Bitcoin Is Crashing So Hard That Miners Are Unplugging Their Equipment (futurism.com)

submitted 1 week ago by yogthos@lemmy.ml to c/worldnews@lemmy.ml

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[-] Carl@hexbear.net 27 points 6 days ago

damn it peaked at 125k last time.

Every time this happens I hope it's the final one, and so far every time I've been disappointed.

[-] bennieandthez@lemmygrad.ml 11 points 6 days ago

The crypto cult is still going hard, i am sure its gonna bounceback. Some people just hopelessly throw money at it lol

[-] Sodium_nitride@lemmygrad.ml 5 points 5 days ago

Bitcoin has an inbuilt mechanism to make it exponentially harder to mine. That means the labor value to mine it will keep growing and that sets an ever increasing minimum price floor on the currency.

Is this a sensible way of making a currency? Hell no. Does this mean that bitcoin invesment as an asset will continue to endure for more years? Yes.

The only thing that could feasibly crash the bitcoin market is if most bitcoin users and miners move to a more sensible crypto that is designed for transactions and not investment.

[-] almost1337@lemmy.zip 3 points 5 days ago

iirc, it's miners that process Bitcoin transactions, so if the miners all quit there's no infrastructure left to allow for the exchange of Bitcoins

[-] Sodium_nitride@lemmygrad.ml 2 points 5 days ago

Yeah but the miners will not all quit all of a sudden. If many quit but there are still enough left, the remainder will enjoy higher profits since they'll crack more blocks (iirc miners compete for blocks)

[-] yogthos@lemmy.ml 9 points 6 days ago

same

[-] whiskers165@lemmy.ml 7 points 6 days ago

I think you might wanna get ready for more disappointment, say maybe two or three years from now

[-] CanadaPlus@lemmy.sdf.org 4 points 6 days ago* (last edited 6 days ago)

Quantum computing will eventually make specifically Bitcoin worthless. Eth at least gets upgrades, so it might survive.

[-] GiorgioPerlasca@lemmy.ml 4 points 6 days ago

Some people is saying that Quantum compunting is a hype too. But I am no expert.

[-] CanadaPlus@lemmy.sdf.org 2 points 5 days ago* (last edited 5 days ago)

Depends what you're ascribing to it.

Will it break encryption? Yes. That's been well understood since the 90's.

Will it help solve certain specific physics problems, including practical ones? Also yes.

Will it do literally anything else? Maybe, maybe not. Honestly, even calling it a "computer" is misleading unless you're an expert. For layman purposes it's more like an electron microscope or ultracentrifuge. Very useful for a very narrow set of tasks.

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[-] crediblethreat@scribe.disroot.org 10 points 5 days ago* (last edited 5 days ago)

most miners have calculated the rate for electricity to keep their rigs profitable and have automatic kill switches based on market prices. it's not exactly news that rigs are turning off right now