Bitcoin Forum
June 03, 2024, 12:37:51 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: If every User would also mine for a couple of Hours a Day with their home PC...  (Read 698 times)
TBR (OP)
Newbie
*
Offline Offline

Activity: 1
Merit: 0


View Profile
June 04, 2017, 09:49:44 AM
 #1

Would this reduce transaction time?
Thekool1s
Legendary
*
Offline Offline

Activity: 1512
Merit: 1218


Change is in your hands


View Profile
June 04, 2017, 09:51:50 AM
 #2

Would this reduce transaction time?

The Short answer is no, Transactions only get verified when blocks are formed, This will only increase the difficulty and the confirmation times will remain the same.
Victorycoin
Hero Member
*****
Offline Offline

Activity: 1134
Merit: 517



View Profile
June 04, 2017, 10:16:37 AM
Last edit: June 04, 2017, 12:19:20 PM by Victorycoin
 #3

Would this reduce transaction time?

The Short answer is no, Transactions only get verified when blocks are formed, This will only increase the difficulty and the confirmation times will remain the same.
That aside, Bitcoin mining is now a specialized field and most of the pcs people are using as far as Bitcoin mining  is concerned, ought to be gathering some dust in museums by now. What would really help is the siting of many more nodes outside of China, their monopoly of the hashrates is actually an ill wind, capable of ripping Bitcoin apart and the heat we are already feeling.
Sniper44
Hero Member
*****
Offline Offline

Activity: 714
Merit: 501


View Profile
June 04, 2017, 10:19:24 AM
 #4

Would this reduce transaction time?

it is called confirmation time or in other words time between finding two blocks and it is a fixed time every 2016 blocks that the difficulty readjusts itself.

so if users get miners (because you can't mine with a PC you need a more power device called ASIC miner) the hash rate will grow and difficulty will readjust itself on its target (the 2016 block) and the time between blocks will be back to normal.

time = difficulty * 2**32 / hashrate

read these links they explain it better than i do:
https://en.bitcoin.it/wiki/Difficulty
https://bitcoin.stackexchange.com/questions/23099/what-does-the-mining-difficulty-number-really-mean
https://bitcoin.stackexchange.com/questions/5556/relationship-between-hash-rate-and-difficulty

to the moon with bitcoin...
1Referee
Legendary
*
Offline Offline

Activity: 2170
Merit: 1427


View Profile
June 04, 2017, 10:22:23 AM
 #5

Every user in this forum? It all doesn't matter. Asics have taken over the mining industry to such a level, that even if all users here in this forum will point their mining home PC to one pool, it isn't enough to even dent something so soft as butter. We need larger blocks, and pools that aren't filling blocks with rubbish transactions to choke the network for their own benefit. We also don't need those bastard pools that are mining empty blocks regularly.
ASHLIUSZ
Hero Member
*****
Offline Offline

Activity: 994
Merit: 502



View Profile
June 04, 2017, 10:27:41 AM
 #6

As stated only the difficulty increases, as well the miners won't be profited good. Even the person who are mining would end up in loss, because the specific equipment is required to earn good through mining. These days the high profiting people are the one who has the big mining farm.
haroldtee
Sr. Member
****
Offline Offline

Activity: 644
Merit: 299


View Profile
June 04, 2017, 10:40:59 AM
 #7

Every Tom, Dick and Harry cannot just wake up one day to start mining. It takes a lot of resources to mine in the first place and like it has been said already, I don't see how that can help but rather complicate things.
ekoice
Hero Member
*****
Offline Offline

Activity: 742
Merit: 500



View Profile
June 04, 2017, 10:48:10 AM
 #8

Would this reduce transaction time?
Well that would make no difference.Bitcoin mining has passed long ago from CPU to powerful ASICs.So it would be of no use trying to mine bitcoins using home PC.In such advanced mining also,china has dominated and would even continue to dominate as its the pioneer in manufacturing powerful ASICs.
Mike Mayor
Hero Member
*****
Offline Offline

Activity: 966
Merit: 535


View Profile
June 04, 2017, 08:03:05 PM
 #9

Actually if every user mined with their pc it would make a difference but not a very big one. PC's are not powerful enough and it would be counter productive paying for all that electricity. So it wouldn't work. Better to spend that money investing in s mining farm.

I really don't know what will happen with this mining fee story. Seems to just get worse.

coinits
Legendary
*
Offline Offline

Activity: 1582
Merit: 1019


011110000110110101110010


View Profile
June 04, 2017, 08:08:40 PM
 #10

Would this reduce transaction time?

Blockchain technology is quickly becoming outdated due to its bloat. The folks developing Radix ledger tech will be replacing blockchains within the next year or so. Coins that adopt their tech will never have to worry about confirm times again. How does less than 10 seconds at 16K+ tps sound? How about 500K+ tps?

https://twitter.com/@radixdlt

Hint: This is a great investment opportunity.

EDIT: With this tech mining will no longer be necessary.

Jump you fuckers! | The thing about smart motherfuckers is they sound like crazy motherfuckers to dumb motherfuckers. | My sig space for rent for 0.01 btc per week.
odolvlobo
Legendary
*
Offline Offline

Activity: 4340
Merit: 3258



View Profile
June 04, 2017, 09:14:14 PM
 #11

Would this reduce transaction time?

The minimum average confirmation time is 10 minutes regardless of the total hash rate. That is how Bitcoin is designed.

The average confirmation time is affected primarily by the amount of the fee paid by the transaction and its size (in bytes), however it cannot be less than the minimum average confirmation time. Again, it is not affected by the total hash rate.

Finally, every user mining on their PC will not have a detectable affect on the total hash rate. A top-of-the-line PC might have a hash rate of 1 GH/s. If 1 million users mine on their top-of-the-line 1 GH/s PCs, they will contribute 1000000 GH/s, which is about 0.02% of the 5635000000 GH/s total hash rate.

Join an anti-signature campaign: Click ignore on the members of signature campaigns.
PGP Fingerprint: 6B6BC26599EC24EF7E29A405EAF050539D0B2925 Signing address: 13GAVJo8YaAuenj6keiEykwxWUZ7jMoSLt
AT101ET
Legendary
*
Offline Offline

Activity: 3080
Merit: 1348


View Profile
June 04, 2017, 09:29:43 PM
 #12

Not really. The mining picture has changed drastically. Most computers wouldn't be able to mine anything and with their little to nonexistent contribution no blocks will be found resulting in no change to the speed of confirmations per transaction.
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!