📅 Original date posted:2016-03-09
📝 Original message:On 3/9/2016 1:30 PM, Dave Hudson via bitcoin-dev wrote:
> The hash rate has jumped up by almost 70% in the last 6 to 7 months and that implies some pretty serious investments by miners who are quite aware of the halving.
There are a few ways in which that information would be irrelevant:
[1.] It is possible that miners expect to breakeven before the halving.
[2.] It is also possible that miners earnestly believe that there will
be no problem -- however:
... [2a.] This belief may be mistaken.
... [2b.] Miners may be counting on Core Devs to fix any problems that
come up with anything, this one included.
Also, [3.] many miners believe that the price will increase around the
time of the halving, either for market-microstructure reasons or
marketing reasons. I, personally, think that the price is as likely to
go down as up.
On 3/9/2016 1:30 PM, Dave Hudson via bitcoin-dev wrote:
> These same miners were mining with a coin price around $250 last year so in terms of profitability I'm pretty sure that one around $400 won't be a huge concern.
For some miners, currently it costs $X in electricity per coin mined,
and $400 / 2 is less than X. I do not know how representative this
information is.
Paul
Paul Sztorc [ARCHIVE] /
npub10t…w9uu9
2023-06-07 17:49:34
in reply to nevent1q…ygxl
Author Public Key
npub10tqt6wdc2neye0cxwyphtre6n5uccgur94khtqjdry9wxhrvywlq6w9uu9Published at
2023-06-07 17:49:34Event JSON
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"content": "📅 Original date posted:2016-03-09\n📝 Original message:On 3/9/2016 1:30 PM, Dave Hudson via bitcoin-dev wrote:\n\u003e The hash rate has jumped up by almost 70% in the last 6 to 7 months and that implies some pretty serious investments by miners who are quite aware of the halving.\nThere are a few ways in which that information would be irrelevant:\n[1.] It is possible that miners expect to breakeven before the halving.\n[2.] It is also possible that miners earnestly believe that there will\nbe no problem -- however:\n... [2a.] This belief may be mistaken.\n... [2b.] Miners may be counting on Core Devs to fix any problems that\ncome up with anything, this one included.\n\nAlso, [3.] many miners believe that the price will increase around the\ntime of the halving, either for market-microstructure reasons or\nmarketing reasons. I, personally, think that the price is as likely to\ngo down as up.\n\nOn 3/9/2016 1:30 PM, Dave Hudson via bitcoin-dev wrote:\n\u003e These same miners were mining with a coin price around $250 last year so in terms of profitability I'm pretty sure that one around $400 won't be a huge concern.\nFor some miners, currently it costs $X in electricity per coin mined,\nand $400 / 2 is less than X. I do not know how representative this\ninformation is.\n\nPaul",
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