📅 Original date posted:2016-03-02
📝 Original message:On 3/2/2016 12:53 PM, Gregory Maxwell via bitcoin-dev wrote:
> What you are proposing makes sense only if it was believed that a very
> large difficulty drop would be very likely.
>
> This appears to be almost certainly untrue-- consider-- look how long
> ago since hashrate was 50% of what it is now, or 25% of what it is
> now-- this is strong evidence that supermajority of the hashrate is
> equipment with state of the art power efficiency.
I don't understand the relevance of this.
In my view, we would prefer miners to invest in hardware just a mere
2016 blocks away from the halving. Instead, they've made them too soon.
Assuming that miners are already located in low-power-cost areas, the
difficulty will be quickly rising to compensate for "state of the art
power efficiency".
So it will have canceled out by July.
If anything, the more efficient miners become today, the bigger our
potential problem in July, because chip-manufacturers may have used up
all of the easy efficiency-increasing moves, such that investments do
not take place in June.
Paul
Paul Sztorc [ARCHIVE] /
npub10t…w9uu9
2023-06-07 17:49:36
in reply to nevent1q…5487
Author Public Key
npub10tqt6wdc2neye0cxwyphtre6n5uccgur94khtqjdry9wxhrvywlq6w9uu9Published at
2023-06-07 17:49:36Event JSON
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"content": "📅 Original date posted:2016-03-02\n📝 Original message:On 3/2/2016 12:53 PM, Gregory Maxwell via bitcoin-dev wrote:\n\u003e What you are proposing makes sense only if it was believed that a very\n\u003e large difficulty drop would be very likely.\n\u003e \n\u003e This appears to be almost certainly untrue-- consider-- look how long\n\u003e ago since hashrate was 50% of what it is now, or 25% of what it is\n\u003e now-- this is strong evidence that supermajority of the hashrate is\n\u003e equipment with state of the art power efficiency.\n\nI don't understand the relevance of this.\n\nIn my view, we would prefer miners to invest in hardware just a mere\n2016 blocks away from the halving. Instead, they've made them too soon.\nAssuming that miners are already located in low-power-cost areas, the\ndifficulty will be quickly rising to compensate for \"state of the art\npower efficiency\".\n\nSo it will have canceled out by July.\n\nIf anything, the more efficient miners become today, the bigger our\npotential problem in July, because chip-manufacturers may have used up\nall of the easy efficiency-increasing moves, such that investments do\nnot take place in June.\n\nPaul",
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