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66 sats \ 5 replies \ @k00b 20 Sep \ on: Bitaxes and similar hashing power bitcoin_Mining
It depends on what you mean by 'compete'. If plebs are only using bitaxes, as a very rough estimate you'll need about 1 billion plebs using a single modern bitaxe to produce as much hash as all other miners. (Last time I did the math it was 700 million bitaxes.)
I really do not like this term "plebs" when we talk about bitcoiners.
It really lower their status to SLAVES.
Bitcoiners are opposite to slaves. Are the real elites.
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I like it because it reminds of medieval times when nobles and plebs had a great relationship. And it also remind me to try to be humble.
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Well that's the thing also, some plebs have only one bitaxe others have a s21 and two bitaxes, someone else has one nerdaxe++ and so on. The most interesting aspect is that for the plebs the marginal costs of upgrading from a bitaxe to a nerdaxe++ is much smaller than for a professional mining site to make a 4x power upgrade. Am I too optimistic?
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I think the realistic view is that bitaxe et al are gateway miners: they get lots of plebs experienced with and understanding mining, pools, etc such that they might upgrade to real miners someday. And more folks mining is good for bitcoin. So pleb mining is good for bitcoin.
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I agree and from an economic perspective inustrial mining can't compete with that. Because for plebs it practically does not matter how much energy costs
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