If this is true, which I welcome because Chinese miner centralization has been a massive worry for us since about 2012, that still has yielded they highest hash rate (the computing power dedicated to mining Bitcoin) in the History of BTC:<p><a href="https://bitinfocharts.com/comparison/bitcoin-hashrate.html" rel="nofollow">https://bitinfocharts.com/comparison/bitcoin-hashrate.html</a><p>Its easy to skew this if you don't understand the underlying tech, but Bitcoin continues to work despite a supposed exodus of miners (best example being the last fork with BCash), what secures the network are the nodes, not miners. They're just participants who are rewarded for appropriating the network with hashing power.<p>As for the price dip, well I welcome anyone to buy $100 of BTC and hold onto a $100 and see which is more valuable now that the Federal Reserve has dropped Interest rates to 0%, and is issuing a $700 Billion QE program:<p><a href="https://www.cnbc.com/2020/03/15/federal-reserve-cuts-rates-to-zero-and-launches-massive-700-billion-quantitative-easing-program.html" rel="nofollow">https://www.cnbc.com/2020/03/15/federal-reserve-cuts-rates-t...</a><p>> They should never be there anyway, Bitcoin is a waste of time.<p>Personally, this couldn't have come at a worst time for me as I stepped down from my day job to undergo my SpaceX interview(s), I've turned down some gig/jobs in the last month too, but I'm glad that I have BTC as a cushion with some cash on hand.
Curious about the network's capacity to respond to a downward trend in hash power (which doesn't seem inevitable, but possible).<p>Does the difficulty factor of new blocks get dropped in response to losing hash power? Is the fee / mining reward balance predictable? Does the network become non-functional for xfers below a certain value at some point?
Last week a FB friend discusses with his connections the winning investment strategy wrt the virus. They agreed that BTC (besides gold) is a safe heaven. It was @ $8k back then (now it's $5k).
In my opinion, for-profit bitcoin mining is detrimental to the ecosystem. Prices should fall to unprofitable levels,so network hash power is more distributed among smaller groups.