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Author Topic: Difficulty jumps 21%  (Read 1043 times)
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October 28, 2017, 12:43:00 AM
 #1

A huge leap. Is this 'organic' or is it somehow part of the 2x plan to kill off the old chain with a fatally elongated readjustment period?

What do you think?

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October 28, 2017, 01:39:21 AM
 #2

Have no idea. But I believe hashrate increases are generally a positive sign.

Could it have been miners who were mining BCH coming back over to BTC?
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October 28, 2017, 03:09:39 AM
 #3

Christ what a huge spike. Hopefully the price adjusts along with this and we can all make bank.

I don't think the hashing power lines up with the amount of people that left BCH. There's got to be another explanation. Idk what though.

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October 28, 2017, 04:37:49 AM
 #4

it is because of price rise!
when it is rising, bitcoin mining becomes more and more profitable every day to a point where it is super profitable Cheesy
if you look at the difficulty chart for the past 9 months for example (https://bitcoinwisdom.com/bitcoin/difficulty) you can see that it has had jumps like this in the past. i don't know the percentages (too lazy to calculate) but the size of the vertical red line is nearly the same in mid September and now. there have also been other jumps which were considerable.

i remember reading they released a new ASIC miner last month but i can no find it in the news. so if anyone has more information, he can add it here. but if i am true, that can be one of the reasons for this jump.

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October 28, 2017, 04:58:28 AM
 #5

It's a viscous cycle that's great for HODLERS. Price rise causes hash power to increase and hash power increase causes price to increase!

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October 28, 2017, 07:21:15 AM
 #6

Have no idea. But I believe hashrate increases are generally a positive sign.

Could it have been miners who were mining BCH coming back over to BTC?

Yup, same thoughts here.  The miners have been using BCH like a whore, coming when the money was good and immediately leaving as soon it stops being profitable.

Isn't it time for BCH to be pumped?  It's looking very 'ripe' for a pump right now.

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October 28, 2017, 07:43:23 AM
 #7

A huge leap. Is this 'organic' or is it somehow part of the 2x plan to kill off the old chain with a fatally elongated readjustment period?

What do you think?

I don't think it could be part of the Segwit 2x plan. This would increase confirmation times and time to find new blocks, but it wouldn't kill the old chain. As others have said - I think it is market related. New mining capacity coming in and miners moving from BCH.


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October 28, 2017, 08:01:12 AM
 #8

À higher difficulty means more hashpower in the network and a higher bitcoin price. I hope this is just the difficulty adjusting to the market price and miners moving over to bitcoin once again. That would be a great thing for the legacy chain I believe. I'm eager to see how this will affect the market.
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October 28, 2017, 08:17:20 AM
 #9

A huge leap. Is this 'organic' or is it somehow part of the 2x plan to kill off the old chain with a fatally elongated readjustment period?

What do you think?

Don't take this bump as a organic growth in the bitcoin difficulty chart. We all expects big information about the bitcoin gold in hard fork day but big happened this time. No big guns spoken about Bitcoin gold since they had a many chat and pinned news when the Bitcoin cash splitted up. We need to be alert and stop selling the bitcoins we have in our wallet. It will be done by all the bitcoin users means big bump happen again and again.

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October 28, 2017, 08:28:18 AM
 #10

Christ what a huge spike. Hopefully the price adjusts along with this and we can all make bank.

I don't think the hashing power lines up with the amount of people that left BCH. There's got to be another explanation. Idk what though.

Hashrate follows price!
Therefore due to the price rise we've seen, more hashpower got plugged in to the system and again therefore difficulty has increased!

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October 28, 2017, 08:55:32 AM
 #11

Since BTC price is high,mining would be more profitable and hence more miners who supported BCH may have switched their hash power to BTC.That's why,difficulty has jumped to 21%.

But we should also not forget that these miners who earlier supported BCH have signed NYA and very soon,the next month,they may switch their hash power in support of segwit 2x.

Since segwit2x has more miner support,it may succeed over the legacy chain.

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October 28, 2017, 09:00:31 AM
 #12

Have no idea. But I believe hashrate increases are generally a positive sign.

Could it have been miners who were mining BCH coming back over to BTC?

It could just be natural growth where the price and interest has been well up for a while now.  If the diffculty doesn't catch up it will mean too many miners are making easy money.

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October 28, 2017, 09:51:54 AM
 #13

I don't think it could be part of the Segwit 2x plan. This would increase confirmation times and time to find new blocks, but it wouldn't kill the old chain. As others have said - I think it is market related. New mining capacity coming in and miners moving from BCH.

you kill the old chain with a bunch of gradual steps. you don't kill it stone dead instantly.

you make it unattractive to mine and use by making it slow and expensive. it's a snowball effect. once a few people abandon it then more join. before you know it it's having its life support turned off.

no one thinks a move of this magnitude isn't slightly aligned with the upcoming fork?

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October 28, 2017, 10:48:41 AM
 #14

It is somehow reosonable. Bitcoin value is rising fastly, and since BTc value and difficulty are related, it is logic that difficulty rises too.
When the price rises, more miners will join which leads to a jump in mining difficulty. Let's hope that this  jump in difficulty will not cause a dump in Bitcoin price.

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October 28, 2017, 11:58:37 AM
 #15

it is because of price rise!
when it is rising, bitcoin mining becomes more and more profitable every day to a point where it is super profitable Cheesy
if you look at the difficulty chart for the past 9 months for example (https://bitcoinwisdom.com/bitcoin/difficulty) you can see that it has had jumps like this in the past. i don't know the percentages (too lazy to calculate) but the size of the vertical red line is nearly the same in mid September and now. there have also been other jumps which were considerable.

i remember reading they released a new ASIC miner last month but i can no find it in the news. so if anyone has more information, he can add it here. but if i am true, that can be one of the reasons for this jump.

This. Also, this might be segwit2x related. Make the hashrate surge. Then switch to BCH, allow the time between blocks on bitcoin to lengthen, causing backlogs, in order to push for segwit2x as a solution.

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October 28, 2017, 12:08:23 PM
 #16

Have no idea. But I believe hashrate increases are generally a positive sign.

Could it have been miners who were mining BCH coming back over to BTC?
Exactly we don't need to worry about that if the hashrate is increased. Of course miners are coming back after realizing that the real boss is still BTC and is the best option to mine than any other.

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October 28, 2017, 01:02:30 PM
 #17

Have no idea. But I believe hashrate increases are generally a positive sign.

Could it have been miners who were mining BCH coming back over to BTC?
the actual price adjustment must be done immediately, because it only benefits many parties, especially if we see their income (including me) using the services of the campaign signature becomes unstable, and some are becoming changed, and maybe it will persist
therefore price adjustment from BTC is very important

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DaMut
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October 28, 2017, 02:07:58 PM
 #18

Have no idea. But I believe hashrate increases are generally a positive sign.

Could it have been miners who were mining BCH coming back over to BTC?

seems like that,
i figure it out too because a day ago many miners moved their mining to BCH and because of that a lot of confirmation delayed or untouched.
it's a good sign in my opinion and they may be preparing themself for 2x or may be not.
not sure what is going on exactly but at least it's a positif sign from the miners right now,

sindikat
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October 28, 2017, 02:27:45 PM
 #19

À higher difficulty means more hashpower in the network and a higher bitcoin price. I hope this is just the difficulty adjusting to the market price and miners moving over to bitcoin once again. That would be a great thing for the legacy chain I believe. I'm eager to see how this will affect the market.
I am surprised at your optimism. You probably think that the office segwit2x will be as safe as it was with bitcoin bitcoin in cash and gold. No, it will have much more impact. I generally don't like change. I loved it all. But it seems to me that this time segwit2x can create outflow of investment from bitcoin and the price may drop.

fabiorem
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October 28, 2017, 02:45:03 PM
 #20

Who defines the level of difficulty? Bitmain?
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