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The cost of mining only adjusts after a set number of blocks. It's possible for there to be a sudden drop in price, meaning the majority of miners shut down unp
by ForHackernews 8y ago
The cost of mining only adjusts after a set number of blocks. It's possible for there to be a sudden drop in price, meaning the majority of miners shut down unprofitable rigs, and then it takes essentially infinite time to mine the required N blocks to adjust the difficulty.
- pbhjpbhj 8y agoWouldn't it pay for those then sitting on hardware to mine at a loss, in order to adjust the difficulty, in order to restore the value somewhat. I'd guess it would get very spiky as people tried to buy up preempting the "rescue" efforts.