11:23:12 <xmrpow> It s interesting to see how resistant xmr hashrate is to price movements...
11:29:34 <xmrpow> The profitability per kh/s graphs looks like it would be converging to zero :P 
11:30:04 <xmrpow> *look
15:14:53 <hyc> IMO it's because majority of miners are home/hobbyist, mining for ideology or for no-KYC acquisition
15:15:01 <hyc> cynics will say it's because of botnets
15:15:15 <moneromooo> Maybe it's botnet hobbyists.
15:15:50 <hyc> there are many other cpu-mineable coins that are profitable to mine. I would expect the botnets to retarget
15:18:30 <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
15:18:49 <hyc> exactly
16:01:49 <merope> There are plenty of known botnets taking significant chunks of the nethash
16:02:17 <merope> But of course, that'a only part of the answer
16:02:47 <merope> Re: botnets retargeting: I'd say there are a few factors at play here
16:03:56 <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
16:05:16 <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
16:06:33 <merope> It does however beg the question: which coin would be the most profitable for a botnet?
16:10:48 <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)
16:11:23 <merope> i.e. the one with the greatest "fiat emission", weighed by the size of the miner relative to its network 
16:12:34 <merope> (Where security budget = price * block reward / block time)
16:13:07 <merope> (With block reward = base emission + tx fees)
16:16:11 <hyc> I would guess any mining calc site will give the same answer
16:17:37 <merope> Yes, but now we have a nice intuition as to why, and not just mashing numbers in a calculator :)
16:18:24 <hyc> tho I suppose miner calc site won't take into account cost of converting mined coin into some other coin
16:18:41 <merope> (In fact, not just an intuition, but an actual model)
16:21:30 <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)
16:22:53 <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)
16:29:48 <pauliouk> 98+
16:30:04 <pauliouk> feking cat
16:32:39 <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
19:45:03 <w[m]> <hyc> "IMO it's because majority of..." <- 🙌