Re:Drug cartel assassinates its enemies with bomb-toting drones
by vmception on Sunday August 30, 2020 @10:57PM
(#24328124)
How much cash are we really talking about?
Miners earn in aggregate
$3.8 billion in ether @ $430 and an average of 3 Ether per block
$3.9 billion in bitcoin @ $11,500 and an average of 6.5 bitcoin per block
(Transaction fees are a significant portion of block revenue now due to the heavy activity on these networks, with Ethereum blocks often having more fees earned than the block reward)
So there is about $8 billion worth of cryptocurrency earned by miners each year, at current exchange rates and activity levels. Cartel just should not exceed 50% of that. Market can tolerate much more and they would be in fierce competition with other miners.
We live in a world where people want the exchange rates to double or increase by an order of magnitude, which means that 8 billion figure becomes 80 billion, it should be clear that we are on the cusp of a market becoming highly attractive to larger incumbent organizations.
Miners earn in aggregate
$3.8 billion in ether @ $430 and an average of 3 Ether per block
$3.9 billion in bitcoin @ $11,500 and an average of 6.5 bitcoin per block
(Transaction fees are a significant portion of block revenue now due to the heavy activity on these networks, with Ethereum blocks often having more fees earned than the block reward)
So there is about $8 billion worth of cryptocurrency earned by miners each year, at current exchange rates and activity levels. Cartel just should not exceed 50% of that. Market can tolerate much more and they would be in fierce competition with other miners.
We live in a world where people want the exchange rates to double or increase by an order of magnitude, which means that 8 billion figure becomes 80 billion, it should be clear that we are on the cusp of a market becoming highly attractive to larger incumbent organizations.