Bitcoin Forum

Hi guys

Does anyone know anything? According to coinwarz.com, the difficulty has peaked and dropped by 300,000 for Bitcoin, and at the same time lost 70 petahashes of mining somewhere, one quarter of global hashing!

The only possibilities I can think of are;

1 ) shutdown of something like BFL's internal mining facility (if it hasnt already)
2 ) a corporate mining facility or farm has been shutdown or massive power outage somewhere
3 ) there has been a new coin launched and 70 petahashes have switched straight over in a coordinated way

Not sure what to make of it, I am concerned there is another sha256 coin launched which might be exceptionally valuable and missing out.

I know there have been occasional drops before but this seems like a huge drop, might be a glitch in the coinwarz.com website graphs but just have a suspicion theres something developed somewhere!

If anyone know's anything would be grateful if you can reply, losing 70 Petahashes from Bitcoin is one hell of alot, that's almost a quarter of total global Bitcoin hashing power!!

Let me know, thanks.

Much love.

BTC: 1Hy4bdvPbX4AVWskaTaxrWXGcBDK1RFrVD

Not sure mining chip increases will be possible, I think the only way is for mainstream adoption and transfer of existing fiat money to Bitcoin.

It's worth remembering that the Winklevoss Twins mentioned the potential Bitcoin to be worth $40,000 each, this would mean that;

- 2 terrahash mining
- currently mining $10 a day at $380 Bitcoins
- current mining value is $1000 per day if each Bitcoin ends up being worth $40,000 each.

Some people are saying Bitcoin, if it absorbs alot of global currency may become worth in excess of $500,000.

It's certainly interesting to see what happens, but nothing explains why all of a sudden 70 Petahash of mining has suddently just dropped off the radar..

http://www.coinwarz.com/cryptocurrency/coins/bitcoin

Im still concerned there is a new coin launched using the SHA256 protocol that only a handful of people know about.

Must be the power outage in Detroit  ;D

Perhaps a bit too literal in their interpretation of “proof of burn”?


Cheers

Graham

Brings financial tears to my eyes!

Cryptocoinsnews has also reported on the difficulty decrease and suggested miners have gone to other coins :-

https://www.cryptocoinsnews.com/bitcoin-mining-difficulty-decreases-first-time-almost-two-years/

Just glad / hoping that there hasnt been a stealth coin created we dont know about, but yep maybe someone has switched off a farm or users have migrated for some pump and dump scheme.

Time will tell :)

Although how Cryptocoins news can suggest that people using Bitcoin SHA256 Asics can somehow be used as Scrypt miners for Solarcoin is most bizarre!

wut ?

I know! Obviously some sort of noob style error has occurred, please shutdown and restart lol

I'm pretty sure Winklevoss Twins and Reptilia Twins are related...
Or are at the very least a close sub-species... and can procreate with each other if they screw a lot.

People misunderstand what "mainstream adoption" means...
It means that 1,000s of money transmitters and tech/geek retailers accept Bitcoin...

WE  HAVE  THAT  TODAY.  Bitcoin is a freaking dinosaur... it's a total drag to use.

Let's hope that 1/4 of BTC hashpower has switched to a coin that actual ordinary people might use...
But that's an oxymoron... since the platform that crushes BTC will be PoS.

i read somewhere that this last happened about November 2012

well we all know what happened in March of 2013

It will be interesting to see if the 70 Petahash of mining stays off the radar or suddenly returns. I guess if it suddenly returns it may have been caused by a fire/power cut/disaster, otherwise I guess it's no longer profitable enough for whatever setup was behind it.

I think you are confusing 70 PH/s "dropping off" with variance.  No one can accurately tell just how many PH/s are currently hashing, and instead, those graphs use their best guess based on the number of blocks mined in a given period of time and the difficulty.  So what happened was, for a short period of time, there were more blocks mined than on average, which made it seem like there was more hashpower on the network, now we are seeing less blocks mined in the same amount of time, because it all averages out in the end, and it is looking like a bunch of workers dropped off.

Also, the difficulty dropped by less than a percent, and the next difficulty so far doesn't look like it will be more than a couple percent in either direction.  If 70 PH/s all of a sudden dropped off of the network, you would see a difficulty decline of over 25%.

Also, BFL had a rather large farm (a few PH/s) but no where near 70, they were not competent enough to maintain something that large. :)
I doubt a corporate farm would shut off tens of millions of dollars worth of equipment when they are still making money, and if your large enough to have 70 PH/s you will have backup power for this kind of situation.
There is no new coins, most newly launched coins are crap, everyone knows it, and they die rather quickly.  If something was profitable, it would be very quickly mined into non profitability.

Thanks for the info. I presumed that the Coinwarz data was more or less real-time data in terms of end nodes hashing on the network, but averaging based on blocks sounds more practical.

I noticed that there were fluctuations previously, this time though it was quite a big difference, is there an actual realtime tool to be able to verify the current hashing on any coin.

Glad to hear not missed out on any coins, I agree, apart from the occasional most coins in the last 3 months are just surplus to demand and poor cash in attempts on existing communities and strong brands.

It will be interesting though to see what happens to the difficulty as mining becomes less profitable for small time home miners, the difficulty could drop some more and level out making it much more appealing for longer time mining, although as said before the actual value of something isnt the price of something, so the low price of Bitcoin doesn't put me off at all.

Thanks for the responses - thought better to say something just in case something was afoot elsewhere.

Bunch of people who have no idea how hashing power or difficulty is calculated talking BS...

Lol, 70 PH going to some altcoin...god, such imagination.

You might want to look around a bit and you'll see that some farms are dropping off to use their hash power for alternate uses which offer better returns

Yeah, imagine them mining some 2-3 mil marketcap altcoins with 70ph to get better returns :))))))))

Holly s.....  Man they lost it alright.
Still dont need to be the point.

Sorry for loss but this is bad once again sorry, hope you will somehow compensate damage and you have insurance on equipment at least.

Did they at least get their Counterparty tokens? :P

The twins said this or the twins said that. What does it mean anyway? They can throw out any number they want like Max Kaiser does stuff like 1 million per BTC, yeah it might happen but you won't be here to see it, perhaps your grandchildren will. Then again a coke and burger will probably cost you $15,000 in 2075.

Exactly. They may wish whatever value, but that doesnt reflect the reality. We already know about their poor judgement from their Facebook involvement.

Means nothing, interesting to hear different predictions anyway, keeps the incentive going for some of us.
Lol probably cost $15,000 for a burger next year the way the world economy is going! With new Burgercare too, I wouldn't buy a Barack O'Burger if you paid me lol

Back to subject, hashing averages on coinwarz.com seem to be rising again, as someone pointed out its block average and not real times, so no need to panic after all (mops sweat from brow).