Bitcoin difficulty rising/price increase or decrease
How fast does the subreddit think bitcoins difficulty will rise after the introduction of the asic chips? How high do you think it will be? How fast do you think it will rise, like a time frame. and where do you think the difficulty will be at in 6 months? Another question: With the introduction of the asic chips, and the block chain halving/difficulty rise, will there be a rise in bitcoins price? if so, how much and how fast? Along with that, here is another question: If one were to purchase the Terehash supercomputer from butterfly labs, how profitable will it be? I'm assuming the power usage will be at 5000 watts. Does anyone know how fast BFL are shipping out these machines? I know all this is speculation and estimation, but i would love to know what you guys think. thanks in advance!
Unintended consequence of a hard fork---difficulty oscillations
We are observing the first phase of an unintended side effect of the BCH hard fork. Because bitcoin and BCH use the same proof of work algorithm, miners can jump from one chain to the other, wherever mining is more profitable. Assuming that miners could jump effortlessly and instantly (which is, luckily, not the case just yet), and assuming that all miners always seek maximum profit, all should now be mining BCH and the bitcoin chain would come to a screeching halt with no blocks whatsoever. Since BCH would then have a very high block frequency, the difficulty adjustment algorithm would soon, within a few days, increase the difficulty fourfold (the limit of what the algorithm does). All miners would jump back to bitcoin, and bitcoin would work normally for a while, until its difficulty would presumably rise a bit while BCH would stand still without a single block. The question now is whether the bitcoin difficulty rise suffices to chase all miners back into BCH mining or not, which also depends on the two coins' prices. Both chains have certain mitigating advantages. Bitcoin has the advantage that too few blocks would lead to very high fees, which would eventually lure miners back into an unpleasant, but less catastrophic equilibrium between high fees and miner's profitability estimates. BCH, on the other hand, has big blocks, so situations like one block per hour are unpleasant, but also not catastrophic. No block at all would, of course, be catastrophic for either chain. Fortunately the assumption I made initially will probably not be true. Some miners will stick to one chain for ideological reasons, out of conviction about long-term success, or because somebody bribes them, presumably also for ideological reasons. In addition most miners are not yet able to jump from one chain to the other easily and instantly for technical reasons. They would experience service interruptions, extra work, perhaps bugs. I am finding myself completely unable to predict what will actually happen, which is bad enough in itself. Please join in, anybody, who knows more. After yet another hard fork in a few months we may have the equivalent of an unstable three-body problem, like the one with celestial bodies, where the only safe prediction will be that nobody can predict the outcome. Bitcoin and its derivatives have not been designed for this situation. I bet Satoshi Nakamoto never thought about what would happen to the difficulty after such a hard fork, otherwise he would presumably have tried to design a solution into the difficulty adjustment. Even this intellectual giant could not foresee everything. What can we learn from this? That hard forks without a very clear separation, including different proof-of-work algorithms, are highly risky and dangerous and that the people who create them without understanding fully what they are doing may inadvertently damage or destroy both bitcoin and their own immature fork creations at the same time. Somehow this reminds me of Frankenstein's monster, born of good, but naive intentions, and sadly unable to fit in. Bitcoin Crash?
What death spiral? Bitcoin mining difficulty rises by 9% since halving
After the May 11 halving, some skeptics speculated that miners would capitulate or that the entire process would enter a death spiral. Fast-forward three months and the Bitcoin (BTC) hash rate is at a record high. An all-time high hash rate and a stable Bitcoin mining industry are both positive signs for the medium to […]
Bitcoin’s PoW hash rate is the amount of computing power one would need to do a reorg attack or to change the blockchain. Bitcoin’s hash rate is currently at 121,637,666 tera hashes. As hash rate increases and more miners secure the network, Bitcoin’s price sometimes follows it up. #bitcoin. difficulty adjustment appr. +6,8% today. Thereafter, Bitcoin’s difficulty dropped 16%, reversing the downward spiral of less miner participation and therefore preserving network security. The next difficulty change is set for April 8, and should begin to see the number rise once more, estimates from BTC.com suggest. Letztendlich werden Faktoren wie Hash Rate, Mining Difficulty und Mempool neu justiert und nach einer Übergangsphase zu einem neuen Gleichgewicht im Netzwerk führen. Auch wenn die Karten im Mining-Geschäft neu gemischt werden, das Bitcoin-Netzwerk hat einen langen Atem und wird uns vermutlich alle überdauern. As reported five days ago, bitcoin’s mining difficulty, which is the measure of how hard it is to compete for mining rewards, was expected to rise to a new all-time high today, per estimates from BTC.com - a rise of 3% would've brought ... Hash rate recovers 10% since BTC/USD fell to $3,700, once more proving that Bitcoin takes care of itself when it comes to security and stability. Bitcoin (BTC) did not need a multi-trillion dollar rescue package to continue functioning after crashing 60% in hours. That was the conclusion from analyzing the latest blockchain data, which showed […]
A non-geeky explanation of what bitcoin mining difficulty is. This also shows how to keep your bitcoin take from diminishing over time. Why does Bitcoin have a "difficulty" and what does this difficulty represent? How is this number calculated and why is it important? In this video, shot in the Wynwood art district of Miami, I ... Big Difficulty Moves for Bitcoin Trade Genius Stock Market News . Loading... Unsubscribe from Trade Genius Stock Market News? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 26.3K ... After the Bitcoin (BTC) mining difficulty jumped sharply today, mining has become 20% more difficult than right before the third BTC halving in May. However,... This video is unavailable. Watch Queue Queue. Watch Queue Queue