$1,000,000 USD Worth of Hashing Power would net him about $130-160k a week at $15 a bitcoin, because much of the equipment he could buy in bulk from manufacturers.
In fact, it would probably make him very very rich in bitcoins, but it would be next to impossible for him to lay it all off
However, with such a strong market presence, and the lack of coins going to others as they got stale hashes over and over, people would either respond buy giving up mining and buying bitcoins speculatively (bitcoin value increases), or buy quitting bitcoins altogether (bitcoin value decreases).
It really could go either way, but id think the latter myself if i had to bet
Topic: What Do You Think $1,000,000 USD Worth of Hashing Power Would Do? - page 2. (Read 3445 times)
he would have 1000 ghash about only 16 percent of the network.
16% of the network! Repeat! Soon, our hashing power will be less than 1%.
he would have 1000 ghash about only 16 percent of the network.
You guys are taking this too seriously. Just answer the questions if you want to participate. This is only meant to make for an interesting discussion.
1. I doubt anyone becomes a tycoon by throwing money away.
2. I highly doubt anyone could buy all the bitcoins even if he wanted to and accepted the incredibly high prices that it would have to suffer as supply disappears.
3. Ignoring that its not a realistic scenario, what is the point of this speculation?
2. I highly doubt anyone could buy all the bitcoins even if he wanted to and accepted the incredibly high prices that it would have to suffer as supply disappears.
3. Ignoring that its not a realistic scenario, what is the point of this speculation?
Good questions. Especially #1.
it's simply a matter of doing the maths
cost of office rental / month
+ cooling & electricity
that would reduce the amount available to spend on hardware, but if it's not the case then it's a matter of building the cheapest hash/watt rigs or hash/$ rigs depending on what your power bills are like where you are
but I CBF doing the maths haha
cost of office rental / month
+ cooling & electricity
that would reduce the amount available to spend on hardware, but if it's not the case then it's a matter of building the cheapest hash/watt rigs or hash/$ rigs depending on what your power bills are like where you are
but I CBF doing the maths haha
1. I doubt anyone becomes a tycoon by throwing money away.
2. I highly doubt anyone could buy all the bitcoins even if he wanted to and accepted the incredibly high prices that it would have to suffer as supply disappears.
3. Ignoring that its not a realistic scenario, what is the point of this speculation?
2. I highly doubt anyone could buy all the bitcoins even if he wanted to and accepted the incredibly high prices that it would have to suffer as supply disappears.
3. Ignoring that its not a realistic scenario, what is the point of this speculation?
So let's say some tycoon had nothing better to do with his time, bought a million dollars worth of hardware, rented/bought out an office building, and put it all online. Now let's say this tycoon had no intentions of doing it for the money as he has money to burn and is doing it only for competition and excitement. What do you think would happen to the network? What do you think the difficulty would be as a result? Would you stop mining if this happened?
Conversely in another scenario, lets say that tycoon instead of buying hardware, bought out everything available on Mt Gox and Trade Hill. So basically he would buy out all the bitcoins currently on the market. What do you think would happen to the bitcoin economy as a result? Do you think this would have an affect on the network as well?
Conversely in another scenario, lets say that tycoon instead of buying hardware, bought out everything available on Mt Gox and Trade Hill. So basically he would buy out all the bitcoins currently on the market. What do you think would happen to the bitcoin economy as a result? Do you think this would have an affect on the network as well?
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