Network just jumped up 100 petahashes!!!

[skuser]

Here you have nice chart showing computed hashrate within various timeframes:


And more timeframes are available there too http://bitcoin.sipa.be

[1714190106]

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[1714190106]

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[QuintLeo]

Nope, not that big of an actual jump - looking at "short term peak" rates is VERY misleading as they routinely bounce around a lot.

 Got to average over at least a full day to get a meaningfull look at the network hash rate.

 With that said, the ballpark 1.6% average diff increase of the first half of this year is obviously history, looking like 4-5% or so on average is going to be the norm for a while - so much for RoI on anything without VERY cheap electric if you haven't had it for a few moons or longer already.

[d57heinz]

Nope, not that big of an actual jump - looking at "short term peak" rates is VERY misleading as they routinely bounce around a lot.

 Got to average over at least a full day to get a meaningfull look at the network hash rate.

 With that said, the ballpark 1.6% average diff increase of the first half of this year is obviously history, looking like 4-5% or so on average is going to be the norm for a while - so much for RoI on anything without VERY cheap electric if you haven't had it for a few moons or longer already.

I understand that it needs to be averaged out. All i was stating was that it jumped 100 peta.. if you look at the graph in the posst before yours you can clearly see it.. 380peta to well over 480.. That is all i was pointing out.  Will it hold above 465 thats left to be seen.. But so far i havent seen it drop below that.. Mostly hovering around 475 average.. So i think your right on cue with the 5 % each diff increase..

Best Regards
d57heinz

[philipma1957]

Nope, not that big of an actual jump - looking at "short term peak" rates is VERY misleading as they routinely bounce around a lot.

 Got to average over at least a full day to get a meaningfull look at the network hash rate.

 With that said, the ballpark 1.6% average diff increase of the first half of this year is obviously history, looking like 4-5% or so on average is going to be the norm for a while - so much for RoI on anything without VERY cheap electric if you haven't had it for a few moons or longer already.

I understand that it needs to be averaged out. All i was stating was that it jumped 100 peta.. if you look at the graph in the posst before yours you can clearly see it.. 380peta to well over 480.. That is all i was pointing out.  Will it hold above 465 thats left to be seen.. But so far i havent seen it drop below that.. Mostly hovering around 475 average.. So i think your right on cue with the 5 % each diff increase..

Best Regards
d57heinz

well look at this chart 168 blocks  vs 144 or  about  16.7% but only for 1 day have to see how long it lasts this high


http://btc.blockr.io/charts

[spazzdla]

Battlecruiser OPERATIONAL

And by battlecruiser I mean S7 Bitmain miner.

[mavericklm]

Hash Rate    390,730,448.58 GH/s https://blockchain.info/stats
it's called variance

[Amph]

Battlecruiser OPERATIONAL

And by battlecruiser I mean S7 Bitmain miner.

with that thing they can mine with profit, up to at least $50 per bitcoin, this mean that the hashrate will jump much higher, stay tuned

i'm wonreding what will happen if the efficiency keep growing like crazy but bitcoin price remain there, i guess, even more centralization...

[d57heinz]

Hash Rate    390,730,448.58 GH/s https://blockchain.info/stats
it's called variance

 They must of decided that dropping the price of btc was a little less noticeable/easier lol.  Well you can bet on them reaching 500 peta.. That was just a short glimpse of whats to come this winter(maybe sooner).. i know damn good and well its not just variance. and besides something got shut down as we are lower now in global hashrate than we were at last diff adjustment. If you think you can gain one up on them at this stage of the game your dead wrong. Unless you have free power. I guarantee in 1 years time there will be a new more efficient miner to come. then of course everyone will have to have that otherwise your stuck again.(being squeezed out). Its a vicious game.we are losing more and more as they push roi to the extreme at one year. We all know at this point you best be dedicated as you will be spending your hard earned money to keep this afloat.. I wouldnt doubt that bitmain doesnt take half the money of the miner and keep it in btc just to keep the price of btc afloat a little longer..  Have anyone else notice right about the time the miners go on sale they price go sideways or up or they know that they have finished installing all the 16 nm and its time to dump the old on us before the diff skyrockets.    its no doubt they want you to think its a good investment.."hell bitcoin is rising" youll think," diff is steady last 6 months", Then after sales it seems to crash hard.or diff jumps up .  they pulled the trick one to many times for me not to notice..  Looking like a good time to pull out and sell off what i have and just sit on the bitcoins. If they ever do anything then great.. But i cant keep throwing money at these hw manufactures and then hope to get it back ..  At this rate of return.. its almost making the banks looks like a good option again.. It was only a matter of time that the greedy ones fucked it up for the 99 % of us.

Best Regards
d57heinz

[d57heinz]

Price   230.48 USD/฿
Hashrate   513.93 PH/s
Activity   55 TX/min
Unconfirmed Txs   98
Fee Rate   0.00014839 BTC

[d57heinz]

even higher still.. wtf

Price   227.81 USD/฿
Hashrate   522.28 PH/s
Activity   76 TX/min
Unconfirmed Txs   541
Fee Rate   0.00017055 BTC
https://chain.so/BTC

https://blockchain.info/charts/hash-rate

Finally broke 500 peta for first time on blockchain chart.. if you look at that chart seems once we hit a top we will be at that speed in less than two months .. happens many times in the past..

Best Regards
d57heinz

[jonnybravo0311]

Sit back, relax and take a deep breath.  Since the last difficulty adjustment, there have been 1547 blocks found.  It has taken 889775 seconds between those blocks.  This means an average of 575.16 seconds per block.  The bitcoin network states it should be 600 seconds per block.

If we do some math, we can see that the average hash rate of the network is as follows (using the shortened formula, which is accurate enough for this exercise):

Code:

2^32 * 56957648455 / hashrate = 575.16
hashrate = 425.33PH/s

Worrying as you are over 100PH/s swings is causing you too much stress.

[HerbPean]

Sit back, relax and take a deep breath.  Since the last difficulty adjustment, there have been 1547 blocks found.  It has taken 889775 seconds between those blocks.  This means an average of 575.16 seconds per block.  The bitcoin network states it should be 600 seconds per block.

If we do some math, we can see that the average hash rate of the network is as follows (using the shortened formula, which is accurate enough for this exercise):

Code:

2^32 * 56957648455 / hashrate = 575.16
hashrate = 425.33PH/s

Worrying as you are over 100PH/s swings is causing you too much stress.

Best advice of the day ;-)

[d57heinz]

Sit back, relax and take a deep breath.  Since the last difficulty adjustment, there have been 1547 blocks found.  It has taken 889775 seconds between those blocks.  This means an average of 575.16 seconds per block.  The bitcoin network states it should be 600 seconds per block.

If we do some math, we can see that the average hash rate of the network is as follows (using the shortened formula, which is accurate enough for this exercise):

Code:

2^32 * 56957648455 / hashrate = 575.16
hashrate = 425.33PH/s

Worrying as you are over 100PH/s swings is causing you too much stress.

Best advice of the day ;-)

Im not in the least bit stressed. Moreover i feel some duty to warn others as i was not.  Those that have elite status should be airing more on the side of caution when encouraging more people full into a system they know damn good and well is immature at best.. So many are being burnt that BTC is becoming the game of hot potato.  dont be crying when the music stops..


Well you are both entitled to your opinion. Mine has been stated.. Lets see where we are at in two months.. Lets see if this is really variance or just huge farms gettting things swapped out..
 just sit back while it all goes to shit  just keep buying out the bag holders/feeding the hw manufactures.. "Everything will be just fine" is not something i take very seriously. I think that mentality is what put our countries in the state they're in ... NO?.. Tell me this  how would bitcoin be doing if we didnt have a steady injection of 1 million usd every day(where do you think that is coming from?).  What would its value be then? this is turning out what looks to be a good way to transfer the wealth of those that "believe" into the ones that understand the system.. Please explain how everything is ok for those that continue to invest and it constantly goes down  in value.. I guess we are getting close to the point where the system whether it be btc or the many other alts that enough people have been burnt now that they are Starting to see the light so to speak.. Personally i expect the halving to be the nail in the coffin as many more will get burnt thinking they will double there money. when in reality they got there doubling with the efficiency of the miners that were just released... Now that we have short sells involved with no checks and balances.. It will get shorted all way to 0 once the big boys acquire enough coin..  I was once a true btc beleiber but having been burnt by so many scams and bs alt coins. its time for a reality check here.. Bottom line at this point before you start mining you best learn to read charts as this will inevitably be pushed much lower.. Im only stating my opinion and take it fwiw. I dont claim to have full understanding.. hell maybe i dont understand it at all...   on that note would love for someone to clear me up on this.. Is btc turning into a ponzi in disquise? Is this why satoshi bailed?.. I feel the great thing to come of all this is the blockchain.. The greedy ones will fuck it up for being a currency i can guarantee that!.

Best Regards
d57heinz

[jonnybravo0311]

My point is that you're making a thread talking about giant swings in hash rate and claiming something that simply isn't true.  The network has not added 100PH/s of gear.  Look, I can take an incredibly small point in time (say between two blocks) that are found seconds apart and claim the network jumped to 3EH/s.  Nobody in their right mind is going to believe that for a second.  All you've done is try to make it seem a bit more plausible by using a "relatively" innocuous number... enough to be scary, but not enough to be unbelievable.  I simply showed with actual numbers that your facts are misleading.

Is the network adding hash rate?  Trends say it is.  Are we going to see a 25% increase this adjustment?  Not a chance.

[Finksy]

BTC and "get rich in a month pump & dump altcoin scams" are very different, but clearly you're allowing your experiences with one of them to jade your outlook on the other.

You say you were a BTC believer, but that you invested in bs altcoins, have lost money on BTC and scams, and yet point the finger at "the greedy ones" for fucking the valuation up.  Why did you do all those things if not out of greed? People are going to do what they do, it is human nature.  Hardware manufacturers are going to produce products that sell, people will buy products they believe will make them money, and a small minority are going to try to take advantage of others for profit.  These are the constants in life, you just need to be aware and prepared for them. The ones that fall for the altcoin and other scams are the ones that typically are greedy, and allow that emotion to cloud their judgement.

Most of us are not trying to lure people in to an immature currency, personally all I do is educate people and let them make their own mind up.  Those that invest with the expectation that they will make xxx% return on their investment are the ones that end up sour and disappointed.  Those that stay in it for the long term will be the ones that end up alright, but to think we are going to see over-night millionaires the way we did in late 2013, is pure fantasy. The long term trend of bitcoin is upwards, and IMO the valuation at present is "healthy" from a market point of view.  The halving will definitely be interesting, and I look forward to see what it will bring to the market.

[ranochigo]

Bitcoin hashrates are a vague estimation by the speed between block. There is something called luck or varience. Varience allows blocks to be mined either longer than 10 minutes or shorter than 10 minutes, it would never be a consistent 10 minute. Hence, Bitcoin difficulty is determined by the average speed. Another possibility that cannot be ruled out is the testing of shipping ASIC miners. Antminer S7 has been a thing and they might just be testing the units before shipping hence the sudden increase in speed.

[d57heinz]

My point is that you're making a thread talking about giant swings in hash rate and claiming something that simply isn't true.  The network has not added 100PH/s of gear.  Look, I can take an incredibly small point in time (say between two blocks) that are found seconds apart and claim the network jumped to 3EH/s.  Nobody in their right mind is going to believe that for a second.  All you've done is try to make it seem a bit more plausible by using a "relatively" innocuous number... enough to be scary, but not enough to be unbelievable.  I simply showed with actual numbers that your facts are misleading.

Is the network adding hash rate?  Trends say it is.  Are we going to see a 25% increase this adjustment?  Not a chance.

i understand.. well we will see.. https://blockchain.info/address/1MG3LEnxt4qBewi3BCy5Q6M2jCqgiDdtTC  here is the miner turning on and off..

Best Regards
d57heinz

[d57heinz]

https://blockchain.info/tx/91e7cfb8dc8ace823cc0b7557f562a3a52166545a6b4e2b0083768c56d4956b6

now if we can just figure out who this is and why they have a double spend .hmmm

looks to be btcchina pool

Best Regards
d57heinz

[TheRealSteve]

https://blockchain.info/address/1MG3LEnxt4qBewi3BCy5Q6M2jCqgiDdtTC  here is the miner turning on and off..

Click on the first transaction, then click on "Show scripts & coinbase" (if not already shown):

0358b7052f4249503130302f0422dcf75508b8085ceb744200000f5b4254434368696e612e636f6 d5d20
(decoded) X�/BIP100/"��U�\�tB[BTCChina.com]

Not sure where you get the notion that they're turning things on and off; their block interval is fairly consistent (remember variance).
https://www.blocktrail.com/BTC/pool/btchina/1

[TheRealSteve]

now if we can just figure out who this is and why they have a double spend .hmmm

Because their block got orphaned. Actual block 374219 that ended up in the main chain is https://blockchain.info/block-index/991377/00000000000000000e8a1c90a62c1dbed6d730ffde34ff981dbd9ab3ee9dd5e9 (by F2Pool)