Miners closing up shop
The hashrate is finally starting to fall.
And fall in a big way...
(Source: https://twitter.com/business/status/1067049772547260416)
Could be a contributing factor to the decline as well as miners sell whatever they can to stay solvent.
Cannibalizing itself.
Good info! 👍🧐👍
Thanks corndog.
Less supply should help, right?
I am not sure. I think the same amount of bitcoin gets created regardless of the number of miners. The difficulty just adjusts to account for the number of miners, no?
No, the inflation is passed the point where it matters since it is logarithmical, the more bitcoin is out there the less the percentage new/existing is and the less it matters on price. the inflation right now is, doing some mental maths, around 2 to 3% early, so I don't think it affects the price anymore and will affects less and less every new block and much less on havings
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I understand there is an algorithm, but also thought the calculations had to be made, so fewer calculations meant slower pace of new bitcoins. Thanks for the help in clarifying this for me.
40,000,000,000,000,000,000 (FORTY QUINTILLION) hashes per second is still amazing though.
Yes it is, but that will continue to drop if the price continues to drop.
I sold some steem dollars for bitcoin today and the Bitcoin transaction was VERY slow due to the drop in hashrate.
I am both happy to see greedy miners getting wrecked but sad because my transactions are freaking slow
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Yep, and if miners capitulate, does it get worse?