Hi everyone, I just wanted to say with the new superblock my Gridcoin magnitude has reached an all time low of 30:
CELEBRATION TIME!
Why would I celebrate my Mag falling.... because that means increased competition of course!
So what?
Well that means the available supply of GRC is getting shared among more people, and we all know what Adam Smith says about supply constraint; yes increased prices.
I dont expect the price to tick up instantly, Bitcoin shenanigans notwithstanding, the supply constraint needs to reach the exchanges, but give it time and it will.
So if you are feeling the hurt because it seems like GRC just got harder to mine, remember to HODL until the reward comes back in the form of reduced market availability.
The magnitude drop you are experiencing is indeed increased competition. Over the last 5 days we have seen almost 100 new CPIDs register with the network, and the rate of growth is still going up. GRC 'mining' is never going to be as easy again as it is now - and that will result in a price rise!
Keep crunching. =)
If we add the users who joined the pool without creating an own CPID it's even more :)
That is a really good point I did not even think about. The pool is getting utterly massive!
Same. My magnitude dropped in half as well, I thought it was just on the project I picked but you just confirmed it's across the board for me. Which is good for science so I'm smiling.
I'm taking credit because of my cartoons, and I'm plugging my ears to anybody that says it wasn't.
Oh yeah, it was defo the 'toons
It will be very interesting for Gridcoin in the near future; as there is a higher demand (solo crunchers who want to stake) and a wider distribution, but also probably more "miners" who will want to monetarize their coins immediately. At the moment it is hard just to get electricity cost back, but as the price rises, it very well might become profitable, which will attract more miners who are in for the money. But either way, a win for Boinc, for science and in the end for our beloved Gridcoin!
i Think you know, i am your follower :) that's because i like your posts :) @ronaldmcatee
I guess you noticed already ?
Yeah but 40 is still an all time low :)
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