BDFL of Quilibrium, Eng @ Farcaster, ex-Coinbase, always opinionated, never hydrated

/quilibrium

Oh wow halving really killed miners rev recently?

ex-/airswap. part time node runner, full time shitcaster, all time higher

Miners gonna bleed till market corrects. Some miners will leave till hash rate drops sufficiently

Isn't it interesting that mining revenue is 50%? Isn't it interesting that hash rate typically corrects to reach mining revenue homeostasis? What will the other 50% mining power do? What _can_ they do?

It's a matter of profitability at the end no? Miners will shift to places with lower opex (ie cheaper electricity) which probably result in some level of miner centralization? 🤔

Hmm is mev even possible on btc? Haven't caught up with the latest devt there. But yeah, if 54% collude to hard fork away from the main chain, that would be pretty catastrophic

bitcoin has never had a drop in mining security significant enough that a 51% attack was possible before. current delta on hashrate to close the gap to earnings is a drop to ~46% of current hashrate. 54% free to do as they like. consider the implications to the assumed cryptoeconomic security. what happens next?