How to Accept Bitcoin and Dogecoin? Maryland diner tests it out with “To the Moon” Sundae
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As I've explained repeatedly before, the block reward is the mechanism which we as a community use to buy the hashing power which keeps our network relatively independant and secure as an honest processor of users transactions. As we cannot pay miners in fiat somehow, we pay them mega dogecoin price Doge in the form of block rewards and transaction fees.
This means that we as a community are putting a price on the hashing power used to secure our network. Mega dogecoin price thought it would be interesting to try and figure out what that number is. The reason it's interesting is the Dogecoin block reward schedule. To encourage mining and mega dogecoin price the value of the coin, Doge operates on a diminishing rewards block schedule that encourages mining and buying into Doge with hashing power by rewarding early miners more than late miners.
However this works only to a point. Mining Doge has to be ROI positive or nobody would bother with it. Mining Doge mega dogecoin price has to mega dogecoin price ROI competitive with other altcoins or nobody would bother with it. This first requirement I address in this post, and the second requirement I'll address some other time. This is current ish pricing and power consumption information for a variety of different mining hardware.
As the point of this exercise is to put a Doge price on every block, the power consumption of every KH pointed at mining Doge counts. In order to recieve any return on invested compute power, a miner must find blocks. If the difficulty is too high, then it isn't mega dogecoin price to find blocks and mining is ROI negative. This is why Wafflepool and other multipools switch coins: So, Dogecoin has a minimum block reward of 10, Doge, but we won't see that until January.
At present we're at aDoge block reward. I won't be mining any more for this reason. You don't just get coins for mining tho, you get coins for finding blocks. Assuming that the Scrypt proof of work function is inviolate, what fraction of the hashrate do each of these miners need to represent at the current block reward to break even?
I think the writing's on the wall here. If everyone on the Dogecoin network was running the War Machine miner, our hashrate is a factor of 48 times higher than would be break even. What does this mean for our future? As block rewards fall, either the price of Doge will rise due to adoption as a unit of trade which will drive down the minimum block reward numbers, decreasing the hashrate fractions and increasing the global break even network hashrate.
What do I think this means? If we want Dogecoin to grow into something more than a tip currency I think that we missed the boat when we turned down mega dogecoin price mining with LTC. We have to secure our hashrate for the long haul that it'll take us to build real market valuation through acceptance as a unit of trade. Merged mining with LTC would have achieved that goal. So what do I think the outlook is? I think we're gonna run out of fuel mega dogecoin price earth orbit rather than get to the moon.
The blog of Reid McKenzie. Dogecoin block pricing experiment 22 May As I've explained repeatedly before, the block reward is the mechanism which we as a community use to buy the hashing power which keeps our network relatively independant and secure as an honest processor of users transactions. Experiment Mega dogecoin price is current ish pricing and power consumption information for a variety of different mining hardware.
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