How Bitmain Plans to Rule Mining and Influence Coin Prices

Psynthax

hero member

Activity: 2366

Merit: 504

Quote from: bearsworth on July 06, 2018, 05:08:52 PM

As a miner I think Bitmain is something to be feared. No one really like miner centralization. However, after much thought and analysis, I believe Bitmain is a necessary evil.

Bitmain is required to help boost prices of Bitcoin up. They sell hardware and prevent other competitors from entering because they will actively re invest back into cryptocurrencies. I can't say the same for other mining companies and it seems better than giving money to Nvidia and AMD in the long term.

I've written a full article on my thoughts here: https://bitrpc.com/2018/07/06/how-bitmain-plans-to-rule-mining-and-influence-coin-prices

Please share your thoughts if you have varying opinions or insights regarding Bitmain.

I guess this article will give a lot of answers regarding it
https://ethereumworldnews.com/bitcoin-gold-new-algorithm-asic-centralization/

We are anti asic and we need new algorithm to prevent asic centralization. Asic has created by a greedy person. It can't be trusted. I hope anything will move to the POS system.

richshopgh

newbie

Activity: 120

Merit: 0

Mining centralization? how possible, no one entity or project can centralize mining. Mining from other individuals and pools outnumber the input from any single entity.

bearsworth

sr. member

Activity: 392

Merit: 250

Quote from: kindbtc on July 06, 2018, 05:30:26 PM

Well your statement is not much clear, i think all private btc mining operations do reinves their part of earnings back into mining equipment and stuff so all these businesses are actually helping the market, as if they will not reinvest their business will become slow and end up yielding no profit due to increasing mining difficulty.

I think its not mining operations the concern should be. It's competitors of Bitmain at least that's how I see it.

Mining operations would just get profit and buy more machines. If Bitmain is the only competitor and Bitmain actively reinvests in coins, then its positive. If there are many other competitors, it's not clear how they will use their funds. If they increase scale, a lot of earned money goes back into infrastructure and fixed costs which takes away from Bitcoin. Bitmain already has much of this in place already, so I would assume they could save the cash to buy more coins or find new crypto related outlets to invest in.

I'm all for the private miners though.

kindbtc

member

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Well your statement is not much clear, i think all private btc mining operations do reinves their part of earnings back into mining equipment and stuff so all these businesses are actually helping the market, as if they will not reinvest their business will become slow and end up yielding no profit due to increasing mining difficulty.

swissgang

full member

Activity: 462

Merit: 100

Besides the negative effect of mining centralization, I think this company is completely evil and a threat for the market. I don't have idea unfortunately how can we fight agains it.

bearsworth

sr. member

Activity: 392

Merit: 250

As a miner I think Bitmain is something to be feared. No one really like miner centralization. However, after much thought and analysis, I believe Bitmain is a necessary evil.

Bitmain is required to help boost prices of Bitcoin up. They sell hardware and prevent other competitors from entering because they will actively re invest back into cryptocurrencies. I can't say the same for other mining companies and it seems better than giving money to Nvidia and AMD in the long term.

I've written a full article on my thoughts here: https://bitrpc.com/2018/07/06/how-bitmain-plans-to-rule-mining-and-influence-coin-prices

Please share your thoughts if you have varying opinions or insights regarding Bitmain.

Topic: How Bitmain Plans to Rule Mining and Influence Coin Prices (Read 146 times)