Mining has been a hot topic in this rag for the last month or so as many have clamored on about the very elusive "mining death spiral". I wanted to share this visual with you freaks to help illustrate just how beautiful Bitcoin's difficulty adjustment mechanism is and that it works as designed. As you freaks can see, we've had four consecutive downward difficulty adjustments that have occurred as hashrate has fallen off the network due to unprofitable miners turning their equipment off as the price has fallen. It looks like after a couple of months of a continued decrease in the mining difficult has caused hashrate to level off and even begin to increase a bit as the price stabilizes in the $3,200 - $4,500 range for a bit here.
Now, I'm not saying that the downward adjustments are over with, but simply pointing out their beauty. This distributed, practically autonomous, self-correcting system is so fascinating to me. At times, I feel like the dude who recorded himself wandering upon a double rainbow in 2010; overwhelmed by the beauty of this tech. This alien tech that has been dropped in our laps.
If you freaks haven't seen this yet, definitely peep the investigation of Bitcoin Private's covert premine of 2 MILLION extra BTCP that was never disclosed to the public, likely enriching the scum bag founders. The most prominent of which being failed child actor, Rhett Creighton. Rhett has a penchant for ginning up FUD while launching shitforks of Bitcoin for personal profit. He's done this numerous times in the last year. Beware freaks, there are scammers everywhere. And it is imperative that we publicly shame them until they go away. Huge shoutout to Coinmetrics for putting the team on their back, digging deep into this issue, and shining a light on these snakes.
One Christmas Eve, when I was like 5, I stared at a red light in the distance for 3 hours straight thinking it was Rudolph waiting for Santa to finish up at a neighbor's house.