Miners did lower hashrate when 1 Bitcoin < $300 - page 2.

Beliathon

hero member

Activity: 784

Merit: 1000

https://youtu.be/PZm8TTLR2NU

Quote from: jonald_fyookball on October 13, 2014, 01:26:11 PM

Quote from: Brangdon on October 13, 2014, 01:22:47 PM

Quote from: jonald_fyookball on October 13, 2014, 01:05:20 PM

Well that's exactly what's supposed to happen, isn't it?

Everytime a newbie says something like
"Bitcoin is doomed if the price drops too much",
people are quick to explain the hashrate would
drop out of competitiveness to find a new
equalibrium.

Well, if that just happened, then it is proof
the theory is correct.

The lowering of the hashrate is the problem. The lower the hashrate, the cheaper it is to attack Bitcoin.

Correct me if I'm wrong, it will only decrease linearly, not exponentially (unless of course price does the same).

Correct. To successfully attack bitcoin the hashrate would need to go back down to 2010 levels. Not going to happen, ever.

jonald_fyookball

legendary

Activity: 1302

Merit: 1004

Core dev leaves me neg feedback #abuse #political

Quote from: Brangdon on October 13, 2014, 01:22:47 PM

Quote from: jonald_fyookball on October 13, 2014, 01:05:20 PM

Well that's exactly what's supposed to happen, isn't it?

Everytime a newbie says something like
"Bitcoin is doomed if the price drops too much",
people are quick to explain the hashrate would
drop out of competitiveness to find a new
equalibrium.

Well, if that just happened, then it is proof
the theory is correct.

The lowering of the hashrate is the problem. The lower the hashrate, the cheaper it is to attack Bitcoin.

Correct me if I'm wrong, it will only decrease linearly, not exponentially (unless of course price does the same).

Brangdon

sr. member

Activity: 365

Merit: 251

Quote from: jonald_fyookball on October 13, 2014, 01:05:20 PM

Well that's exactly what's supposed to happen, isn't it?

Everytime a newbie says something like
"Bitcoin is doomed if the price drops too much",
people are quick to explain the hashrate would
drop out of competitiveness to find a new
equalibrium.

Well, if that just happened, then it is proof
the theory is correct.

The lowering of the hashrate is the problem. The lower the hashrate, the cheaper it is to attack Bitcoin.

jonald_fyookball

legendary

Activity: 1302

Merit: 1004

Core dev leaves me neg feedback #abuse #political

Well that's exactly what's supposed to happen, isn't it?

Everytime a newbie says something like
"Bitcoin is doomed if the price drops too much",
people are quick to explain the hashrate would
drop out of competitiveness to find a new
equalibrium.

Well, if that just happened, then it is proof
the theory is correct.

btckold24

sr. member

Activity: 434

Merit: 250

★Bitvest.io★ Play Plinko or Invest!

I know personally I decided to sell my 2x s1's when btc dropped - why keep mining when I'm spending 2x what im making in just energy. It may be good if btc sits around 300 so that the difficulty stops climbing so dam fast.

TrailingComet

sr. member

Activity: 462

Merit: 250

It's logical that they do so when prices fall steeply but surprisingly appears to have rarely happened so far. Would be curious to know if there have been other stretches when the hash rate dropped.

bitpump

full member

Activity: 167

Merit: 101

Miners did lower hashrate when 1 Bitcoin < $300, see chart

Apparantly, miners do adjust operational expense depending on Bitcoin commercial price.

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