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206 sats \ 1 reply \ @phaedrus 3 Oct 2022
Any explanations why hash rate keeps going up?
I'm glad it does, but it makes no sense to me. Given the price of btc and the fees, It seems like it must be getting really hard to be profitable, right? Are these miners all maxis believing in the future of Bitcoin willing to take losses now?
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0 sats \ 0 replies \ @k00b 3 Oct 2022
I suspect a lot of the energy and hardware deals were made well in advance and many of them have no choice but to mine at a loss to offset costs. Otherwise I agree, hard to make sense of
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200 sats \ 0 replies \ @tomlaies 3 Oct 2022
ATH is impressive. I wonder what everybodies electricity cost are to be profitable.
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100 sats \ 4 replies \ @faithandcredit 3 Oct 2022
This is nice. Eth switching off pow have probably helped bitcoin miners expand in it's wake. Caus let's be honest eth hashrate was almost as high as btc
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13 sats \ 0 replies \ @newnym 3 Oct 2022
Hopefully this is also having the effect of orange pilling ETH miners.
Bullish :)
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0 sats \ 2 replies \ @ek 3 Oct 2022
How do you mean that? ETH miners can't switch to BTC
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109 sats \ 1 reply \ @k00b 3 Oct 2022
They have already have access to energy and warehouses which is probably harder to source than miners. If they're prepaying for energy, they might be spending the energy to mine with GPUs for the time being too.
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0 sats \ 0 replies \ @ek 3 Oct 2022
Ah, I see. Thanks!
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20 sats \ 4 replies \ @cryptocoin 4 Oct 2022
Variance happens.
Depending on your time frame, you could probably find where hashrate has already been well over 30,000 EH/s.
30,000! What!!!?, you might ask?
Has there ever been two blocks within five seconds of each other. Yes? Ok, so that's an example of a block being solved 120X faster (600 / 5 = 120) than expected. If the hashrate for the current difficulty is 250 EH/s, that would mean 250 EH/s X 120 = 30,000 EH/s!
So that's why we don't determine hashrate using the time from one block to the next. I don't know the time duration of bitinfocharts' hashrate page for "Raw values", but it is definitely too short to provide any useful information.
Change the "Technical Indicators" dropdown to show "Simple Moving Average" and leave the Period to 7-day, and then a closer estimate of hashrate shows 242 EH/s. That is a lot more realistic than 271 EH/s.
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25 sats \ 3 replies \ @02c545170e OP 4 Oct 2022
On the one hand you suggest hashrate is "probably" higher based on a block to block examination and then on the other hand you suggest that the daily hashrate is not accurate enough, must use 7 day average. :)
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0 sats \ 2 replies \ @cryptocoin 4 Oct 2022
I did no such thing. I pointed out how meaningless it is to use a short timeframe when trying to estimate hashrate.
Hashrate doesn't jump much day to day. It technically could bump up a bit (e.g., 2%) in
a day if a very large mining farm were to become energized all at once (which they don't necessarily do it that way), but then the hashrate would stay at that higher level. What that "raw values" chart is showing is variance. Essentially that "raw values" view is meaningless as an indication of actual hashrate increase or decrease.
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25 sats \ 1 reply \ @02c545170e OP 5 Oct 2022
Yeah, you did exactly that. It's all in your first comment. I don't care that much, it's just an interesting observation.
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0 sats \ 0 replies \ @cryptocoin 5 Oct 2022
Ok,... firstly there is no such thing as a hashrate measurement. There is a difficulty data point, and a hashrate estimate can be derived from that. But that difficulty data point only changes every 2,016 blocks.
So every single claim of the hashrate level is an estimate. I can use a timeframe that is just a specific few seconds and from that data claim that the hashrate estimate has suddenly increased 100X from its level just before. But I would be seen a fool, as everyone knows the difficulty will not be increasing 100X from one moment to the next.
If you want a sensible estimate, use a more sensible timeframe, like 7 days. That's all I'm saying.
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15 sats \ 0 replies \ @k00b 3 Oct 2022
Blocks are currently getting mined faster than normal right now too. Mempool.space is predicting a 10+% difficulty adjustment which is huge!
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0 sats \ 0 replies \ @0322ee777777 3 Oct 2022
Fuck
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