What? They are shutting down the mines?

What? They are shutting down the mines?

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They are selling off hardware too?

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miner give up
the rest of miners get more

do you even brain phone user

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I'm well aware that mining difficulty is set by the amount of miners and if everyone stops mining you could mine btc on a phone. But they are selling off the entire mine, isn't this weird? Maybe the end is near

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i literally couldnt care less about faggots that instasell at current market price

>down 80%
>OK now I'll sell.

The existence of these retards is literally why we make so much money on crypto.

When BTC recovers there will be 7nm or 5nm asics, so they still have to get rid of the antminers.

It's the flaw that was always the biggest weakness in crtypto, especially bitcoin.

You can't have a system that requires massive amounts of electricity to verify every purchase. The world only generates so much electricity, and there are better uses.

This only signals the consolidation of mining power until your idea of a distributed ledger and decentralized control is a myth.

Eventually all of the mining will be handled by those who have access to the cheapest electricity. Which means that some russian oligarchy, with access to a nuclear reactor, will eventually price everyone else out of the market

>You can't have a system that requires massive amounts of land to dig gold. The world only has so much space, and there are better uses.

as long as it has value it's a valid system and decent use of resources

How do retards like you still don't know the basic of how bitcoin works? Bitcoin does not "require" any amount of energy to verify transactions. Nor does more or less hash rate / power usage affect the transaction limit at all.

And how many bitcoin transactions will it take before you use up the entire worlds energy supply? Then compare that number to the number of credit card transactions that are currently happening in the world. Then ask yourself if BTC is a viable alternative.

So OP's post and image are a lie? You don't have miners shutting down because the cost of electricity is too high to break even?

Bitcoin doesn't need those asics to run you fucking cretins


If they stop mining difficulty drops and smaller miners will get more

HOW CAN YOU POSSIBLY REFUTE WHAT IS REAL, AND WHAT IS REALLY HAPPENING. HOW ARE YOU GONNA DO IT. FUCKING DO IT. GO AHEAD AND TELL ME THAT ONCE IT STOPS BECOMING PROFITABLE (WHICH IT ALREADY IS UNLESS YOU'RE MINING NEXT TO A FUCKING NATURAL GAS PLANT), THE HASHRATE WILL TANK. TELL ME ABOUT HOW MINERS DON'T CONTROL MOST BITCOIN, AND HAVE PLENTY OF RESERVE FIAT THAT THEY ARE CONTROLLING THE MARKETS WITH. TELL ME ABOUT HOW IT'S GONNA GO TO $3K JUST BECAUSE YOU PANIC SOLD AT THE BOTTOM OF THE LAST DIP, BOUGHT THE TOP, AND SOLD THE BOTTOM AGAIN. TELL ME. TELL ME ABOUT HOW MINERS ARE GONNA CAVE AND GIVE AWAY MONEY, AND HOW THEY AREN'T GOING TO TAKE ADVANTAGE OF THE FACT THAT THEY ARE THE EXCEPTION IN ELECTRICITY COSTS, AND NOT THE ORDINARY. TELL ME ALL ABOUT HOW THEY'RE GOING TO GIVE AWAY MONEY AND PUT THEMSELVES IN A VULNERABLE POSITION, YOU DUMB FUCK. TELL ME THAT WHAT I'M SEEING ON THAT CHART IS A FUCKING ILLUSION. TELL ME THAT I'M JUST FUCKING DAYDREAMING!!

Seriously these fucking people are so retarded

>So OP's post and image are a lie? You don't have miners shutting down because the cost of electricity is too high to break even?
So what if some brainlet miner is shutting down?
When hashrate/time to create a new block drops so does the difficulty, meaning less electricity is needed to mine in the future

You are a dumb fucking nigger. Pisses me off that you exist desu.

So if I understand right....

More miners = higher difficulty = more electricity needed
Less minders = lower difficulty = less electricity needed

Which, again, points to a system that encourages centralization of mining control. As the price continues to fall, smaller miners will be priced out of the operation, leaving only the large Russian and Chinese mining farms to handle the mining.

Translation... centralization. Not only centralization, but centralization by foreign powers.

>Translation... centralization. Not only centralization, but centralization by foreign powers.
And?
The economic incentive for miners is to secure the chain honestly. Centralised or not.

If they attack the chain/double spend people won't use it and it becomes worthless.
Hell, people might even ditch the chain altogether because of the centralisation alone.

Before you waste your time to post, actually take the 10 minutes to research how bitcoin actually works. Electricity use / hash rate is not based on transaction rate, and there is no required per transaction hash rate. Transaction rate has no effect at all on electricity use and hash rate.

None of that directly implies an advantage for large miners. There are economies of scale, like a lot of industries, but that has nothing to due with the difficulty adjustment feature of bitcoin.

Btc is bot an alternative (read complete substitution) it is an extra route for monetary transactions

And by bot i mean not*

They probably need that money to live though

Which is why you only buy what you can afford to lose if you go the hold route.

>use up the entire worlds energy supply?

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Your brain on BTC

If you sell now you can deduct it from you tax return for 2018

I guess its time to get into mining. Some mining user give me the quick rundown on how to set up a mining rig in my apartment.

what is the mine?

Yeah, dont

This gentleman is called FUD.
Just do as you were