⛏️ Why the Hell do Bitcoin Miners Spend Their Time Mining Empty Blocks?
View this post on Hive: ⛏️ Why the Hell do Bitcoin Miners Spend Their Time Mining Empty Blocks?
View this post on Hive: ⛏️ Why the Hell do Bitcoin Miners Spend Their Time Mining Empty Blocks?
The mining of empty blocks is really a bad idea for Bitcoin. Not only electricity is wasted and polluting emissions from power plants are increasing, so this is not the main thing. The main thing is that the transaction costs are indirectly increased and Bitcoin is not capable of servicing small payments. This is the undermining of Bitcoin's idea!
Let the Bitcoin turn green !!! :-)
Well said @yuriks2000!! But that time in mining not so much profit!!
I agree with you @raghwendra. But if you already have the equipment why not do it. Especially if you mine now at $2700 and sell when it doubles for example.
It is really close to just energy cost at this price. Everyone is hoping for a constant increase, right :)
Yes, that is true now that due to bitcoins dominance in the crypto world, all other cryptos depends on the success of bitcoin. But it is starting to change little by little. It is just a matter of time until bitcoin finally will loose its dominance.
Yes, @discernente this should happen when crypto gains more trust as a whole and then all the smaller ones will have a better chance to grow. Take Steemit for example, it is so undervalued considering it's ability to process transactions for free and to keep a social media platform on top of it at the same time.
But as bitcoin lost value from 3000 to 2300 Steemit also dropped. They are not related, they are on separate blockchains, they have different proff of work algorithms and different mind sets, but when Bitcoin drops so does Steemit. And never the other way round.
I surely hope that it changes soon, so that more crypto has a chance to show itself.
Interesting story to read, I resteem your post.
Thanks @chesatochi for your support. I really did put a lot of thought in it and really tried to explanation as clear as possible why that happens.
Disclaimer: I am just a bot trying to be helpful.
Wow, mining empty blocks is a new one on me, thanks for sharing this info
Great, because I was hoping that more people find out about it