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If the price of Bitcoin always goes up and the efficiency of mining hardware always goes down, then I probably agree with you. But this is not the case! There
by amluto 4y ago
If the price of Bitcoin always goes up and the efficiency of mining hardware always goes down, then I probably agree with you. But this is not the case! There is plenty of mining hardware, right now, that cannot be used to profitably mine Bitcoin. The lower the price goes, the higher the fraction of hardware for with this becomes true. To me, mining hardware that can’t honestly mine for a profit is just asking to be used to dishonestly mine.
- mekster 4y agoFor one, where are the mining hardware that are unused? The hash rate is actually going up during this bear market. They should drop once they can't mine profitably for a while but so far not the case. https://www.blockchain.com/charts/hash-rate https://www.blockchain.com/charts/hash-rate You cannot possibly own half of that hash rate to yourself unless you're some state level actor wasting tax on it thinking wasting billions (even then, you can't just order million ASIC units overnight) today to kill Bitcoin is better than some future they see with Bitcoin but then again, people can fork Bitcoin to form another base cryptocurrency, and their effort could become a complete waste. The only few ways Bitcoin can kill itself is that either people fail to see its usefulness or that some severe unfixable security flaw is found.