Bitcoin Forum

As more people get on board the Bitcoin bandwagon, it appears that mining is becoming an ever increasing endeavor.

I do need to say... Dont get rid of your mining equipment as there is something just around the corner .... and its not an alternative to Bitcoin, its just using the current system a bit different to increase mining returns and not decrease them, the closer we get to the magic 21

Sorry to be vague... all I can say, is that it will remain open source  ;)

I will be releasing more information on that part of the project along with other developments, which you can follow on my RimBit site  :o

?

There is a way to make mining profitable again, the harder BTC mining gets :)

?

I need to come back to your ? when we have the system up and running.

Yeah.. I doubt that.

Doubt what?

What are you basing your comment on?

if you have to say something then say. Its nothing worse that what you are doing: i will tell you someday about something, stay tuned.

What's the magic 21 refer to? difficulty? And if so why is that important?

Sorry.. My Fault... I should have said 21 million as in bitcoin availability

It's going to take years for us to get to 21 MM, if that is what you call just around the corner then you have some surprises coming your way.

Well first, what where you basing you first comment on?

Secondly, I did not say, I will tell you about it someday... thats just making things up.

I actually said...
Sorry to be vague... all I can say, is that it will remain open source  Wink

I will be releasing more information on that part of the project along with other developments, which you can follow on my RimBit site

In other words, I will be releasing information as the project buzzes along.

Are you saying that now till we get to 21 million, miners will be happy mining bitcoins and still profit? From what I am reading about BFL, some people are not happy that their investment is dwindling away as delivery times are still some time away for people.

Or did I miss something.. I was under the assumption that mining gets more difficult as time goes on... do you know something we dont?

You make a ridiculous promise while saying absolutely nothing about what your magic project is.  All you are doing is trolling for more followers on your site.

I agree with the above, if you have something to say then say it, otherwise don't start a thread just to let everyone know that you might eventually have something to say.

Your right.... I will shut up... No more heads up... :)

Sorry that you all got offended...

Cheers

Are you attempting to create another crypto and merge mining similarly to nmc?

Absolutely not. There is no need to reinvent whats already working. Bitcoin is out there now and is getting tweaked all the time. Alternative crypto is just adding to the confusion.

If I had to guess, I would say that RimBit uses a blockchain to enable their "banking platform" to work somehow and that the act of mining on this "banking platform" either merged or non merged will somehow pay additional dividends over the existing blockchain mining which will mean that everyone will want to mine with them either by using their old hardware or by some merged mining with their existing hardware. 

jhansen858.... No comment  ;)

21 million difficulty? You'll announce then?

This is probably right, but it's either this or finding some other hard computational task (folding proteins, cracking, simulations, etc.). You charge for processing power to big companies, pay fees to miner-workers.

This probably would not be possible.  It has been discussed many times but it boils down to the fact that the mining proof of work is essentially random number generation which can occur with equally distributed solutions.   This makes for predictable amounts of work that need to get done in order to satisfy the proof of work.

If it's 21 million coins we'll all be dead by then.

Correct me if I am wrong: Doesn't the difficulty continue to compound (Go up in numbers)
as more miners and more people are mining? and the more easier it is for these insane hardwares to mine?

I mean.. I might be wrong, but isn't that the theory? The numbers only go up, and won't go down.

whattt what do you mean MM??? we will be at 21M in cuple of weeks... but 21MM whos even thinking of that? am i wrong??

Half of you are talking about difficulty, and the other half are talking about coins in existence. The 21 million difficulty is just around the corner, but the projected time to find all coins is like 2140.

Kind of.... difficulty is a function of network hashpower.  So as more machines come online and network hashrate grows, difficulty will continue to rise.  If for some reason the new machines start to die off and network hashrate drops, difficulty will go down too, but that doesn't seem very likely  ;)

The difficulty adjusts according to the total network hashing power to try to keep the time between blocks constant. I believe the target is around 10 minutes between blocks.

This thread is very exciting, but I wish the OP hadn't gone straight to the announcement about an upcoming announcement. That's too stressful. Next time start by announcing you'll soon make an announcement about an upcoming announcement.

Hope to hear of the system soon as I had given up mining due to the difficulty.