Not exactly sure what you are talking about. But whoever is mining with the additional hashrate looks to be dumping everything on market right now. So it’s not going to pop a balloon later, it’s already popped.
Looks obvious to me when you run the numbers that someone is currently mining C29 with an efficiency advantage. From what has been discussed it seems unlikely this advantage has come from software optimization or FPGAs. Therefore it’s likely to be ASICS on the network IMO( I have no proof).
For example:
If you look at average GPU( Nvidia) profits for mining Raven coin right, they still come out well ahead of Grin(C29) across most GPUs. However, there are confirmed Asics on the RVN network https://www.ravenplatform.com/home/devs-meeting-review16-aug-2019 So it would make no logical sense for Grin to be less profitable than RVN, unless there were also Asics on Grin’s network.
If you were renting large amounts of GPU hash equivalent to the spike in C29( circa 100k GPUs), which some argue is highly improbable to begin with. Then it makes no economic sense to direct it at Grin(c29) when you could direct it at Raven/ Beam and make 20-40% more net profit. Large Nvidia GPU farms would barely BE mining Grin right now. AMD farms would be losing money/ thus they would be mining ETH.
Price started trending down after the hashrate spike. It’s continued to trend down, however, hashrate has still remained relatively stable. Which makes no sense, it should track down with price. Unless someone has an efficiency advantage.
