China banned Bitcoin Mining and it was merely a blip on the radar...
As the months truck along we are getting closer and closer to seeing those previous all time high hashrate levels restored.
After a 50% drop, we are almost all the way back already:
(Source: https://twitter.com/BTCGoTo/status/1452328142652289041/photo/1)
This time next year we will be well beyond those highs and the drop will look tiny compared with where we are going.
The biggest mistake of the last decade we couldn't have asked for a better move by the Chinese...
Thank you!
Hashrate has nothing to do with number of miners... If zillion miners stop mining, hashrate still doesn't drop to 1:zillion...
Most statistics use effective hashrate of network which is essentially effective hashrate of best miner. As solving a block is probabilistic and not directly correlate computing power of any miner, most statistics are pure fiction.
What usually means more is average time between solved blocks and its deviation from the target time... As difficulty is rarely adjusted on Bitcoin blockchain compared to smaller coins, even that metric is almost meaningless.
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It's the total hashpower being used to mined bitcoin... which tends to go up as more miners come on board...
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There is no way to calculate the total hashing power from public information.
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It's an estimate...
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As someone who runs a mining pool for living, I know it's a lot less than an estimate. You can get very high effective hashrate with a toaster that has hashing speed of less than 10000 nonces per second. On the other hand, effective hashing power of a big miner is limited by processing speed of the mining pool software, so essentially the estimated hashing power is saturated.
All statistics only calculate nonces that result in difficulty that is within range of stratum difficulty and the block difficulty. In most pools that is 0-4 nonces per minute, or 0-0,0666... hashes/second. That is far from hashing power we see on Bitcoin statistics.
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Interesting...
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This is great to see! Decentralization ftw. Did you see that China is thinking about enabling mining again now? Lol! The lunacy.
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Yep, I did see that. Though it will take time to be allowed again most likely...
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Happening sooner than expected.
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Take that!
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It's pretty amazing when you think about it...
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The largest chunk of hashrate got taken out, and the network didn't miss a beat.
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It's too bad that happened.
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Great news though.
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Now the rest of the world gets cheaper and cleaner bitcoin.
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Thank you China.
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