Bitcoin Forum

Would this reduce transaction time?

The Short answer is no, Transactions only get verified when blocks are formed, This will only increase the difficulty and the confirmation times will remain the same.

That aside, Bitcoin mining is now a specialized field and most of the pcs people are using as far as Bitcoin mining  is concerned, ought to be gathering some dust in museums by now. What would really help is the siting of many more nodes outside of China, their monopoly of the hashrates is actually an ill wind, capable of ripping Bitcoin apart and the heat we are already feeling.

it is called confirmation time or in other words time between finding two blocks and it is a fixed time every 2016 blocks that the difficulty readjusts itself.

so if users get miners (because you can't mine with a PC you need a more power device called ASIC miner) the hash rate will grow and difficulty will readjust itself on its target (the 2016 block) and the time between blocks will be back to normal.

time = difficulty * 2**32 / hashrate

read these links they explain it better than i do:
https://en.bitcoin.it/wiki/Difficulty
https://bitcoin.stackexchange.com/questions/23099/what-does-the-mining-difficulty-number-really-mean
https://bitcoin.stackexchange.com/questions/5556/relationship-between-hash-rate-and-difficulty

Every user in this forum? It all doesn't matter. Asics have taken over the mining industry to such a level, that even if all users here in this forum will point their mining home PC to one pool, it isn't enough to even dent something so soft as butter. We need larger blocks, and pools that aren't filling blocks with rubbish transactions to choke the network for their own benefit. We also don't need those bastard pools that are mining empty blocks regularly.

As stated only the difficulty increases, as well the miners won't be profited good. Even the person who are mining would end up in loss, because the specific equipment is required to earn good through mining. These days the high profiting people are the one who has the big mining farm.

Every Tom, Dick and Harry cannot just wake up one day to start mining. It takes a lot of resources to mine in the first place and like it has been said already, I don't see how that can help but rather complicate things.

Well that would make no difference.Bitcoin mining has passed long ago from CPU to powerful ASICs.So it would be of no use trying to mine bitcoins using home PC.In such advanced mining also,china has dominated and would even continue to dominate as its the pioneer in manufacturing powerful ASICs.

Actually if every user mined with their pc it would make a difference but not a very big one. PC's are not powerful enough and it would be counter productive paying for all that electricity. So it wouldn't work. Better to spend that money investing in s mining farm.

I really don't know what will happen with this mining fee story. Seems to just get worse.

Blockchain technology is quickly becoming outdated due to its bloat. The folks developing Radix ledger tech will be replacing blockchains within the next year or so. Coins that adopt their tech will never have to worry about confirm times again. How does less than 10 seconds at 16K+ tps sound? How about 500K+ tps?

https://twitter.com/@radixdlt

Hint: This is a great investment opportunity.

EDIT: With this tech mining will no longer be necessary.

The minimum average confirmation time is 10 minutes regardless of the total hash rate. That is how Bitcoin is designed.

The average confirmation time is affected primarily by the amount of the fee paid by the transaction and its size (in bytes), however it cannot be less than the minimum average confirmation time. Again, it is not affected by the total hash rate.

Finally, every user mining on their PC will not have a detectable affect on the total hash rate. A top-of-the-line PC might have a hash rate of 1 GH/s. If 1 million users mine on their top-of-the-line 1 GH/s PCs, they will contribute 1000000 GH/s, which is about 0.02% of the 5635000000 GH/s total hash rate.

Not really. The mining picture has changed drastically. Most computers wouldn't be able to mine anything and with their little to nonexistent contribution no blocks will be found resulting in no change to the speed of confirmations per transaction.