Bitcoin mining may get easier

[Voodah]

If I had to guess, I would say that RimBit uses a blockchain to enable their "banking platform" to work somehow and that the act of mining on this "banking platform" either merged or non merged will somehow pay additional dividends over the existing blockchain mining which will mean that everyone will want to mine with them either by using their old hardware or by some merged mining with their existing hardware. 

This is probably right, but it's either this or finding some other hard computational task (folding proteins, cracking, simulations, etc.). You charge for processing power to big companies, pay fees to miner-workers.

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[jhansen858]

This is probably right, but it's either this or finding some other hard computational task (folding proteins, cracking, simulations, etc.). You charge for processing power to big companies, pay fees to miner-workers.

This probably would not be possible.  It has been discussed many times but it boils down to the fact that the mining proof of work is essentially random number generation which can occur with equally distributed solutions.   This makes for predictable amounts of work that need to get done in order to satisfy the proof of work.

[bitman442]

there is something just around the corner .... the closer we get to the magic 21

21 million difficulty? You'll announce then?

If it's 21 million coins we'll all be dead by then.

[maco]

Correct me if I am wrong: Doesn't the difficulty continue to compound (Go up in numbers)
as more miners and more people are mining? and the more easier it is for these insane hardwares to mine?

I mean.. I might be wrong, but isn't that the theory? The numbers only go up, and won't go down.

As more people get on board the Bitcoin bandwagon, it appears that mining is becoming an ever increasing endeavor.

I do need to say... Dont get rid of your mining equipment as there is something just around the corner .... and its not an alternative to Bitcoin, its just using the current system a bit different to increase mining returns and not decrease them, the closer we get to the magic 21

Sorry to be vague... all I can say, is that it will remain open source  

I will be releasing more information on that part of the project along with other developments, which you can follow on my RimBit site  

[bitmateco]

Sorry.. My Fault... I should have said 21 million as in bitcoin availability

It's going to take years for us to get to 21 MM, if that is what you call just around the corner then you have some surprises coming your way.

whattt what do you mean MM??? we will be at 21M in cuple of weeks... but 21MM whos even thinking of that? am i wrong??

[bitman442]

Sorry.. My Fault... I should have said 21 million as in bitcoin availability

It's going to take years for us to get to 21 MM, if that is what you call just around the corner then you have some surprises coming your way.

whattt what do you mean MM??? we will be at 21M in cuple of weeks... but 21MM whos even thinking of that? am i wrong??

Half of you are talking about difficulty, and the other half are talking about coins in existence. The 21 million difficulty is just around the corner, but the projected time to find all coins is like 2140.

[massnerder]

Correct me if I am wrong: Doesn't the difficulty continue to compound (Go up in numbers)
as more miners and more people are mining? and the more easier it is for these insane hardwares to mine?

I mean.. I might be wrong, but isn't that the theory? The numbers only go up, and won't go down.

Kind of.... difficulty is a function of network hashpower.  So as more machines come online and network hashrate grows, difficulty will continue to rise.  If for some reason the new machines start to die off and network hashrate drops, difficulty will go down too, but that doesn't seem very likely 

[bitman442]

The difficulty adjusts according to the total network hashing power to try to keep the time between blocks constant. I believe the target is around 10 minutes between blocks.

[GSnak]

This thread is very exciting, but I wish the OP hadn't gone straight to the announcement about an upcoming announcement. That's too stressful. Next time start by announcing you'll soon make an announcement about an upcoming announcement.

[worldinacoin]

Hope to hear of the system soon as I had given up mining due to the difficulty.