Looking at the markets recently one might think bitcoin is doomed to fail from all the regulations, investigations and scams. But when you look at mining it seems that is just another blip on the radar as more and more power is invested into bitcoin for mining. In most cases even operating at a negative!
The char above shows the last 9 months of bitcoin mining difficulty. Ever since December when bitcoin hit all new highs of $19,000 there seems to have been a rush of buying mining equipment as we have increased from 10,000 PH/s up to 30,000 PH/s in just 6 short months.
Whats really interesting is this last major blip which you will see below.
This is a 2 month snapshot and while there has been steady growth as we should expect. Normally when prices fall off miners do as well and push their ASIC back into other cryptos such as bitcoin cash etc. But what we are seeing is MASSIVE push in hardware sending rates up a possible 12% higher in about 10 days. What that means is what you are mining with right now today in 10 days would produce 12% less bitcoin to you because the difficulty has increased.
Image taken on bitinfocharts.com
What we can see is that mining has not really gone up at all on bitcoin cash instead its been flooded into bitcoin. Do miners expect a huge rally coming soon and fighting for bitcoin ? This is what it seems to spell out to me. Even with all the so called talk about bitcoin cash going to take over when you look at the numbers they are just not there. Transactions are at an all time low on the network, mining power is 7.5 times lower then bitcoin and there is still more profit in mining bitcoin then there is bitcoin cash.
What do you make of this data?
Once there are no more Bitcoins coming into circulation, is the difficulty for mining going to continue getting harder and harder?
If Bitcoin mining keeps getting more difficult over time, when the only rewards are transaction fees, I have a hard time imagining that Bitcoin is going to keep very many people mining and this collapse in mining could jeopardize people's faith in the coin.
Am I missing something?
Like a bouncing ball never theoretically stops bouncing....bitcoin blocks will always produce some amount of bitcoin, however small. Simply because you cannot half any positive number and ever get 0 or a negative number.
I thought that there was a total cap on Bitcoin at 21 million?
There is but you can never get an exact number for 21 million but it will be so close to 21 million that it be 21 million.
Because of half life. Got it.
x
I'm not talking about the value of the coins. I know the coins will have a fixed supply and that the value will fluctuate.
I'm asking about the difficulty of mining. Once there are no more Bitcoins in circulation, will mining continue to get more difficult?
Not only that Bitcoin scalability plans involve side chains were miners can merge mine the main chain along with the sidechain and earn more money.
When you say side chains, do you mean forks? If not, what do you mean?
Cough you should read some posts 😉 but in short their are separate chains that connected to the main chain by security aka hashpower and currency aka bitcoin.
Interesting. I’m more interested in alt coins, so I have spent less time investigating Bitcoin. I’ll investigate side chains further then. Thanks!
FYI, following you now as well.
Most likely, hardware will continue to evolve to become faster and more efficient but in terms of how much bitcoin miners would get out of the system would be only fees however it will be a long time till we get to that point still
This claims the mining will likely end somewhere around 2140.
https://www.quora.com/How-many-bitcoins-are-mined-daily-and-when-will-we-reach-21-million
Do you agree?
x
Thats not true at all miners still have to do the transactions and secure the network but the only thing the miners get at that point are the mining fees
Look at this brother... this was sent to a binance wallet...
hrmmmm what does that tell you?
Another big whale move and manipulating the markets not sure if that will ever stop unless bitcoin gets in more hands
I'm asking the question of the best trading platform in binance
what is the best
trading for bitcoine or for usdt
please replay me
Really you need an arbitration program to find which exchange is getting the best price for bitcoin at any given time. I don't have a suggestion to suit your needs but you can probably find one using google and using a search phrase like: "cyrptocurrency arbitration bot" ....good luck
I appreciate your efforts
Thank you for answering my question
good luck friend
sir why bitcoin is gooooooing down ??
Nice take on the data. I hope you are correct. Looks like alot of coins seems to be swing back and forth around 10%
During December, Bitclub Network had quite a popularity rise here in my area. I actually do own some mining shares there as well. I could imagine that something similiar has happened with different providers in some way or form as well.
IMO
I’d say talking about bitcoincash. It has the slimmest chance to take over the bitcoin . Possibilities in the future if the bitcoin cash could stick around in time to come, but with the chart and the minning power 17times lower. It’s in for a long war with a more powerful opponent which is bitcoin
As always we need to take a look at the ENTIRE set of data and not just pieces of it, and mining is a perfect example of how short term price isn't the only variable to take into account.
Well, it depends on how you look at the markets. The chart on the top looks kind of bad (the last 7 days), but the bottom chart looks pretty good (the last year). Those who say Bitcoin is doing poorly are not taking a look at the bigger picture.
Source for graph 1 & 2: coinmarketcap.com