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xmrpow
It s interesting to see how resistant xmr hashrate is to price movements...
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xmrpow
The profitability per kh/s graphs looks like it would be converging to zero :P
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xmrpow
*look
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hyc
IMO it's because majority of miners are home/hobbyist, mining for ideology or for no-KYC acquisition
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hyc
cynics will say it's because of botnets
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moneromooo
Maybe it's botnet hobbyists.
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hyc
there are many other cpu-mineable coins that are profitable to mine. I would expect the botnets to retarget
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pauliouk
well yeah if you've gone to the trouble of setting up a botnet, either buying one, or compromising a load of machines, you're going to aim for profit, not the ideology
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hyc
exactly
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merope
There are plenty of known botnets taking significant chunks of the nethash
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merope
But of course, that'a only part of the answer
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merope
Re: botnets retargeting: I'd say there are a few factors at play here
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merope
For one thing, some botnet operators are just skiddies who barely have any tech/crypto knowledge. Those people are unlikely to switch imo, simply because they have no idea how/why
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merope
Then there's the "risk" factor of mining a lesser known coin and having to then convert it to Monero, which means having to deal with lower market liquidity and price slippage for the smaller coins, as well as the risk of scams/errors during the conversion process
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merope
It does however beg the question: which coin would be the most profitable for a botnet?
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merope
Which, going off the top of my head, should be the coin with the best "security budget" * miner hashrate / network hashrate * (1 - pool fee)
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merope
i.e. the one with the greatest "fiat emission", weighed by the size of the miner relative to its network
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merope
(Where security budget = price * block reward / block time)
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merope
(With block reward = base emission + tx fees)
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hyc
I would guess any mining calc site will give the same answer
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merope
Yes, but now we have a nice intuition as to why, and not just mashing numbers in a calculator :)
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hyc
tho I suppose miner calc site won't take into account cost of converting mined coin into some other coin
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merope
(In fact, not just an intuition, but an actual model)
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merope
Yeah, though that could be easily added on top of the previous result as fixed + percentage fees (according to the exchange's fee structure)
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merope
And price slippage would just be a lower "actual" selling price compared to the latest market price (assuming an otherwise-static market - which for small coins is kinda accurate)
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pauliouk
98+
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pauliouk
feking cat
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pauliouk
I remember back in the way before when days... someone I knew was pwning Windows and Linux systems on residential connections to mine BTC. Landed on a machine that must have been hooked up to a BTC farm/asic net as his hashrate jumped up something like 80,000% with one more node on his botnet
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w[m]
<hyc> "IMO it's because majority of..." <- 🙌