Bitcoin Mining X Ordinals
The Blockware team has been working on a stealthy mode project during the last year: Hashrato computer pirates. This project is closing the gap between the Miners of Bitcoin, the institutional order and investors.
We will have more to share about this in the near future, but for now, see this exclusive Co -Intelegraph interview with Blockware CEO, Mason Jappa and founder of Eden Block VC, Lior Messika, discussing Hashrate’s computer pirates.
https://x.com/cointelegraph/status/1885357432643477956
Mempool Blars, transaction rates fall to almost zero, is Bitcoin dead?
The ‘Mempool’, abbreviation of “Memory Pool”, is a collection of Bitcoin transactions that are “in the tail”, so to speak.
Due to the limited amount of data that can be included in each Bitcoin block, the miners tend to include the transactions that pay the highest rate (measure in SAT/VByTE). Users who wish to send bitcoin in the chain, but are not necessarily in a hurry to process the transaction, will transmit transactions with a low rate rate. Then, the transaction will wait in the Mempool until there is less demand / competition for the block space, at which time the miners will begin to include these lower rates transactions.
During the weekend, the Mempool first cleared in two years, and the transactions that paid the lowest possible rate, 1 sat/vbyte, were included in the blocks. In addition, as the Mempool cleaned, multiple “half empty” blocks were extracted, blocks that were not complete data because there were not enough Bitcoin pending transactions to include.
This resurfaced a debate on Bitcoin’s “security budget”, this claim being a claim: “If nobody sends Bitcoin in the chain, the miners will declare bankruptcy and the network will no longer be safe.”
This is an incorrect analysis for a variety of reasons:
Let’s attack these points one by one.
Bitcoin miners obtain income even if there are no transactions in a block.
There is a “subsidy” granted to Bitcoin miners for each block successfully extracted: the subsidy is recently created Bitcoin and the amount that miners gain per block are reduced by half every 210,000 blocks (approximately every four years).
Even if zero transactions are included in a block (and, therefore, there are no income from rates), the miners will still receive the subsidy, which is ~ 3,125 BTC (~ $ 300,000) at this time. If your perception of Bitcoin’s “security” depends on income for Bitcoin miners, then we are still a few decades outside a income model based on “transaction rates” based on Bitcoin miners.
The mining economy is a constant adjustment balance
Unlike other products, the “difficulty” of production (Bitcoin mining) is programmatically adjusted every 2,016 blocks. If Bitcoin miners are not profitable, they turn off their machines, then the blocks begin to extract more slowly and, in response, the difficulty of mining decreases automatically. If for some reason the income of the miners decreased significantly, the difficulty would continue to adjust until only the most efficient miners remain in operation.
Over time, mining difficulty has increased substantially, indicating health and profitability among Bitcoins miners.
Bitcoin Mining Revenue – $ 48 million per day
Despite the noise, Bitcoin miners are collecting collectively approximately ~ $ 48 million per day; This is the largest amount of income for miners since the middle of the half of April 2024. In addition, the income of the miners, although volatile, is in a long -term upward trend, in spite of the fact that the BTC block subsidy is cut in half every four years.
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