Well those particular miners should have read the extremely open and specific code before they bought all the hardware.
It is exactly designed this way, power off some hardware for a while if it is no longer profitable
toss1 · 31m ago
For sure! Tho it seems the original BTC design expected huge transaction volumes and transaction fees to take over providing income for miners as mining fees repeatedly halved.
But they didn't anticipate that people are not using BTC to buy pizza and a million other things, the great bulk of BTC is being stashed in financial vehicles like ETFs, generating fewer and fewer transactions.
Seems like a doom cycle. Fewer transactions, less profit, fewer miners, slower transactions, less value.....
It is exactly designed this way, power off some hardware for a while if it is no longer profitable
But they didn't anticipate that people are not using BTC to buy pizza and a million other things, the great bulk of BTC is being stashed in financial vehicles like ETFs, generating fewer and fewer transactions.
Seems like a doom cycle. Fewer transactions, less profit, fewer miners, slower transactions, less value.....