Re:TerraUSD crash led to vanished savings, shattered dreams
by hackerfromthefu on Thursday June 23, 2022 @11:16AM
(#31850296)
As the cost of energy rises, the energy to mine crypto rises, while the value of crypto keeps decreasing, I wonder if there's an inflection point where e.g. bitcoin just implodes and vanished because mining is losing money?
Re:TerraUSD crash led to vanished savings, shattered dreams
by scotty79 on Thursday June 23, 2022 @01:03PM
(#31852015)
Bitcoin mining difficulty adjusts to the available mining power.
When price of Bitcoin drops. Some miners quit because it's no longer profitable for them. The ones that remain get more of mined Bitcoin for themselves so profitability of their operation increases. Difficulty of mining increases so that blocks are still mined roughly at constant rate.
Network can operate regardless of how many or how few Bitcoin miners operate.
Than wait few years for the next crypto crash and when you read heading "Bitcoin is dead" it's time to buy again.
https://mobile.twitter.com/cz_binance/status/153864715281303...
Unless you believe, that this time it'll be different.