Post
Topic
Board Speculation
Re: Is this the reason the bitcoin price is not exploding right now?
by
devphp
on 17/09/2014, 08:19:18 UTC
I guess you dont know that much about mining. Due to economies of scale, mining is no longer viable for individuals. Its the same reason you buy milk at the supermarket and not a milkman who delivers it fresh to your door everyday. Basically, the only companies making a profit in mining at this point are the hardware manufacturers themselves. Theres no fruit left on the tree that individuals can reach.

Personally, I dont have a problem with it as it all makes the network more secure.

I don't see how it makes the network more secure. The hashrate figure is not the only parameter of measuring security of the network. The number of participants in that hashrate is no less significant. Security of Bitcoin network is better in one aspect but worse in another, which balances it to about the same it was a couple of years ago when people used GPUs to mine.