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BkkCoins (OP)
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August 19, 2012, 11:20:51 PM |
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Woke up this morning to see network hash rate up to 23 TH/s and big price drop.
Wow. Any ideas why so much mining has started up in last 24 hours?
And is the price drop a coincidence?
I was assuming the price drop was related to these HYIP coming due.
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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matthewh3
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Activity: 1372
Merit: 1003
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August 19, 2012, 11:23:51 PM |
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It could be BFL testing there ASIC's? October isn't far away.
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stick_theman
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August 19, 2012, 11:29:41 PM |
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That's a significant portion of mining power a single entity has.
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proudhon
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Activity: 2198
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August 19, 2012, 11:34:08 PM |
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Maybe the network is getting really, really, really lucky.
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Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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BkkCoins (OP)
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August 19, 2012, 11:36:01 PM |
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That's a significant portion of mining power a single entity has.
And yet blockchain.info isn't showing a change in distribution. Maybe it takes longer to update? I wouldn't expect all new mining to come online perfectly across all pools. And if only one or two new entities I would expect either a big jump in unknown or just one pool. |
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Jutarul
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August 19, 2012, 11:38:29 PM |
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That's a significant portion of mining power a single entity has.
And yet blockchain.info isn't showing a change in distribution. Maybe it takes longer to update? I wouldn't expect all new mining to come online perfectly across all pools. And if only one or two new entities I would expect either a big jump in unknown or just one pool. Maybe it's the way the different charts calculate the hashrate. Someone fooling around with the timestamps? |
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nedbert9
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August 19, 2012, 11:47:15 PM |
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matthewh3
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August 19, 2012, 11:48:50 PM |
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Haven't BFL used that pool before for burning?
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nedbert9
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August 19, 2012, 11:54:54 PM |
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Haven't BFL used that pool before for burning?
BFL supposedly uses a dedicated account on EMC to perform testing. Reviewing EMC's miner stats it would appear that multiple accounts are contributing to the 700 GH increase. Still, this is strange. |
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matthewh3
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August 19, 2012, 11:56:46 PM |
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700GH/s=200 Jalapeños
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makomk
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August 20, 2012, 12:05:07 AM |
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According to the rest of the thread, it looks like that was just a whole bunch of users switching from OzCoin after the latter introduced a fee. Which means that it doesn't really explain why the total network hashrate would have increased. |
Quad XC6SLX150 Board: 860 MHash/s or so. SIGS ABOUT BUTTERFLY LABS ARE PAID ADS |
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nedbert9
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August 20, 2012, 12:17:38 AM |
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According to the rest of the thread, it looks like that was just a whole bunch of users switching from OzCoin after the latter introduced a fee. Which means that it doesn't really explain why the total network hashrate would have increased. Thank you for the clarification. Now,... where is that 3 TH coming from? |
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BkkCoins (OP)
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August 20, 2012, 12:21:13 AM |
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And it's still rising - now at 25.1 TH/s according to Bitcoincharts.com. And 0.5 in last few minutes.
9.6 blocks in last hour. This is strange or is it just a temporary super luck wave?
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jwzguy
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August 20, 2012, 12:23:07 AM |
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BFL claims they only burn in on the testnetwork, for whatever that's worth.
Regardless, I don't think it has anything to do with the price change.
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enquirer
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August 20, 2012, 12:33:42 AM |
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a) random fluctuation (most probable)
b) someone developed ASICs three months before BFL and mining for themselves
c) someone is attempting 51% attack to destroy bitcoin
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BkkCoins (OP)
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August 20, 2012, 12:42:30 AM |
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a) random fluctuation (most probable)
b) someone developed ASICs three months before BFL and mining for themselves
c) someone is attempting 51% attack to destroy bitcoin
Is (a) most probable? Perhaps one our local math whizs can figure the statsitical likelihood of a 50% move in < 24 hours. I don't think it's even remotely likely given a base of this size. I'm leaning towards some other company with an ASIC design. They likely pushed really hard to get them active as the price was rising. Even still, we ought to see that skew the pool stats unless they intentionally spread them over all pools to remain hidden. |
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eleuthria
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August 20, 2012, 12:46:43 AM |
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The "23 TH" surge is purely luck based, compounded by the fact that the network speed -IS- increasing due to the surge in price from $6.50 last month. We are not at 23 TH/s right now, simply looking at the chart makes it painfully obvious it's not a natural network growth causing that number to display.
However, always remember that difficulty lags behind price. The price/difficulty ratio takes a long time to balance because price can fluctuate much faster than new hashing power can be added during a rally, and people are hesitant to turn off the new hardware they've added unless it runs at an absolute loss during a crash.
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RIP BTC Guild, April 2011 - June 2015
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BitcoinHoarder
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August 20, 2012, 12:47:49 AM |
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The system has actually been running for a few months, a large block of GPUs were released by a user and they were added to the idle cluster.
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drakahn
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August 20, 2012, 12:53:11 AM |
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pirate still has his gpumax.com weapon
The stupidity round here Gpumax would not 'increase' network hashrate at all, it only distributes it |
14ga8dJ6NGpiwQkNTXg7KzwozasfaXNfEU
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candoo
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August 20, 2012, 12:56:19 AM |
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i just received my 200 jalapenos
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Einer trage des andern Last, so werdet ihr das Gesetz Christi erfüllen.
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