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Burks (OP)
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November 01, 2017, 01:12:56 PM |
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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.
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VRobb
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November 01, 2017, 01:16:57 PM |
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It's part of the Bitcoin specification. You don't already know this???
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bigdude
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November 01, 2017, 01:39:04 PM |
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If it difficulty isn't inceased so now we should be flood in the BTC and it price will not up and hot like this.
Welcome new ATH BTC price $6530
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truenortheast
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November 01, 2017, 01:41:45 PM |
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This happens all the time. The difficulty goes up, the price goes up. The price goes up, the difficulty goes up. Hashrate goes up, the price and difficulty both go up.
You don't mine to earn dollars, you mine them to earn bitcoin. Don't pay attention to roi calculators. Just know that you have a machine that makes btc for you and you got it at a set price. You run that machine at a set price, too, but the bitcoin price keeps going up. Don't worry about what the coins you mine today are worth today. Think about what they might be worth next year.
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akram143
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★777Coin.com★ Fun BTC Casino!
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November 01, 2017, 01:59:30 PM |
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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.
I think it is caused due to the number of bitcoins have to be decreased day by day,so the rewards are also getting thinner.But we don't have to worry about the electricity because the price of bitcoin is keeps increasing. |
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NotFuzzyWarm
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Evil beware: We have waffles!
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November 01, 2017, 02:29:40 PM |
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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.
Perhaps try reading up on what BTC mining is all about...  There is a Beginners & Help section in the Forum just for folks starting out. I highly suggest you browse through it and post utterly basic queries like this one there... BTC has value because of the work required to process the transactions. The BTC network strives to keep an average time of 10 minutes per-block found, it does this by adjusting difficulty every 2 weeks or so. If if more/faster miners go online and blocks are found too fast, diff goes up to increase the effort which increases time needed per-block to bring it back to the target of 10-min average. If less miners are online and block are too slow then diff goes down to hold the 10-min average. Yes as time goes by older, less efficient miners become less profitable and eventually will eat more than they earn so as tech advances you need to upgrade. So what? That's how Life goes in pretty much any business. |
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bitcoinmining
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November 01, 2017, 03:51:29 PM |
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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.
Welcome to the community  You're a little bit late to discover some basic stuff, but it doesn't matter. If you wanna be miner in the future you should know there are lots of altcoins to mine and gain money, BTC is not the only option. And there is a rule which works proper in every single economic situation: 'Always early comers win.'  |
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mkcjeewantha
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https://exiptoken.io/
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November 01, 2017, 04:27:39 PM |
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hi, it happens not only to BTC, but to all coins. I mean when the value of a coin increases the difficulty of mining increases too... |
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pafolop
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November 01, 2017, 08:09:06 PM |
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hi, it happens not only to BTC, but to all coins. I mean when the value of a coin increases the difficulty of mining increases too... Hmmm, that means the more the increase in the value, the more the increase in mining difficulty |
5b0aeb738611b
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NotFuzzyWarm
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Evil beware: We have waffles!
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November 01, 2017, 09:04:49 PM |
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Only indirectly.
What actually happens is that as a coins value increases more people are going to mine it. More miners working means blocks are found faster and that in-turn is what causes dif to rise as the blockchain networks adjust to keep their target time.
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tigervn
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November 01, 2017, 09:49:11 PM |
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Because the number of bitcoins is very small, people want to dig a bitcoin a lot. As the demand for bitcoin is increasing, the difficulty of digging bitcoins will be greater.
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os2sam
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Think for yourself
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November 01, 2017, 09:56:46 PM |
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why bitcoin mining difficulty is increased?
Bitcoin difficulty is adjusted every 2,016 blocks to attain an average block find rate of 10 minutes. Usually it adjusts up but sometimes down as well, depending on how fast blocks are found. |
A: Because it messes up the order in which people normally read text.
Q: Why is top-posting such a bad thing?
A: Top-posting.
Q: What is the most annoying thing on usenet and in e-mail?
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AmXProX
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November 02, 2017, 12:16:30 AM |
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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.
Main reason why the difficulty is increasing is because on how it was programmed to be mined. There is a total of 21 million bitcoin to be mined from its inception and on its first four years 10.5 million is scheduled to be mined, and scheduled to decrease by half every 4 years until the last coin is mined. So if before a block is consists of 50 coins then 25 then as of now a block is only consists of 12.5 coins and will be decreased by half again. To answer your question about its efficiency when it comes to electricity. During the time that a block is consists of 50 coin a coin is only priced for less than $100 and now price is $6000 for a block with 12.5 coin. Since the price per coin is increasing mining is still profitable. |
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Silverstone1111
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November 02, 2017, 06:08:27 AM |
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It is the way Bitcoin is meant to be. 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.
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immunity
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November 02, 2017, 06:44:48 AM |
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This happens all the time. The difficulty goes up, the price goes up. The price goes up, the difficulty goes up. Hashrate goes up, the price and difficulty both go up.
You don't mine to earn dollars, you mine them to earn bitcoin. Don't pay attention to roi calculators. Just know that you have a machine that makes btc for you and you got it at a set price. You run that machine at a set price, too, but the bitcoin price keeps going up. Don't worry about what the coins you mine today are worth today. Think about what they might be worth next year.
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Sallysakky
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Kawa
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November 02, 2017, 08:59:03 AM |
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why bitcoin mining difficulty is increased?
Maybe in future the miners electricity will cost more than our rewards because of the difficulty level.
If difficulty increase that the price will increase too. |
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sunny1356
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November 02, 2017, 09:29:52 AM |
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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.
Could there possibly be a software that can make mining easier. |
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NotFuzzyWarm
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November 02, 2017, 01:45:35 PM |
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Could there possibly be a software that can make mining easier.
In other words, you are asking, "is there a way to cheat?" Again, part of what makes a coin have value is the effort required to get it. Crypto coin algorithms are created to be exceedingly computationally and/or hardware intensive for that reason. If someone want to mine a coin they MUST put some effort into it by getting and running the hardware needed. It should not be a surprise that coins that have high value like BTC require expensive miners. Find a flaw in the code that can be exploited to make a coin easier to mine and: a. you would for a time destroy the value of the coin b. the blockchain networks would eventually cancel the effect of cheating by adjusting diff higher TANSTAAFL |
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dothebeats
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November 02, 2017, 02:29:58 PM |
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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.
Could there possibly be a software that can make mining easier. No. If there's such then block retarget time and difficulty changes would be completely useless. Also, with a currency that can be gamed, bitcoin would not reach this far in terms of value knowing that acquiring it is easy and need not any hard work. ASICs and dedicated miners would be useless resulting into a sloppy economy and no market for mining overall. |
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monkeydominicorobin
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✪ NEXCHANGE | BTC, LTC, ETH & DOGE ✪
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November 03, 2017, 08:00:48 AM |
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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. |
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