4 ms·
This could also include GPUs, Asics, and other mining equipment which given the upcoming ETH merge should be amortized differently.
by jsemrau 4y ago
This could also include GPUs, Asics, and other mining equipment which given the upcoming ETH merge should be amortized differently.
- aaaaaaaaata 4y agoPeople are still mining LTC/BTC/DOGE et al, aren't they?
- ok_dad 4y agoThere was an analysis recently that ETH accounts for something like 97 percent of the mining market’s value.
- TrainedMonkey 4y agoThat does not sound right, bitcoin fraction alone should be more than 3%. Maybe GPU mining market value as bitcoin is dominated by ASICs.
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- remram 4y agoIf only 3% of hardware owned by miners and dedicated to mining is put towards Bitcoin, doesn't that make it super-likely that a 50% attack will happen any day? Bitcoin is still "mainstream" (within crypto) and easy to trade so a double-spend could be very lucrative? The whole security of proof-of-work depends on "you can't beat the network", but when such a small fraction of available hardware is left in that particular network, what security does it have?
- bitxbitxbitcoin 4y agoWhat you're missing is: 1) newer generations of bitcoin mining hardware are orders of magnitude more efficient so 3% of hardware isn't 3% of total SHA 256 computational capacity 2) 3% of hardware owned by miners is probably a GPU number. Eth is mined by GPUs, not ASICs. Hope this helps!
- remram 4y agoSo you're saying there's not that much mining power that could "switch over" to Bitcoin or ETH, because hardware is optimized for a specific network and would lose significant efficiency if switched to a different network? That makes sense to me thanks!
- bitxbitxbitcoin 4y agoExactly. If it even ran at all.
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- yokem55 4y agoI think that is the share of GPU mining. ASIC's, which is what mine BTC and other SHA mined coins aren't in that figure.