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working on a penny auction twist for the Upendo solo mining block party
You can still buy kyc-free hashrate on Rigly and Mining Rig Rentals.
Bitcoin does not necessarily require fee pressure to scale as the block subsidy winds down.
Instead, there may need to be a new buyer of hashrate.
Today, you can think of individual bitcoin transactions as the default hashrate buyer and where the TX fees are a proxy for hashrate purchases. This is today's default hashrate buyer.
Other buyers exist.
For example, many folks buy spot hashrate on markets like NiceHash and Rigly to lottery mine.
These buyers buy at the spot premium (often 10%+ over FPPS hashprice) and offer a preview of how the network could be supported as the block subsidy goes down.
Maybe mining-as-lottery paying a spot premium hashprice will come to support the network, much like state lotteries help fund education.
We will see.
Next mining party on 5/17
Last block party we had ~400 PH/s at the peak, will see if we beat it next time
3 ways to mine in the party:
- Point your bitaxe to our pool address
- Direct buy (as little as 16 sats)
- Bid at auction (bigger slice of reward)
Best game in town!
We had a 33 trillion difficulty share several weeks back... but no block yet
The network difficulty has raised the bar quite high, but we'll get there
Hmm it could be a measurement fluke
Measuring global hashrate is an estimate based on block speed, let's see if it holds for multiple days
Also I don't see this reflected on the global hashrate graph @ hashrateindex.com
Here for you @marco
I hear you. The auctions for hashrate now / in the near future get a modest discount -- or the kyc-free sat premium
Great write up. Thank you.