80% of BTC are mined in China, mining equipment is overwhelmingly made in China, and a relatively small number of mostly Chinese mining pools / miners are keeping up the blockchain. Are you worried about this centralization? If not, why not? (x-post from /r/Bitcoin)
08-10 15:45 - 'Chain link is now the 6th largest crypto by market cap @ $4.8 billion with a price of $14. Its a total scam tho!! The developers (team) hold 80% of all the coins and they were pre mined. Chain link (being an ERC 20 toke...' by /u/WocketMan0351 removed from /r/Bitcoin within 100-110min
''' Chain link is now the 6th largest crypto by market cap @ $4.8 billion with a price of $14. Its a total scam tho!! The developers (team) hold 80% of all the coins and they were pre mined. Chain link (being an ERC 20 token) uses eth for gas prices and to make API calls which are insanely high right now. Unless you pay over $6-$7 in eth for “gas” or transaction fees, your tx isn’t going thru for weeks. It’s not surprising that Chainlink now has a market cap of $5 billion, because BCH and BSV are right around there to, both of which are total scams of a bitcoin hard fork and are 100% centralized garbage. Tether, another ERC-20 token also has a market cap of $10 billion and its $1 tokens are back by actual dollars as much as USD are backed by gold....it’s a scam but it’s used by lots of crypto traders. XRP.....3rd largest coin by market cap @ $13 billion. Totally centralized shitcoin that was premined and held by the company ripple. It’s absolute garbage. What does XRP do that bitcoin can’t? Why use a centralized coin like that? Bottom line, there is not demand for other crypto’s like there is for bitcoin. Go to any store that accepts crypto (very few) and tell how many stores will accept something other than bitcoin. They won’t. These other coins are fast and cool at face value, but what’s happening under the hood isn’t really any different than the digital currencies that happened before bitcoin. These centralized projects can be squashed, attacked, and shut down by anyone with enough computing power or the govt. bitcoin cannot. That’s what makes bitcoin revolutionary. It worked because no one thought it would, and now it’s so insanely large it’s pretty much too big to fail and it will ALWAYS dominate its ecosystem until something JUST AS REVOLUTIONARY as bitcoin was comes along. Until then, bitcoin will continue to be #1. If I need to be corrected, or someone has something else to add, please do. Criticize me. ''' Context Link Go1dfish undelete link unreddit undelete link Author: WocketMan0351
As posted 1 month ago, during the plethora of #fear, Bitcoin price is back above the cost to mine. In 3 short weeks, Bitcoin halvening will DOUBLE cost to mine 1 BTC. Price will double as well. BTC Supercycle to $80,000+ in next 18 months! NYC Coin will be TOP % GAINER. ❤️
Bitcoin mining: how is a block header of 80 bytes processed in SHA-256? Isn't it too big?
The whole process of bitcoin mining was making sense to me until a moment of madness an hour ago, if there is 80 bytes of data to be processed in SHA-256, that's 640 bits of data to be processed in SHA-256. In this 80 bytes we have: 4 bytes (version), previous block hash (32 bytes), merkle root (32 bytes), time (4 bytes), bits (4 bytes), nonce (4 bytes). I thought SHA-256 accepted 512 bits of data, so that's 64 bytes of data. And on top of that, I need to add the length of the data to be processed in the last 64 bits of this 512 bits input but 64 bytes is well over the limit. What am I missing here? Can someone help hear it up for me? Thanks
A new strain of malware was found infecting computers and forcing them to mine Bitcoin. Security researchers for Microsoft say malware, dubbed Dexphot, has been infecting computers since at least October 2018 and hit its peak in June by finding its way into 80,000 different machines.
Inching Closer To 80% Of All Bitcoins. ... One detail left out of this article is that the bitcoin mining “difficulty” adjusts so that the average mining time for a new block is 10 minutes. In July 2017, bitcoin miners and mining companies representing roughly 80% to 90% of the network’s computing power voted to incorporate a program that would decrease the amount of data needed to ... With cryptocurrency such as Bitcoin, there is a finite that you can mine before a cap is hit; This cap will increase but at a super slow rate. Bitcoin Mining has already reached 17 Million Bitcoins of the cap of 21 million. This would mean, 80.9% of the total has been mined, leaving only 19.1%. Originally, 50 bitcoins were earned as a reward for mining a block. It then dropped to 25 bitcoins, and then to 12.5 bitcoins. In 2020, it will fall to 6.25 bitcoins, making mining unprofitable. Once all 21 million bitcoins have been mined, supply cannot grow — regardless of growing demand. This suggests that, at current prices, the average miner is either: running at a loss and unable to recover capex, mining at electricity costs closer to ¢3/KWh, depreciating mining gear over 24-30 months, or paying less for mining gear than our estimates. Bitcoin Mining is 80 Percent On Renewables
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