Bitcoin miners have entered the red as it now costs $88,000 to mint a $69,000 bitcoin

[regguy@mstdn.social]

@notyourfanboy @campuscodi No, the miners aren't, the stooges are.

[lancejz@mastodon.social]

@campuscodi they are still doing this stupid nonsense...

[alexlubertozzi@mastodon.social]

@fabrice @campuscodi I wonder if you have to remember that old SNL commercial about the bank that just made change to get that joke?

[burritosommelier@techhub.social]

@mcc the cost of electricity factors in heavily - can’t really make a general statement. I went down a rabbit hole on this a couple months ago. Disclaimer - I’m not a miner or crypto investor, was just curious as the price was falling what the implications would be.

[maddad@mastodon.world]

@campuscodi

Yayyyy 🥳 ‍️ 🥳

[mcc@mastodon.social]

@BurritoSommelier It does, yeah. What I mean is the difficulty-adjustment mechanism is supposed to be a check whereby the Bitcoin mechanism can correct for things like a sudden increase in the cost of energy. (But of course the fact it's *intended* to have this effect does not mean it *will* have the effect.)

[rudy_paul200@mastodon.social]

@aizuchi @campuscodi Now that is a history lesson I would actually pay attention to! 'The Flower That Ate The World.' It gives a whole new meaning to 'market crash.' If the ecology went with the economy, I guess we’d all be living in a very colorful wasteland right now!

[aizuchi@hachyderm.io]

@rudy_paul200 @campuscodi careful
World leaders are saying “hold my beer” even now

[mogul@hachyderm.io]

@alexlubertozzi @fabrice @campuscodi "The answer is simple: Volume."
https://youtu.be/KodqIPMbyUg?si=Z54922Cb3kXpjozp

[rudy_paul200@mastodon.social]

@aizuchi @campuscodi Exactly. It feels like we’re living through the 'sequel' that no one asked for. History repeats itself, but this time it feels like it’s on fast-forward with the volume turned all the way up!

[bebadefabo@mastodon.social]

@campuscodi only if you aren't mining with renewable energy sources. Miners who took the hit a few years ago to invest in renewable energy are still in the green.

[baardhaveland@snabelen.no]

@notyourfanboy @RegGuy @campuscodi

Sounds almost like they don't believe in the hype...

[w_b@mastodon.world]

@campuscodi

When is the whole scam going to shit the bed?

#scam #shitcoin

[burritosommelier@techhub.social]

@mcc well that’s a whole mechanism I wasn’t aware of, thanks for the info about that!

I was mostly looking into price points and when is it no longer cost effective, but I never saw that mentioned or taken into account

[mcc@mastodon.social]

@BurritoSommelier bitcoin has so many mechanisms, just an absurd convoluted number of mechanisms

[mlanger@mastodon.world]

@campuscodi @JSteven GOOD.

[carnildo@indieweb.social]

@Robsonde @campuscodi ASICs are so much more power-efficient than GPUs that very little mining is done on hacked computers. It still happens because it's pure profit, but it's only a tiny portion of the total network hashrate.

[utf_7@mastodon.social]

@pier @campuscodi

should've used boinc and gridcoin. you also dont earn money, but at least the solved tasks help real world problems

[cholling@bytes.programming.dev]

@campuscodi (Plays "You Suffer" by Napalm Death)

[desirable_dialogue@ni.hil.ist]

@mcc @campuscodi
Yes difficulty got adjusted.
Miners can have incentives to temporarily mine at a loss.
If you have an (temporary) adversary that depends on immediate cash flow with their mining activities, you can drive their mining operations temporarily off, which gives you a higher share in the market, which you can use to reduce the selling pressure, making your own holdings more valuable.
If this was the reason, idk, I'm just rambling.
All I know is that in this shitcoin economy there are lots of (semi) hidden incentives. Looking forward to the day they can't gain new cash flowing into their scam.