Mining: Profits vs Network Security

Just a heads up for those mining for quick bucks plus those calculators you use: mining isn’t just about maxing profits. Think about protecting the network from 51% attacks that could totally wreck Bitcoin.

I had no idea mining was partly to keep Bitcoin from crashing. Now I’m confused. Once all 21 million Bitcoins are mined, does the price drop or does the whole network die?

Is Bitcoin reaching its end? Some folks think so, while others disagree. If you look at the block rewards dropping over the years, it’s like a countdown to eventually mining will be super low. Crazy.

Your percentages are off dude. You're calculating as if everyone has the same energy costs for mining. If it ain't profitable, why bother? Mining should be about curiosity or learning, not throwing money away.

If we chat about mining pools, there were 16 of them in 1000 blocks mined last year. The hashrate keeps getting better with newer ASICs coming out. You'd have to keep upgrading your gear just to stay relevant.

Why would anyone even attempt a 51% attack? It’d take billions to get enough miners on board, and then you’d be ruining a 2 trillion dollar market. Billionaires have their interests, no way they’d allow it.

Okay, but what actually happens in a 51% attack? I know it's about miners voting or something, but what are they voting on really? Kinda sketchy with all this consolidation in mining.

An attacker could reverse transactions if they control most of the hashrate... that’s a serious threat. You could read more about it in some resources here.

I hold some Bitcoin too. What’s better for the network: running a full node or mining with a small rig? Currently managing a full node and a 50TH miner on a small pool.

Definitely, the full node is way more key than your miner. With millions of THs out there, your little output doesn’t mean much. Less than a million full nodes around, it's a big deal.

Last I checked, around 22,000 active nodes online. So yeah, 22,000 to 1 ratio compared to the mining rigs. We need way more hash power to match that.

The numbers don't lie. If you’re not hitting blocks, your hashrate isn't doing diddly for Bitcoin. USB miners thinking they’re protecting the network are wasting power.

I get what you’re saying but mining must be profitable otherwise it might risk the network’s stability. If miners start dropping off because of costs, who’s checking transactions?

So, like, how massive are we talking here? If USB miners can barely scratch the surface, imagine if everyone could mine casually without major investment, that’d be a big deal.

Honestly, I used to worry about the network being hacked, but why would anyone do that? If someone tried to gather enough hashrate, we’d see it coming. Lots to lose.

I don’t follow your logic. The OP is saying something about hashrate, but if we also count nodes that aren’t open to connections, there’s like 94,000 total.

Mining profitability is vital to fend off attacks. If miners aren’t making money, why would they keep doing it? If you just want to learn, keep it for a week and move on. It’s a hustle.

I think it’s key for miners to earn to keep the network safe and stable. If it stops being worth it, who knows how many will bail? But yeah, Bitcoin’s global spread helps prevent attacks.

I get that even my old rigs help keep it running. I think it's all about being smart with what you’ve got. Bitcoin evolves, we just gotta keep adjusting with the market.