Re: [ANN] Grin | PoW Mining | Electronic transactions for all. Community driven.
I had never asked the question before: What happens when if in a few years the mining rewards fall bellow a level which can support all the produced ASIC miners?
I guess many people might think that the Bitcoin's price will magically go higher in order to keep the mining profitable, just like many though the price couldn't go bellow 5000$ (or was it 4500$?) because mining would become unprofitable.
What will happen in about 1.5 years when the next halving takes place if Bitcoin's price is still around 4000$? Most likely half of the mining hardware will shut down. In that moment, there'll be enough dormant hardware to 51% attack Bitcoin itself. Scary stuff.
On that regard, GRIN is more balanced and future-proof safe.
Bitcoin's limited supply sounds good to investors, but there are some serious implications in the long term.
I guess many people might think that the Bitcoin's price will magically go higher in order to keep the mining profitable, just like many though the price couldn't go bellow 5000$ (or was it 4500$?) because mining would become unprofitable.
What will happen in about 1.5 years when the next halving takes place if Bitcoin's price is still around 4000$? Most likely half of the mining hardware will shut down. In that moment, there'll be enough dormant hardware to 51% attack Bitcoin itself. Scary stuff.
On that regard, GRIN is more balanced and future-proof safe.
Bitcoin's limited supply sounds good to investors, but there are some serious implications in the long term.
What? Just a meme? No context?
I guess I'll take it as you're believing I'm against Bitcoin.I'm not saying Bitcoin is doomed, it has many years ahead of it to do upgrades and the necessary adjustments as the community sees fit.
But so can GRIN do adjustments. So I was comparing the current outlook of Bitcoin's and GRIN's reward systems.
You can't deny that there is a risk with constantly reducing the miners' payment in a 100% PoW system, can you?