Bitcoin mining is a very complex "dynamic economy"
May 2020 is the scheduled schedule for the next half reduction of bitcoin, which will happen after every 210000 blocks are mined, resulting in half reduction of block rewards for bitcoin. The coming halving will reduce bitcoin's block rewards from 12.5 BTC to 6.25 BTC. Although this will happen next year, bitcoin has marked a milestone in circulation supply of more than $18 million, leaving only $3 million worth of bitcoin waiting to be dug up._DJMINER
On the one hand, some followers and bitcoin advocates believe that the halving of bitcoin is a sign of bitcoin's extreme bullish. On the other hand, some people believe that as block rewards continue to decline over time, the number of miners participating in the network will also decline, thus posing a threat to the security of the special currency.
In the Q & a session on youtube, Andreas antonopoulos talked about bitcoin's mining and block rewards. Every day, Andreas says, every miner asks whether they will continue to dig. According to the efficiency of bitcoin mining equipment, it will happen at different levels in each mine, he said. This question is based on a large number of variables that miners have to consider. "
Bitcoin mining is "a very complex dynamic economy," he said, depending on several variables, adding that the result of their interaction is "to make every miner of every ASIC mining device profitable." He said,
Therefore, they will decide whether to continue to operate specific mining equipment on a daily basis based on their expected profitability and expected profitability in the next few days, weeks and months.
Antonopoulos said some of the factors influencing miners' decisions were the efficiency of ASIC miners or hardware equipment, electricity bills and block subsidies. He added that the miners would eventually shut down the least efficient equipment and continue to use the most efficient equipment expected._DJMINER
By the spring of 2020, profitability will change as the whole subsidy will be halved. They also expect the market to respond to these changes, and their margins may be large enough to dilute the difference in the impact of halving the subsidy for mining blocks. "
The decision to continue is usually made months in advance, "by buying better and more efficient mining hardware and negotiating better electricity bills," the authors said He added that the decision was even made by hedging bitcoin transactions. Exchanges and open markets "to accommodate future risks," adding that miners could use futures to hedge certain risks. "Bitcoin futures are one of the common ways miners operate," antonopoulos said
He went on to say,
"Although the media has written all the horror stories about how bitcoin will stop working, we have seen it in the past. In fact, nothing big happened in the half year period, although the market did respond mainly by changing the price of bitcoin in the next few months or years. "_DJMINER
On the one hand, some followers and bitcoin advocates believe that the halving of bitcoin is a sign of bitcoin's extreme bullish. On the other hand, some people believe that as block rewards continue to decline over time, the number of miners participating in the network will also decline, thus posing a threat to the security of the special currency.
In the Q & a session on youtube, Andreas antonopoulos talked about bitcoin's mining and block rewards. Every day, Andreas says, every miner asks whether they will continue to dig. According to the efficiency of bitcoin mining equipment, it will happen at different levels in each mine, he said. This question is based on a large number of variables that miners have to consider. "
Bitcoin mining is "a very complex dynamic economy," he said, depending on several variables, adding that the result of their interaction is "to make every miner of every ASIC mining device profitable." He said,
Therefore, they will decide whether to continue to operate specific mining equipment on a daily basis based on their expected profitability and expected profitability in the next few days, weeks and months.
Antonopoulos said some of the factors influencing miners' decisions were the efficiency of ASIC miners or hardware equipment, electricity bills and block subsidies. He added that the miners would eventually shut down the least efficient equipment and continue to use the most efficient equipment expected._DJMINER
By the spring of 2020, profitability will change as the whole subsidy will be halved. They also expect the market to respond to these changes, and their margins may be large enough to dilute the difference in the impact of halving the subsidy for mining blocks. "
The decision to continue is usually made months in advance, "by buying better and more efficient mining hardware and negotiating better electricity bills," the authors said He added that the decision was even made by hedging bitcoin transactions. Exchanges and open markets "to accommodate future risks," adding that miners could use futures to hedge certain risks. "Bitcoin futures are one of the common ways miners operate," antonopoulos said
He went on to say,
"Although the media has written all the horror stories about how bitcoin will stop working, we have seen it in the past. In fact, nothing big happened in the half year period, although the market did respond mainly by changing the price of bitcoin in the next few months or years. "_DJMINER
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