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51 sats \ 1 reply \ @evanbaer 4 May \ on: JPEGS or no JPEGS... Bitcoin dies without Fee Pressure. THAT is the Truth bitcoin
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
10 sats \ 1 reply \ @evanbaer 14 Mar \ parent \ on: What is your experience with Rigly? bitcoin_Mining
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
This sort of issue is why I founded Rigly - it should be possible to buy hashrate direct from the mining farms and mine at a (potential) profit
Rigly founder here.
You can buy hashrate from mining farms on our marketplace.
We've served over 1,000 orders successfully.
Incentives:
- Farms get 50% payment upfront
- Buyers buy hashrate at a discount (since upfront payment) and can earn a profit
- Your payment balance held in non-custodial escrow
Good article - I especially like this analogy:
Having a closer look at how the FPPS payout scheme is built, we can easily see that it is like the modern pension systems of many governments, unsustainable by design.
Much like a pension system, the risk of FPPS is felt in the future, after a period of time when all seems ok. That said, FPPS is a hell of a drug, and so far miners seem fully hooked.
Hashing vs Mining is a valid distinction, and calling miners who delegate block template construction to the pool (every miner today) "hashers" is a more technically correct label.
That said, language is sticky, and Miners are miners. We'll see how it plays out as more miners take on block template construction with Ocean's Datum and SV2 with Demand pool, etc.