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Author Topic: why bitcoin mining difficulty is increased?  (Read 4625 times)
odolvlobo
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November 03, 2017, 08:39:11 AM
 #21

So many wrong answers and just reiterating for anyone tha missed it.

The purpose of the difficulty value is to keep the average block time at 10 minutes, regardless of how many or how few miners there are.

If the difficulty increases, it is because there are more miners (or miners add more equipment).

The production of bitcoin in halved every year. That increases the difficulty and the cost of mining. That is how system works and why the price of bitcoin keeps on increasing.

The halving does not increase the difficulty or the cost of mining, nor does it cause the price to increase (at least not directly).


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November 04, 2017, 02:39:47 AM
 #22

why bitcoin mining difficulty is increased?

I just want to knows that why the bitcoin mining difficulty level is increased and i am afraid of the life of future miners.Maybe in future the miners electricity will cost more than our rewards because of the difficulty level.

Difficulty level is increasing because of the number of miners and mining equipment that are solving the blocks. Since the rate of the blocks is 10 mins per block if more miners are mining at the same time then they are going to compete with each other for that same block. If the blocks are solved slower then the next difficulty might go low.

Since the price of bitcoin keeps on going high then mining would still be profitable for now because the increase can compensate the increase in difficulty level.
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November 04, 2017, 08:22:17 AM
 #23

I think when bitcoin increases and not only bitcoin but all altcoin price increases then its exploitation will decrease significantly as if exploiting too much when price increases will affect the market and its price will decrease. At that time, the amount of coin supplied to the market would satisfy the buyer, leading to a decrease in its value

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November 08, 2017, 10:28:32 AM
 #24

I think when bitcoin increases and not only bitcoin but all altcoin price increases then its exploitation will decrease significantly as if exploiting too much when price increases will affect the market and its price will decrease. At that time, the amount of coin supplied to the market would satisfy the buyer, leading to a decrease in its value

Because of the number of bitcoins decreases , amount of miners keeps increasing.
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November 08, 2017, 03:02:55 PM
 #25

Thank You for the info!
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November 08, 2017, 06:56:04 PM
 #26

why bitcoin mining difficulty is increased?

I just want to knows that why the bitcoin mining difficulty level is increased and i am afraid of the life of future miners.Maybe in future the miners electricity will cost more than our rewards because of the difficulty level.


In my opinion, digging BTC is a difficult and tedious task. I would never do it despite the experience I had. I prefer to hold more coins and wait until they multiply themselves. Let's leave for good and experienced diggers.

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November 10, 2017, 07:46:47 AM
 #27

Mining difficulty upward it's because related the number of people mining a supply and demand kind of thing and the size of the blockchain, an intentional system design.
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November 10, 2017, 10:57:09 PM
 #28

i dont know about mining but if i can say something, because mining is simple ways to get bitcoin. you just buy what you need for mine, great spec to do that, give order for your computer and it will run. you just wait for your result. so, maybe mining make difficult because of it.

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November 11, 2017, 05:55:49 AM
 #29

When value of coin is raising the dificulty of mining is increasing too. That's naturaly because code is becoming more difficult to mine
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November 11, 2017, 03:22:20 PM
 #30

 Day by day people are getting aware of bitcoin mining so there is chances for more people to get involved in this field . The interest of this modern generational group of people to make more money for their pocket more than they earn and have the knowledge with computer usage ,will be in front of the computer. The usage of electricity and network will be slower these all may increase the difficulty in bitcoin mining.

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November 11, 2017, 03:37:39 PM
 #31

if you only doing this mining, all our bitcoins now in market will became low?
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November 11, 2017, 09:58:03 PM
 #32

The more members who miner, the more intense the competition. computers are very good at solving math problems, so bitcoin network deliberately makes the solution more difficult.
Otherwise, all bitcoins will be depleted mined in just a few minutes. This is why there are a lot of special hardware in the market that are specifically aimed at bitcoin mining.

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November 12, 2017, 09:12:35 AM
 #33

I also want to save it. which makes it difficult to determine if more users are exploiting. So many mining users are causing trouble.
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November 12, 2017, 02:24:31 PM
 #34

The more members who miner, the more intense the competition. computers are very good at solving math problems, so bitcoin network deliberately makes the solution more difficult.
Otherwise, all bitcoins will be depleted mined in just a few minutes. This is why there are a lot of special hardware in the market that are specifically aimed at bitcoin mining.


Yes some inexperienced miners who feels they can become rich overnight are causing more damage.

   
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November 12, 2017, 03:42:16 PM
 #35

if you only doing this mining, all our bitcoins now in market will became low?

Nailed it mining is worth only if limited miners are there and if they work for betterment of bitcoin community and if everyone starts mining then obviously bitcoin's value will drop and there will be equal number of miners as the bitcoin holders which makes no sense.

   
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November 13, 2017, 02:48:48 PM
 #36

if not mistaken perhaps because of unclear environmental regulations and rapid changes in policy.

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November 13, 2017, 03:52:38 PM
 #37

Mining difficulty increase in bitcoin is a normal thing. The blockchain technology is designed that way to adapt when there is more miners.

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November 13, 2017, 05:55:16 PM
 #38

why bitcoin mining difficulty is increased?

I just want to knows that why the bitcoin mining difficulty level is increased and i am afraid of the life of future miners.Maybe in future the miners electricity will cost more than our rewards because of the difficulty level.

It is being done to stabilize the value of Bitcoin. If it is not placed in the system. Anybody could mine Bitcoins.
Well the mining difficulty is always related to the amount of computing power that the bitcoin has , and as we all know in the recent months bitcoin has gained a huge popularity due to its hyge price increase which meant that it brought with it many people who want to get some profit from it and this created even more computing power than before, and so to ensure that the avrage block solution stays the same the mining difficulty has to be increased, otherwise the supply that we from bitcoin have will get depleted so quickly.


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November 13, 2017, 08:08:41 PM
 #39

It's part of the Bitcoin specification.  You don't already know this???
No. You would be extremely surprised how many people don't know this or partially understand difficulty. I think the number of people who enter the space and actually read up on the satoshi nakamoto whitepaper is becoming really really small. So no you shouldn't be surprised that people don't know about this.

So many wrong answers and just reiterating for anyone tha missed it.

The purpose of the difficulty value is to keep the average block time at 10 minutes, regardless of how many or how few miners there are.

If the difficulty increases, it is because there are more miners (or miners add more equipment).

The production of bitcoin in halved every year. That increases the difficulty and the cost of mining. That is how system works and why the price of bitcoin keeps on increasing.

The halving does not increase the difficulty or the cost of mining, nor does it cause the price to increase (at least not directly).



Your explanation of the difficulty is spot on. If more and more hashing power is added to the network the difficulty is naturally increased. And if the hashing power drops after a longer period of time, the difficulty corrects accordingly. It's basically to prevent too blocks being mined and thus releasing an unnecessary big amount of bitcoin if it were relatively easy to mine a block.
The halving of the block subsidy on the other hand is a bit off but that's just me. I think that the halving does have an (direct) influence on the price of bitcoin. Atleast in the long run. If every four years the block subsidy halves and let's say the demand doubles as well, wouldn't it be logical that in this case the price would go up as well.
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November 13, 2017, 09:59:07 PM
 #40

he halving of the block subsidy on the other hand is a bit off but that's just me. I think that the halving does have an (direct) influence on the price of bitcoin. Atleast in the long run. If every four years the block subsidy halves and let's say the demand doubles as well, wouldn't it be logical that in this case the price would go up as well.

You are confusing "supply" with "production". Unlike other products, bitcoins are not consumed so the two terms are different. Even though the production of bitcoins goes down, the supply of bitcoins (both money supply and market supply) is always (generally) increasing. The halving just changes the rate of increase.

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