Mining has to become unprofitable for big business so they can die off and let mining return to the users.
Topic: What the most important things to secure the network of bitcoin? - page 2. (Read 1154 times)
While spending money will reward miners, miners will indeed stay and secure the network.
But just think that halving is not that far away, the transactions fees are not that big to cover the difference and bitcoin price on the exchanges is much smaller than the miners would like.
If too many miners will shut down the operations, the network may have hard times from the security point of view (Just imagine the scenario when 50-60% of the hashrate will come from 2 mining facilities in China. What if they join up for a huge double spend?)
And here 21 Inc comes and may have a good chance to fill the gap.
Also, 21 Inc is not Red Cross. No. They do it for profit. Their devices will mine in your home, you'll pay for the power costs and will get back some pennies (which may just cover the power cost, or may not even cover it after the halving).
But just think that halving is not that far away, the transactions fees are not that big to cover the difference and bitcoin price on the exchanges is much smaller than the miners would like.
If too many miners will shut down the operations, the network may have hard times from the security point of view (Just imagine the scenario when 50-60% of the hashrate will come from 2 mining facilities in China. What if they join up for a huge double spend?)
And here 21 Inc comes and may have a good chance to fill the gap.
Also, 21 Inc is not Red Cross. No. They do it for profit. Their devices will mine in your home, you'll pay for the power costs and will get back some pennies (which may just cover the power cost, or may not even cover it after the halving).
Why do you say that? People spending Bitcoin, does not secure the network. The more people or devices doing the mining, secure the network. If we end up with only 1 or 2 big mining farms doing all the mining, we would end up with more problems. I think it's a good thing, and even better, if they can make it profitable for the owner of the device.
What the most important things to secure the network of bitcoin?
The hashrate? NO.
I think it's the money we spent to secure the network. And i believe 21 company doing a nonsense thing.
The hashrate? NO.
I think it's the money we spent to secure the network. And i believe 21 company doing a nonsense thing.
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