metallicaband (OP)
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June 06, 2011, 01:19:47 PM |
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If the load on the network remains the same (Thashes/s), will the difficulty continue to grow at the same rate or will it be slower?
Because for example the next difficulty will hit in around a week with an approximate increase of another 200,000. At this rate the difficulty would hit 3,000,000 in like 3 months or less.
So:
1- Will it increase at this rate or will the next difficulty come around slower if the thashes/s remain around the same.
2- Is it possible for the difficulty to Decrease? if so, how?
Would appreciate any help.
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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Sukrim
Legendary
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June 06, 2011, 01:24:19 PM |
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1) It will remain quite stable at current difficulty if the hashrate remains stable at the current hashrate.
2) If it takes longer than 14 days to mine 2016 blocks, difficulty will go down to compensate for this. So yes, it can go down (and has already done so in the past once).
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sirky
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June 06, 2011, 01:24:59 PM |
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As I understand it, if the # of hashes stay the same, the difficulty will approximately stay the same (only change a minor amount depending on how lucky everyone was the previous difficulty's blocks).
If the number of hashes goes down (it takes longer than expected to find blocks) difficulty will also go down.
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CydeWeys
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June 06, 2011, 02:21:30 PM |
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The difficulty level is linearly proportional to the hashing power of the network. It's like converting between feet and meters. See the y-axes here for an example of what I mean: http://bitcoin.sipa.be/speed-lin.png |
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Jack of Diamonds
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June 06, 2011, 05:10:28 PM |
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If you are in profit already then it's pretty simple:
When cost of mining 1 BTC outweighs cost of electricity, drop out of network. Unless you trust BTC enough to 'invest in it' by paying now and expecting price increases later.
Before that happens, there is nothing to lose even if difficulty keeps increasing. So far price has too.
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1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
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Daba
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June 10, 2011, 04:34:52 PM |
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how much do u expect the difficulty to increas in ~1 month
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anodyne
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June 10, 2011, 04:39:13 PM |
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If the trend continues difficulty will be about twice the current level in a month, if I have to guesstimate it.
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Bitcoins: solid enough to build pyramids. |
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AngelusWebDesign
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June 10, 2011, 04:54:35 PM |
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The fact of the matter is, we haven't seen a difficulty decrease -- or even a leveling off -- yet. As far as we can tell, it's going to keep going until we get some concrete figures showing otherwise.
People can theorize all they want -- but so far there's no evidence that the difficulty is going to level off anytime soon.
And we don't know how many more $$$ are waiting in the wings to invest in Bitcoin -- at least assuming Bitcoin remains a mostly miner/speculator phenomenon.
If Bitcoins became easy to spend on STUFF and even easier to exchange for dollars -- then watch out! They could go much higher.
But I'm saying that there's no guarantee that the price will continue to rise even as difficulty goes up. They could stagnate around $25 or even go further down, even after future difficulty increases. Mining will simply become less profitable.
Matthew
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