wrote this part of the article? Manipulated block (such as including transaction which use non-existent UTXO or set mining reward to 21MBTC) will simply rejected by all nodes (which could be run by pool, exchange or individual user).

I just finished reading the article now and this is what i have to say...

The rise in mining difficulty and the reduction in miners revenue can not affect bitcoin's security, though some miners are indeed gonna unplug their gear, but the reality here is that there will always be enough miners to secure the bitcoin network, there are millions of miners mining bitcoin, some of this miners have taken this as their profession which simply means there is no going back for them, and this miners are ready to ride with bitcoin to where ever it takes them to, miners in this category also understand that mining wont always be profitable, but when the profit comes, it covers for all the loses and brings in even more profit, it is a very few insignificant number of miners who don't understand this principle that are going to unplug their gear and this will not affect the network in any way because like i said, they are a very little insignificant number.

It's supposed miners will quit to mine since hash rate and the liquidity are very high, that's make it's not profitable for them to mine Bitcoin, right? Although they're quit to mine, but they're still can contribute on the network and get a fee by complete each block. It doesn't have relation with Bitcoin's security, actually when hash rate are high this make 51% attack is more and more seems impossible to happen.

I don't think too many people expected what you say here, or you are just making the claim without any thought put into it; people who have the understanding know how the cycle works, they know and have learnt from history because it tends to repeat itself, if there were people who had rejoiced that a bull run was beginning, they have to learn more through BTC history now.

Whatever news site this is, i feel they are trying to build up fud, the news headline makes it look there is some kind of risk in BTC's security when there is none, hash rate is very high and even the person who wrote that article knows that there is no threat to BTC's security and that it is all fine.

Pure alarmistic crap only to get some views on a so called news site. Good enough comment?

Since the hash rate is on the rise, it's clear that the number of miners unplugging their gears is small. Even more, the price is actually over 20k, hence on a tiny rise. Plus, miners disconnected their gears in other crypto winters and Bitcoin survived. Now, with this huge hash rate (you conveniently shown the chart for only one month, instead of an entire year that shows we're pretty much at ATH as hash rate), some miners plugging out simply don't matter in the big picture.

Bitcoin BTC managed to surpass the $19,000 level towards the end of October. The king coin was constrained to this level for the longest time and made several attempts to move past it. Both holders and watchers rejoiced because they believed that this time, the end of the long-term resistance may signal the beginning of a new rise.

Furthermore, those who had taken short positions against BTC BTC were also liquidated during this small price increase. Despite this encouraging trend, things didn’t appear to be going well for miners in the ecosystem.

BTC https://cryptoqed.com/news/bitcoin-news/could-bitcoin-security-be-at-risk-as-a-result-of-this-update-decoding-details

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