Hashrate increases. | Bitcointalksearch.org

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Quote from: SquirrelJulietGarden on May 27, 2024, 09:25:20 PM

Halving does not relate to blockchain difficulty that can remain the same if there is no new demands from current miners to expand their mining farms or newbie miners who exposed to Bitcoin because of news on media about Bitcoin and its halving, then decided to join Bitcoin mining industry after the halving.

Halving means less revenue, less revenue means tighter budgets or economic loss, making miners shut down, that's what he was saying, and it's a totally normal thing, we even had a nearly 6% drop after the halving and I seriously doubt that the current numbers of growth are true from the 13% at the start we were down to 10, then 7 now:

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Current Pace: 105.7434% (800 / 756.55 expected, 43.45 ahead)

Most likely a small growth but caused by gear replacement, if the halving wound have happened during a time when there was no higher and more efficient gear available to swap your machines for probably we would have seen a serious drop.

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Quote from: adaseb on May 26, 2024, 07:30:08 PM

Keep in mind that it can be simply variance. There are times when we get like 10-20% more daily blocks than normal and then we will have -10-20% days and we will average out.

This Bitcoin Difficulty Estimator has some information that can support your statement. Difficulty of Bitcoin blockchain is recalculated after 2,016 blocks and in rough estimated time, it equals to 14 days.
https://newhedge.io/terminal/bitcoin/difficulty-estimator

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Current Pace: 107.0851% (747 / 697.58 expected, 49.42 ahead

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Yeah the halving means that the block reward is halved but most of the miners these days are large commercial farms and not retail individuals mining in their basement. They knew about this halving a year back and adjusted and bought more efficient gear.

Halving does not relate to blockchain difficulty that can remain the same if there is no new demands from current miners to expand their mining farms or newbie miners who exposed to Bitcoin because of news on media about Bitcoin and its halving, then decided to join Bitcoin mining industry after the halving.

Difficulty increases when the network hashrate increases and it's more like one of consequences of Bitcoin network hashrate growth.

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Keep in mind that it can be simply variance. There are times when we get like 10-20% more daily blocks than normal and then we will have -10-20% days and we will average out.

Yeah the halving means that the block reward is halved but most of the miners these days are large commercial farms and not retail individuals mining in their basement. They knew about this halving a year back and adjusted and bought more efficient gear.

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Quote from: a8832021 on May 25, 2024, 06:38:50 AM

I think instead of spending more electricity fee than the mined BTC value,why not buy BTC directly.

This seems plausible for someone with no time to go through the investment and technicalities involved in mining but then again ask yourself the same question let's say for Gold mining.
Why buy all that equipment to mine gold if one can just purchase the available goal and sell it off in the future?

1. Passion for mining/adventure
2. Possibility of hitting a jackpot. I think you have heard cases of miners ripping big.
3. Taxes? Some countries probably don't have a tax framework for mined crypto.
4. The purchased mining gear still remains your asset as it helps you to mint more coins. Can be sold off at any time to recoup some of the funds.
5. Somebody has got to do it. You can't all be traders, other people will choose to be miners, brokers etc.

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Quote from: a8832021 on May 25, 2024, 02:59:23 AM

At mempool.space , we can find that these days, the network hashrate increased, the next difficulty is predicted to increase about 10%. After halving, what is the motivation to let more and more power to come into mining BTC?

Same motivation as always. All miners are competing with all other miners to earn more bitcoin. Only way to do that is increase your hash power. Halving doesn't change anything about that. Halving might kick out the least efficient miners, that's it. Of course hashrate is going to increase.

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Quote from: a8832021 on May 25, 2024, 06:38:50 AM

I think instead of spending more electricity fee than the mined BTC value,why not buy BTC directly.

Although is definitely not too surprising because first ideally as the bitcoin rewards gets cut into halve my predictions has been that many miners will step out of the mining business and then it would reduce the hashrate power but prior to the halving the amount gotten from mining bitcoin mostly by transaction fee which where plummeted high by the inscription and runes saga was enough to get more people into this area or probably increase the hashrate power has more sophisticated mining equipments come.

At the moment if you don’t hold a very large amount of funds setting a mining rig to mine bitcoin to me wouldn’t be that profitable, i will definitely just buy bitcoin and hodl for long

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Quote from: a8832021 on May 25, 2024, 06:38:50 AM

I think instead of spending more electricity fee than the mined BTC value,why not buy BTC directly.

If it's not profitable for you, just buy Bitcoin. Mining has conditions that have to be considered which is dependent on where you live, how much you can get electricity and how easily you can get equipments. If the odds are stacked up against you; buying and hodling is more straight forward and does not have any surprises that can affect your earnings.

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Quote from: a8832021 on May 25, 2024, 02:59:23 AM

At mempool.space , we can find that these days, the network hashrate increased, the next difficulty is predicted to increase about 10%. After halving, what is the motivation to let more and more power to come into mining BTC?

The Bitoin's market price is the motivation for the distribution of the Supply and the immense demand in the future. The main point will be the supply and demand ratio which will determine the market valuation and the surge in the market value will be the motivation for the winners to put more investment into mining Bitcoin.

Not always does the market hash rate increase in the bear market always there is a significant decrease in the hash rate. Not always we can buy the Bitcoins from the market mining can be highly profitable with the gas fees and block mining rewards in the bull market you can makesignificant accumulation there.

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Quote from: DaveF on May 25, 2024, 05:35:20 AM

Quote from: a8832021 on May 25, 2024, 02:59:23 AM

At mempool.space , we can find that these days, the network hashrate increased, the next difficulty is predicted to increase about 10%. After halving, what is the motivation to let more and more power to come into mining BTC?

The motivation? To make money.
More efficient gear will get you more hashrate for the same power costs while also driving up the difficulty.
That is how the system works.

Some miners with older gear that is less efficient or miners with more expensive power will drop off. Will others take their place is the question. And that will not be known for a while.

Also, there are people with deep pockets who are speculating. Loosing some money today thinking that BTC will 2x in price will also keep people mining or bing in new miners.

-Dave

I think instead of spending more electricity fee than the mined BTC value,why not buy BTC directly.

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Quote from: a8832021 on May 25, 2024, 02:59:23 AM

At mempool.space , we can find that these days, the network hashrate increased, the next difficulty is predicted to increase about 10%.

It's less than three days into the adjustment, and things can change petty fast, we had 156 blocks in the last 24 hours but an insane 171 blocks in the previous 24-48 hours interval, that pace was 18% up, it's clearly because of luck, not actual gear.

Quote from: God bless u on May 25, 2024, 05:46:11 AM

Now people are more attracted to meme coins because of their capability to given sudden and huge profits. So in these situations its better to stay quiet and wait for the market correction before saying anything.

Nobody gives a damn about meme coins, the hype has already died down, meanwhile, there are billions at stake in bitcoin mining, real money, not promises of dogcatcocktrainfrog coins to reach 1/10000 of a cent.

God bless u

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Quote from: a8832021 on May 25, 2024, 02:59:23 AM

At mempool.space , we can find that these days, the network hashrate increased, the next difficulty is predicted to increase about 10%. After halving, what is the motivation to let more and more power to come into mining BTC?

That's not the right time to make people realise that mining can be profitable especially when after halving BTc performance was not upto the benchmark that most of the people had set for it.

Now people are more attracted to meme coins because of their capability to given sudden and huge profits. So in these situations its better to stay quiet and wait for the market correction before saying anything.

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Quote from: a8832021 on May 25, 2024, 02:59:23 AM

At mempool.space , we can find that these days, the network hashrate increased, the next difficulty is predicted to increase about 10%. After halving, what is the motivation to let more and more power to come into mining BTC?

The motivation? To make money.
More efficient gear will get you more hashrate for the same power costs while also driving up the difficulty.
That is how the system works.

Some miners with older gear that is less efficient or miners with more expensive power will drop off. Will others take their place is the question. And that will not be known for a while.

Also, there are people with deep pockets who are speculating. Loosing some money today thinking that BTC will 2x in price will also keep people mining or bing in new miners.

-Dave

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At mempool.space , we can find that these days, the network hashrate increased, the next difficulty is predicted to increase about 10%. After halving, what is the motivation to let more and more power to come into mining BTC?

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