3 ms·

What does “leave” in this context mean?

ajross 6mo ago
"stop" (Obviously the equipment doesn't go away. You can start it again. But if you can't make a buck doing something, you won't do it.)
- illiac786 6mo ago
  But I mean, their bitcoins are not going away, their wallets are still there, their bitcoins also right? I thought bitcoin mining was proportionally hard to the number of already mined bitcoins, not the number of people mining? I probably should look this up in wikipedia first.
  - haakon 6mo ago
    It's a common misunderstanding that mining just gets harder and harder as time goes by and more coins are minted. It's often misreported that way. But in fact, the difficulty is dynamic and adjusts itself to keep minting at the predetermined rate regardless of the number of participants. Mining has gotten harder on long timelines, but only because more computing power has been added.
    - xigoi 6mo ago
      Doesn’t that contradict the Wikipedia article? > Miners who successfully create a new block with a valid nonce can collect transaction fees from the included transactions and a fixed reward in bitcoins. To claim this reward, a special transaction called a coinbase is included in the block, with the miner as the payee. All bitcoins in existence have been created through this type of transaction. This reward is halved every 210,000 blocks until ₿21 million have been issued in total, which is expected to occur around the year 2140. Afterward, miners will only earn from transaction fees. https://en.wikipedia.org/wiki/Bitcoin https://en.wikipedia.org/wiki/Bitcoin (emphasis mine)
      - bawolff 6mo ago
        Difficulty and block rewards are separate things. There is no contradiction here. Block reward stays constant, amount of work required (on average) to get a block reward is dynamic in order to make it so that total number of rewards given out over a length of time stays roughly constant. So if too many block rewards are claimed in a given time frame, difficulty is increased to slow things down. If not enough are claimed then difficulty decreases to make it easier to get one.
      - raincole 6mo ago
        The reward of each block will only get smaller. But the power needs to mine a block is dynamic.
        xigoi 6mo ago
        Sure, but that’s not what miners care about. The power needed to get a given amount of money doubles whenever the reward is halved.
        raincole 6mo ago
        I honestly don't know which part of "the difficulty being dynamic" is this hard to understand. > The power needed to get a given amount of money doubles whenever the reward is halved. Yes, by that moment it does. And some miners still stop mining if mining became too unprofitable. And the difficulty will decrease because less miners are mining. And the power needed to get a given amount of bitcoin will decrease. (Not necessarily to the level before halving, ofc) Or your comment was about this part of the grandparent comment: > keep minting at the predetermined rate ? If so, I think you misunderstood what they were trying to say (or their wording was misleading). It's a predetermined rate. Not a constant rate. It's predetermined to be halved at (roughly) certain moments. Halving happens about every four years, and pouring more power into mining won't make it happen significantly sooner or later. That's what they were trying to say.
tromp 6mo ago
Turn off their mining rigs.
- eru 6mo ago
  Or use it for other coins.
  - pydry 6mo ago
    They all correlate with bitcoin. Same problem probably applies.
    - groundzeros2015 6mo ago
      No. all coins do not have equal mining participation.
      - eru 6mo ago
        I think the comment you replied to meant that the other coins are also dropping in price, when bitcoin drops.
        groundzeros2015 6mo ago
        Yes, but the coins with less participation require less power to compete. To make a market argument that there is an equilibrium of players across all coins, implies there are actual individuals finding opportunities and switching coins when they get out of sync.
        eru 6mo ago
        Miners already switch between coins, yes.
        groundzeros2015 6mo ago
        And their reason for switching coins is?…
jfengel 6mo ago
Stop mining.
KellyCriterion 6mo ago
...and sitting on a lot of ASICs which are soon worthless....

"stop" (Obviously the equipment doesn't go away. You can start it again. But if you can't make a buck doing something, you won't do it.)

illiac786 6mo ago
But I mean, their bitcoins are not going away, their wallets are still there, their bitcoins also right? I thought bitcoin mining was proportionally hard to the number of already mined bitcoins, not the number of people mining? I probably should look this up in wikipedia first.
- haakon 6mo ago
  It's a common misunderstanding that mining just gets harder and harder as time goes by and more coins are minted. It's often misreported that way. But in fact, the difficulty is dynamic and adjusts itself to keep minting at the predetermined rate regardless of the number of participants. Mining has gotten harder on long timelines, but only because more computing power has been added.
  - xigoi 6mo ago
    Doesn’t that contradict the Wikipedia article? > Miners who successfully create a new block with a valid nonce can collect transaction fees from the included transactions and a fixed reward in bitcoins. To claim this reward, a special transaction called a coinbase is included in the block, with the miner as the payee. All bitcoins in existence have been created through this type of transaction. This reward is halved every 210,000 blocks until ₿21 million have been issued in total, which is expected to occur around the year 2140. Afterward, miners will only earn from transaction fees. https://en.wikipedia.org/wiki/Bitcoin https://en.wikipedia.org/wiki/Bitcoin (emphasis mine)
    - bawolff 6mo ago
      Difficulty and block rewards are separate things. There is no contradiction here. Block reward stays constant, amount of work required (on average) to get a block reward is dynamic in order to make it so that total number of rewards given out over a length of time stays roughly constant. So if too many block rewards are claimed in a given time frame, difficulty is increased to slow things down. If not enough are claimed then difficulty decreases to make it easier to get one.
    - raincole 6mo ago
      The reward of each block will only get smaller. But the power needs to mine a block is dynamic.
      - xigoi 6mo ago
        Sure, but that’s not what miners care about. The power needed to get a given amount of money doubles whenever the reward is halved.
        raincole 6mo ago
        I honestly don't know which part of "the difficulty being dynamic" is this hard to understand. > The power needed to get a given amount of money doubles whenever the reward is halved. Yes, by that moment it does. And some miners still stop mining if mining became too unprofitable. And the difficulty will decrease because less miners are mining. And the power needed to get a given amount of bitcoin will decrease. (Not necessarily to the level before halving, ofc) Or your comment was about this part of the grandparent comment: > keep minting at the predetermined rate ? If so, I think you misunderstood what they were trying to say (or their wording was misleading). It's a predetermined rate. Not a constant rate. It's predetermined to be halved at (roughly) certain moments. Halving happens about every four years, and pouring more power into mining won't make it happen significantly sooner or later. That's what they were trying to say.

tromp 6mo ago

Turn off their mining rigs.

eru 6mo ago
Or use it for other coins.
- pydry 6mo ago
  They all correlate with bitcoin. Same problem probably applies.
  - groundzeros2015 6mo ago
    No. all coins do not have equal mining participation.
    - eru 6mo ago
      I think the comment you replied to meant that the other coins are also dropping in price, when bitcoin drops.
      - groundzeros2015 6mo ago
        Yes, but the coins with less participation require less power to compete. To make a market argument that there is an equilibrium of players across all coins, implies there are actual individuals finding opportunities and switching coins when they get out of sync.
        eru 6mo ago
        Miners already switch between coins, yes.
        groundzeros2015 6mo ago
        And their reason for switching coins is?…

jfengel 6mo ago

Stop mining.

KellyCriterion 6mo ago

...and sitting on a lot of ASICs which are soon worthless....