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If every Bitcoin holder in the US (approximately 67 million residents) alone deployed the lowest hash rate-producing miner from the list, the network would gain about 80.4 exahashes per second (EH/s), which is a substantial boost to the global network, but this wouldn’t outright surpass the corporate giants.
Let’s take this further. If every Bitcoin holder in industrialized countries, including Europe (31 million), Japan (3.7 million), South Korea (15.6 million) and Australia (approximately 5 million) joined in, the cumulative hashrate would reach an astonishing 146.76 EH/s, significantly boosting the existing global hashrate (see Figure 1).
By my own estimation it'd take ~700m plebs mining 1 TH/s each to rival corporate miners:
To simplify the math, let's say a pleb miner does 1 TH/s. The ATH of hashpower according to mempool is ~700 EH/s. There are 1,000,000 TH in an EH.
So we'd need ~700,000,000 pleb miners for plebs to gain a majority of hashpower.
While that's a heck of a lot of plebs (10% of everyone of earth), and it's not like industrial miners won't continue to increase hashing, that's fewer plebs than I thought. I was expecting to need more pleb miners than there are people on earth.
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100 sats \ 0 replies \ @siggy47 16h
I have been thinking about this a lot since home mining is my new obsession. These little personal miners are very easy to use. It's now simpler to mine than to run a node. This guy I know from a local meetup wants to raise money to buy people who have shown an interest in bitcoin a bitaxe and set up some kind of pool. He's fuzzy on the details.
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50 sats \ 0 replies \ @itsMoro 16h
maybe not in our lifetime but itll continue to be a growing 'honesty anchor' on the network as pleb miners and heat recycle products grow in numbers.
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Likeliness that each individual would only have 1 Th to their name is low - it’s one of those things that you end up having - let’s say an Avalon 3s , or a bitaxe with 8 asics.
But truly I see the future of home mining where your main heat sources are from a miner or 2 - that heat your water, underfloor heating, radiators etc etc replacing boilers and the like. This way the hash is a bonus and not a hobby. Want a warm house? You’ll be inadvertently hashing - warmth comes first
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