The Endless Story ... The Bitcoin Mining Myth

2개월 전


Some of us in the world of cryptocurrencies start with the mining field. For some, this field is nothing more than an operational part of the immense world of Bitcoin. With events such as the third halving and the increase of the Hash to historical highs, it is easy to think and deduce that the world of mining, for the small entrepreneur, is about to expire and give way to the blatant centralization to which this branch is being victim.

Although the structure of Bitcoin was designed under a deflationary system, the essence of its value is backed by the mining and energy that is invested in this activity. For some, this energy is part of the irrefutable value that supports this currency and gives it its place as a store of value.

The mining work, however, follows paths that many soon describe as difficult and impassable. For those called domestic miners, the crusade in this activity becomes increasingly difficult, mainly due to the associated energy costs and the hash levels reached by the network.

Of the once popular miners, analysts indicate that the S9 at this time are already beginning to become obsolete given the records seen in Bitcoin, the new generations led by the T17 and S19 are already a reality and will take their toll with the passing of the days. .


Mining is a good bet, and for the long term, it is normal to read that one participates in this business institutionally and with numbers that it would have been unthinkable to describe 4 years ago, the last impressive record is seen in the purchase of 17,000 S19 equipment by part of the hosting company Core Scientific. Not only do we see a strong institutional input, but a new form of business in the rental of these equipment different from the initial cloud mining.

More and more miners are economically involved, and the Bitcoin network is being supported by a new generation that is approaching countries like the US and moving away from traditional China. However, trends in this field continue in countries such as Iran or Venezuela, which with all the problems they have, their associated costs still keep alive that domestic network that you perceived and struggles to survive in this world of hash and power.

To answer if the end is near for some obsolete miners, I believe that it is still missing, at least until the next halving, and that is that the theory of games is in full action in the Bitcoin network by not setting options and leaving the free choice for users to stay or walk away; We already saw this pattern in 2018 and part of 2019 with records of the drop in the hash rate.

Without doubt, much remains to be seen, and what we do not see in the market we perceive in mining, that branch that does not shine so much in the headlines but that undoubtedly attracts a mass of enormous and attractive monetary investment for the business and institutional sector .

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Amazing write up,I will wish to understand the theory of games

I also see the process of mining Bitcoin as a rather complex condition, I don't think we have the case of a single Bitcoin miner in my country.


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