The hashrate is crashing. Bitcoin is unironically dead

hahahahahha

Cope. Is time to get a real job you fucking loser.

In other words, this just means slower transactions which doesn't matter since BTC is a store of value, not a currency. And something like Lightning Network may solve the issue too. Ya'll are trying to get us to sell at the bottom, kindly fuck off now will ya?

thats normal. more hash rate = more competition = more difficulty = more electricity = bigger cost to mine. if price crashes, mining stops being profitable and people turn off their miners, which will reduce the difficulty and therefore the cost, to adjust to the current price.

is everyone in biz ignorant as fuck or what?

In other words its literally dying right in front of your eyes and you are in denial. What is the point of a store of value if you can never get the value out of it ever again.

bitcoin is based on competition for block rewards.

price goes high = better rewards = more miners = difficulty goes higher = higher cost

price goes down = worse rewards = less miners = diffuculty goes down = less cost

the block time is always adjusted to be 10 minutes, no matter how high or low the hash rate is. so no, the chain will not get clogged with pending transactions just because people are turning off their miners. it just means there is less competition for block rewards

>this just means slower transactions
It literally doesn't, you illiterate fucktard. It doesn't mean jack shit.

>is everyone in biz ignorant as fuck or what?
yeah

what happens if miners not only shutdown but also decide to sell to recoup losses?

They market sell the moment they mine a btc

That's not possible. Coinbase transactions are locked for days.

the transaction fees make it more lucrative to continue mining

LMAO

BITCOINS ARE GOING TO RUN OUT

RETARD COINERS

HOW IS ANYONE GOING TO USE THE CURRENCY IF MORE ARNT MADE???

BITCOINS ARE LITERALLY FINISHED

eventually the difficulty resets and we're back to normal

price tanks, which will reduce the rewards (not in terms of BTC, but because BTC is worth less dollars) which will further make miners abandon mining and consequently reduce difficulty until it reaches a new equilibrium.

the only thing that can clog the network is:
- if the amount of transactions exceed 1mb per 10 minutes.
- if miners abandon in mass, since the difficulty adjustment only happens ever 2016 blocks

People have been selling their GPUs rigs for 6 months now. The Ethereum hash rate needs to come down by about half then I will switch them back on again.

oh shit those digits

Zoom out

They sell otc

Fullhousedigies

bull confirmed

ethereum has ASICs now

And when there are no miners there are no transactions. The amount of mental gymnastics crypto crappers use to pretend it isn't dying right in front of them is spectacular.

This is just the market cycle, and if you don't recognize it then you're still new.
Hype brings price up faster than the hashrate. People start mining, but eventually the difficulty is too high and miners don't make profit. Miners give up when the price drops, and with fewer miners the difficulty drops down and mining becomes profitable again.
Just like how a bull run causes network congestion, a bear market means there are fewer transactions in need of processing. Small miners just dont stand a chance. The established miners have seen this stagnation before and will support the network at the bottom. It's an interesting interaction that is often overlooked: mining is also a form of speculation, and we're just waiting for the weak hands to break.

checked
kekked

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that just means that is was incredibly profitable to mine bitcoin until 60 million TH/s. the hash rate going up is just a consequence of mining rigs being better over time, not that there are more people mining. if people could have mined at 60 million back in january, they would have done it.

you are a subnormal brainlet

read even if there was only 1 miners, the network would adjust the difficulty so that that 1 miner would be able to mine 1 block every 10 minutes, which is whats happening right now.

Takes 2 weeks for difficulty to adjust on buttcoin

>understanding the technology
>mental gymnastics
gtfo boomer

What a waste

But there wont be one miner, there are going to be zero miners. Stop clinging to your delusions.

so you wait
are you a hurry?

They are getting pushed out of the market because of the low prices. People here on biz always said "the price can't go below 6k since that is the point of profitability". Well you fuckwits it's the other way around, if the price drops miners are shutting down which leads to decreased hashrate/difficulty which at some point makes it profitable again since you need less energy.

bitcoin had miners before it had a price

>the block time is always adjusted to be 10 minutes, no matter how high or low the hash rate is.
The difficulty is only adjusted every 2016 blocks. At present, the next adjustment is 1279 blocks away, which comes out to about 10 days at the current rate.
If the price drops further (leading to a further drop in hashrate), that will push the retarget further out on the time horizon. The recent price drops have already pushed it out a couple days from where it would be otherwise.
If the price drops below the point where it is profitable to mine at current difficulty, it's unironically the end for Bitcoin.

The reward is too high. If there are zero miners, dumbasses like you will move to sell, and many will jump at the opportunity to be the one miner who collects all your transaction fees.

If it drops too quickly it can't adjust

That is only because people were just trying to start the experiment. Now the experiment has proven itself to be failed. Nobody is going to keep mining a failed experiment.

i will be mining and others will too. you are the one delusional. sorry you sold at the bottom and ur trying to cope, but bitcoin is not dying just because you missed the train. ur not gonna make it fren , sorry

then you hard fork it and change the algo

I have nothing to sell. I would and will never buy fake internet money. I am not that stupid.

Bitcorn devs dont believe in hard forks lyl

>Now the experiment has proven itself to be failed. Nobody is going to keep mining a failed experiment.
says you, a nobody, i will and others will too.

This thread disappoints me biz. It's called a death spiral. BTC difficulty readjusts every 2016 blocks, if the miners start dropping off blocktimes become higher and higher leading into a spiral of miners leaving and the price dropping causing the difficulty to never readjust and the chain dies until they hardfork it.

>I am not that stupid.
i beg to differ. anyway, i wouldnt waste my energy arguing about something i consider stupid, you obviously have some meat in the game, otherwise you are just retarded.

They're all moving to SV

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miners have invested too much, those with cheap or free electricity will mine at a loss and eventually reap the benefits, it didnt die in 2015 at 200 usd, not gonna die now at 4k

The only miners who aren't on btc for short term profits are maybe slush. BTC is a shit chain that miners ideologically oppose and only reap value from.

BTC has crashed many times, has that ever happened?

This happens every thanksgiving miners are using their electricity to cook turkeys

Learn how difficulty works user. Then you can post dumb shit

It's not the price alone that matters, but the ratio of price to difficulty. If the price drops too quickly and hashrate drops accordingly (as it has been doing), the next difficulty retarget can get pushed months/years/decades into the future. No one is going to mine at a loss for that.

Attached: BTC to 1000.png (623x881, 324K)

Why would have have meat in the game of something that loses 90% of value overnight? Face it, all you crypto crappers got scammed and you wont admit it.

When it hits zero will you finally admit its dead?

If it drops below $3800 it will die real quick.

Teach us more things like this

no i will mine it on my laptop if need be

Kek don’t forget this happens every year where people take profits to pay for thanksgiving

Not at these difficulty levels you won't.

not at these levels no. but they either drop considerably by then, or i just make a small adjustment to the source no big deal.

Kek!
This unironically

Trips for truth

>but they either drop considerably by then
Have fun waiting a couple decades for the difficulty drop to hit.
>or i just make a small adjustment to the source
You mean create a fork? Pretty sure you don't have custody of the source for BTC proper.

NO, STOP FUCKING SELLING!!!

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there will always be someone mining you retards, learn about the difficulty adjustment before you spew your BS propaganda, go suck a jew dick you pathetic losers.

>my gaming rig can't compete with ASICS
Oh no.

Mining wasn't nearly as tight back then. The boom and busts were so fast it always remained profitable.

We need to use these bitcoins and stop mining that’s why the market is where it is. We need to find a way to make people want to have bitcoin in order to have a stable market or regulate what time to invest to keep things in check.

A difficulty retarget of once every 2016 blocks combined with sudden and drastic drops in price is a recipe for disaster.
Maybe you should learn a little more about the difficulty adjustment yourself.

hash drops too quickly it can result in chain death

only a serious bug could cause the price to drop that much

I'm convinced it was a serious "bug" (Bitfinex/Tether) that inflated it so high in the first place.

Yea that’s why I bought 0x Incase of the apocalypse next is BAT since it’s also on coinbase just hidden.

yea and you know what? maybe a meteor hits the planet tomorrow, better an hero right now! why wait

fucking retard no coiners, can't wait to post screen caps next year laughing in your face you filthy kikes

Damn I may cash out some just to buy some of these at 70% off. I love black Friday deals

I don't think it can come from an outside party
shorts/tether/an exchange can only do so much damage
we're making to the difficulty adjustment a few days late and it'll normalize

dude it's opensource if there is no other fork my fork is the one true fork. if there is an other fork alive btc is not dead. so btc can't die. ever.

they are locked for 100 blocks, which is 17 hours

Incorrect. People will mine at a loss, just to get their hands on dem sweet bitcones. You know why? Because the price differential is a KYC premium

1 miner will never get through the diffculty if its set to current rates he would go bankrupt before hitting the adjustment and wouldnt be able to recoup his losses because everyone else would turn on and clear the next 2016 blocks in a day.

Starting to think this whole hash war is a smokescreen to dump btc price so retail investors dump at huge losses.

Did that get changed? I'm pretty sure it was 1000. Or I'm thinking of some other shitcoin...

Tether all that shit naw noob

the death spiral was a dragonslayer meme, miners mined at a loss for months in 2014-2015.

>= more difficulty = more electricity = bigger cost to mine = more powerful orgasms for the both of us and possibly even female ejaculation

No they aren't pajeet. Fuck off.

The difficulty adjusts every 2016 blocks. If enough miners turn off the machine you will never get to 2016 blocks. The Bitcoin machine will have stalled.
It is all downhill from here.

Buy the real Bitcoin, buy SV

Digits of truth OP BTFO

Thank you