It is going to take time for miners to establish themselves elsewhere as China is no longer conducive for bitcoin mining which has impacted the hashtags. Is there any implication in the hash rate goes below a certain number?
As hash rates go down, the security of the system weakens. The possibility of a 51% attack increases with less hash rate. I dont think it is a major concern since Bitcoin is still pretty heavily mined.
You are right, there will be a burst in hash rate as the miners end up at their destinations. It will take a few weeks to move them across the world.
It could. The problem is then you are dealing with a new chain. Might not make a difference to many but it could.
I dont think BTC can be 51% attacked too easily. There is still a lot of hashrate out there. As I said elsewhere, I will give it a month or so and think it will be back up again.
I am sure most of these miners are switching their operations overseas. Maybe it will take them a little while to do it. Network seems unaffected due to this which is a great sign.
Iran should take advantage. In fact, any country should. That is why those who see crypto as an opportunity and embrace is could see their standing in the world change.
This is a prime opportunity for some others to jump in.
Do you know if it has affected the network at all? I think I heard block rewards are kind of reworked every 2 weeks or so to adapt to how many people are mining.
I would imagine it could affect the transaction fees. It also does harm security although Bitcoin is so far ahead in terms of its number of miners, it is okay. We did not see the rate drop to 2013 levels or anything.
It is going to take time for miners to establish themselves elsewhere as China is no longer conducive for bitcoin mining which has impacted the hashtags. Is there any implication in the hash rate goes below a certain number?
Posted Using LeoFinance Beta
The hashtags should be afraid! 😆
Anyway, just kidding! 😅
Have a !PIZZA break! 🍕😁
@nonsowrites! I sent you a slice of $PIZZA on behalf of @savvyplayer.
Learn more about $PIZZA Token at hive.pizza (3/10)
As hash rates go down, the security of the system weakens. The possibility of a 51% attack increases with less hash rate. I dont think it is a major concern since Bitcoin is still pretty heavily mined.
You are right, there will be a burst in hash rate as the miners end up at their destinations. It will take a few weeks to move them across the world.
Posted Using LeoFinance Beta
Wouldn't the Bitcoin community just create a hard fork when a 51% attack becomes successful? 🤔
It could. The problem is then you are dealing with a new chain. Might not make a difference to many but it could.
I dont think BTC can be 51% attacked too easily. There is still a lot of hashrate out there. As I said elsewhere, I will give it a month or so and think it will be back up again.
Posted Using LeoFinance Beta
Having a hard fork should indeed be a last resort. 🤔 I also don't want Hive to have a hard fork, but there might come a time it needs to be done. 😮
I just saw the hashrate is still above where it was even six months ago so...no real concerns on security at this point.
Posted Using LeoFinance Beta
Well, I like the fact that bitcoin is been tested and it remains solid. Those who doubt its utility would certainly think otherwise now--i think.
Posted Using LeoFinance Beta
Bitcoin certainly has been tested. For 12 years, everything was thrown at it and it still keeps going. So I think it will be just fine.
Posted Using LeoFinance Beta
I am sure most of these miners are switching their operations overseas. Maybe it will take them a little while to do it. Network seems unaffected due to this which is a great sign.
Posted Using LeoFinance Beta
It will take them a few weeks to move the equipment and get it set up.
My guess is that it is a non-issue come August 1st.
Posted Using LeoFinance Beta
Yeah, while china is cracking down on miners, Iran is looking to capitalize on this opportunity.
Posted Using LeoFinance Beta
Terrific find.
Iran should take advantage. In fact, any country should. That is why those who see crypto as an opportunity and embrace is could see their standing in the world change.
This is a prime opportunity for some others to jump in.
Posted Using LeoFinance Beta
Do you know if it has affected the network at all? I think I heard block rewards are kind of reworked every 2 weeks or so to adapt to how many people are mining.
Posted Using LeoFinance Beta
I would imagine it could affect the transaction fees. It also does harm security although Bitcoin is so far ahead in terms of its number of miners, it is okay. We did not see the rate drop to 2013 levels or anything.
Posted Using LeoFinance Beta
It is okay. Texas will save BTC. Remember the Alamo!
Posted Using LeoFinance Beta