Post
Topic
Board Economics
Re: Actions against bitcoin miners would have greater consequences
by
The Pharmacist
on 18/10/2022, 19:29:38 UTC
When China shut down mining what did it do, in a nutshell not much at all. So miners will move to where it's favored.
Right, but what happens when what China did becomes a global thing?  It's not like it couldn't happen, even if it happened in spaced-out increments.

Maybe I don't read crypto news as much as I probably should, but I haven't heard much about solar mining farms much lately.  Wasn't there a big one operating, or on its way to be operating, in Texas?  In any case, mining does use a lot of electricity but I've seen comparisons with other things like, say, the entire banking system and bitcoin mining is dwarfed by that.

One week ago we had ATH for Bitcoin hashrate. This doesn't look to me as "bitcoin miners already scaling down production".
I wonder if that's because of all the GPU miners who suddenly have nothing to mine profitably.  Is eBay flooded with used GPUs, and it is difficult to buy ASIC miners right now?  Just thinking out loud, but that seems like the logical thing to do for the bigger GPU miners, because it doesn't seem like anything's going to be profitable for quite a while.