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If the current group of Ethereum miners decide to stop mining, why wouldn't new parties come in to take the profits they are leaving behind?
by shawnz 6y ago
If the current group of Ethereum miners decide to stop mining, why wouldn't new parties come in to take the profits they are leaving behind?
- jkhdigital 6y agoIt’s not like there’s a giant pool of mining hardware waiting in the wings to take over... I think we can assume that all hardware is always in use mining something as long as marginal revenue exceeds marginal cost.
- shawnz 6y agoEthereum is typically mined on GPUs so I would argue there really is a giant pool of hardware waiting to take over. On Bitcoin where ASIC mining is common that is indeed a concern, but consider even then, each hardware owner has stronger incentives to just lie about participating in such a strike while keeping the increased profits for themselves.