Bitcoin mining is increasing so much that the halving is now 2 weeks closer than expected , blocks are being mined every 8 minutes instead of 10 for a long time.
If the btc network hashing power keeps increasing at this rate the halving will happen a month sooner.
See you at the citadel frens.
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The hashrate keeps rising altcoins btfo
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at this rate the cost of a 51% attack will be more than the entire us military budget in 2021.
Also as pic related shows the network is becoming more descentralized every fucking day that goes.
And we are about to hit moore law limit meaning the last asics are about to be released so we will become even more descentralized as we go.
We really are going to have citadels in the 2020s , i hope you guys are in the 21m club because the chance to enter is closing.
And if this where not enough bitcoin inflation rate will be bellow fiat currencies in 248 days.
Last chance to enter the 21m club anons ,this is the chance of a lifetime.
>at this rate the cost of a 51% attack will be more than the entire us military budget in 2021.
what is this delusion?
the maximum cost of the 51% attack is always the cost of asics + cost of electricity for the duration of the attack.
It takes about 1.4M of antminers s17e (64TH/s) to get the hash rate of the current network.
The cost (not the price) of each s17e is about $500.
This gives a total asic bill of $710M, that's without initial mask cost. Throw in $100M for these, that's $810M.
Daily mining revenue is $22M so electricity cost much be way lower than that, whatever.
No matter how you change the variables the total cost of a 51% attack that lasts several days is smaller than $1B.
You realize that the cost is at 1B at least right now and the hashing rate increased 100x every halving?
At this rate the cost of a 51% attack will be in the billions , also the production of asics won't allow a centralized organization to make the attack it's too powerful now.
And even if they do the capital will flow to an altcoin like ltc using another algorithm causing it to moon , the capital in cryptos can escape any attack.
>The cost (not the price) of each s17e is about $500.
The price is 2500 usd and is always out of stock because the production can't match the demand.
Do the math the attack cost is probably 5B usd now until you can't get the asics supply needed to do it and since the hashing rate increased 100x per halving the cost will be massively in 2021.
Satoshi has 200iq
Satoshi is satan.
I just realized, you are comparing bitcoin hash rate to ethereum and xmr.
Those are completely different PoW algorithms, the units have nothing to do with each other. You can only compare sha256 coins with other sha256 coins.
>You realize that the cost is at 1B at least right now and the hashing rate increased 100x every halving?
The hashing rate depends on the mining revenue and chip technology. That's literally it. If mining revenue rises, miners see the profit chance, buy new asics etc.
>The price is 2500 usd and is always out of stock because the production can't match the demand.
If you are spending hundreds of millions you are going to get your own asics made at TSMC rather than pay bitmain's margins. Their margins are enormous.
The discussion if bitcoin was created by god or the devil has been going on since 2012 in bitcoin talk after satoshi disappeared.
I can't say it's been created by god but the devil does not like it.
>The hashing rate depends on the mining revenue and chip technology. That's literally it. If mining revenue rises, miners see the profit chance, buy new asics etc.
It depends on the price for the most part , next year bitcoin stock to flow ratio not only be nearly the same than gold but miners won't have to sell to replace the hardware since we have reached the hardware limitation due to the moore law so miners will sell less than they ever did since they won't need a part of their income to buy new hardware to keep making money.
>If you are spending hundreds of millions you are going to get your own asics made at TSMC rather than pay bitmain's margins. Their margins are enormous.
Correct that still is in the billions now , probably 3B and if the hashing rate keeps increasing at this rate probably 100B by 2021.
>but the devil does not like it
You know this how?
Except it's being increasingly centralized into mining pools located in china. And it costs much more to defend against a 51% percent attack than it does to attack. Also you can do it well below 51% percent.
The powers of centralization that want more control over individuals hate it.
The pools are simply internet companies , the hardware it's what matters and it's going to become more and more descentralization with the moore law limit being hit.
Nope, 80% of the hashing power is literally just 5 individuals and groups in china.
most based post today
> just 5 individuals and groups in china.
Pools don't own the hardware and we are seeing even a descentralization in pools relative to 3 years ago.
BTC is descentralizing more and more , we reached peak centralization back in 2016-2017 and now we are descentralizing the system again due to the moore law limits.
>he doesn't know why the hashrate is skyrocketing
>he doesn't know the Tulip AI living on the blockchain designed a breakthrough new ASIC
>he doesn't know satoshi himself is driving the difficulty sky high to set up BTC chain death spiral
>he doesn't know that csw is unironically satoj
>he doesn't know BSV is BitCoin
>he hasn't taken the crypto black pill
Definitely not gonna make it
You bsv pajeets never stop do you?Even if bitcoin lost 70% of it's hashrate things would be back to normal in 3 weeks.
Pure cringe
all of the hash power will switch to the real BitCoin just before the halving. craig will sell 1 million BitCoin. this causing a death spiral. if you don’t like it, STIFF.
bsv hashrate is pathetic less than 100 times btc hashrate.
I'm a zoomer. Who can explain this thread in simple words?
you win king retard for shilling BSV, could anyone imagine buying crypto and you get a fork of a fork of BTC. Just buy BTC, I bet you'll get other forks that surpass BCH anyway. It's unlikely BTC will stop forking but eventually it will be a selling point of BTC not a flaw.
hash rate is a way to measure network power
Hashrate going up and faster blocks means the supply cut to BTC miners could happen in 8 months instead of 9.
That halving of supply makes BTC more scarce and prices rise
>cost for asics is $500
>only just need to buy 101% of worlds supply at the same cost basis
Was gov schooling a mistake?
cool story nerd, "mining" , "halving" ... dont you have life? why you use these words ... i feel sad for humanity
> BTC is not a ponzi
Segwit Core illegally stole that hashrate from BitCoin. Well, there’s a patent for that, and they are in breach of it.
I’ll see them in court.
shit nigga, there's always decred
Isn't the difficulty supposed to adjust to make it 10 minutes again?
Do you know if the 3,000 PH/s they just bought has been brought online?
Perhaps you should go back to watching the Kardashians?
go back to k2 smoke bro..... lol
When bitcoin will be a million USD??
m8 wtf is the 21m club? Owning 1 BTC??? That's not nearly enough
1 btc = 1 mm usd
21 btc = 21 mm usd
It already is
Did someone say hash?
Where can sell for 1,000,000 United States dollars?
So, no love for 0xBitcoin? Is it because it doesn't have its own blockchain? Is running on top of Ethereum isn't good enough. I for one am happy to know that 0xBTC isn't a fork. It's literally just like Bitcoin. The first mineable token gets absolutely no love.
My friend is retarded, can you explain what this means for bitcoin so he can understand.
Yes. But the adjustment is done only every 2 weeks. So it can't keep up with the hashrate that is increasing faster daily.
Get real, there's no need for a shit copy of Bitcoin on top of a shitcoin when you can just use the real thing.
What is the citadel?
Blimey
>Where can sell for 1,000,000 United States dollars?
Any reputable exchange will do. Just place your limit sell order with a price of 1,000,000 USD and then wait.
A shit copy? Well at least it isn't a hard fork. It had humble beginning just like BTC.
I dismissed it 0xBitcoin at first. 0xBTC is an immutable smart contract and you can't just go and change the code or make threats about not mining it to secure the network. If miners stop mining, 0xBTC will still carry on as intended. It's the only iteration of Bitcoin that can interact within the Ethereum network.