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Author Topic: 17 blocks in the last hour?  (Read 2903 times)
Cryptoman
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February 24, 2011, 03:32:36 PM
 #1

At this rate, the difficulty will be 100,000 in no time.  I guess it's the end of easy mining profits.

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
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kiba
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February 24, 2011, 03:36:20 PM
 #2

At this rate, the difficulty will be 100,000 in no time.  I guess it's the end of easy mining profits.

I call it: The Lucky Time.

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February 24, 2011, 03:40:14 PM
 #3

Six blocks in ten minutes, between 14:51 UTC and 15:01.
Cryptoman
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February 24, 2011, 03:59:15 PM
 #4

The upside is that transactions are confirmed very quickly and the network is very resistant to attack.  Unless, of course, this is an attack.

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February 24, 2011, 04:27:59 PM
 #5

Only shows how small we have been and how little is needed to come up with the processing power greater than the network provides...

Bitalo.com coming soon!

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dust
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February 24, 2011, 04:55:48 PM
 #6

This is probably just variance.

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theGECK
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February 24, 2011, 04:59:22 PM
 #7

One hour does not a trend make. Wasn't there a time when a block wasn't solved for almost 10 hours? Maybe this is the other side of that. Just shows that even half of a day isn't enough to say that a trend has been spotted.

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February 24, 2011, 05:06:26 PM
 #8

Code:
Difficulty         36460
Est. difficulty 51742
Diff. changes in 691 blks

Another significant jump is awaiting us.

Bitalo.com coming soon!

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Raulo
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February 24, 2011, 05:12:08 PM
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This is probably just variance.

A bit. But last 24 hours network hashspeed is 399 GH/s anyway which corresponds to difficulty 55702.

For a broader perspective, at difficulty of 100k, the network speed will be roughly equal to Tianhe-1A, the fastest supercomputer and at difficulty 200k roughly to Folding@Home, the most popular distributed computing project. This is no longer small potatoes and we are very close. 

But I wonder if anyone is surprised. The BTC jump to parity made mining extremely profitable (and I laugh at anybody who thinks it's good for him because due to resulting increase in difficulty, the individual mining output drops significantly). A lot of new people started mining (you can count mining related posts on the forum) and lot of people increased their previous mining capacity. If the BTC price stays the same, the increases in difficulty will slow down after about 50% jump during the upcoming round and likely 30%+ for the next one.

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ribuck
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February 24, 2011, 05:30:23 PM
 #10

For a broader perspective, at difficulty of 100k, the network speed will be roughly equal to Tianhe-1A, the fastest supercomputer and at difficulty 200k roughly to Folding@Home, the most popular distributed computing project.

I foresee two more slashdottings on the way then!
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February 24, 2011, 06:08:16 PM
 #11

At this rate, the difficulty will be 100,000 in no time.  I guess it's the end of easy mining profits.

I will agree wholeheartedly when there is a flood of 5970s on eBay that are hard to sell.

Obviously I have been promoting a lot of mining lately. And as you know from my YouTube video, I am pretty heavily invested into mining myself. So why would I want to shoot my own production in the foot?

I believe difficult mining will pave the way for BTC to go up and stay up for real.  Who will pay $10 for a BTC if it can be mined for 5 cents?  Solve that problem by promoting mining.


Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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Mike Caldwell
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February 24, 2011, 06:15:04 PM
 #12

I am going to make a large buy of BTC at MtGox in the next 10 seconds.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
casascius
Mike Caldwell
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February 24, 2011, 06:17:28 PM
 #13

I am going to make a large buy of BTC at MtGox in the next 10 seconds.

There, now we are one hundredth of a cent away from dollar parity again.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
Cryptoman
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February 24, 2011, 06:21:38 PM
 #14

Good job, thanks!

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
kiba
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February 24, 2011, 07:04:50 PM
 #15

Then it got plopped down.

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Mike Caldwell
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February 24, 2011, 07:07:19 PM
 #16

Then it got plopped down.

Yeah true, only because someone sold 10 BTC... will pop right back up with the next buy of 10 BTC.


Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
Ricochet
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February 24, 2011, 08:06:17 PM
 #17

Wasn't there a time when a block wasn't solved for almost 10 hours? Maybe this is the other side of that.

I know there was a time in which slush's pool did not solve a block for 10 hours, but I suspect other blocks outside the pool were solved during that timeframe.
theGECK
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February 24, 2011, 09:26:27 PM
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Wasn't there a time when a block wasn't solved for almost 10 hours? Maybe this is the other side of that.

I know there was a time in which slush's pool did not solve a block for 10 hours, but I suspect other blocks outside the pool were solved during that timeframe.

I thought that the network was always working on the same block, and the first one to find it was considered the winner. Perhaps I've been sorely mistaken this whole time.

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Mahkul
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February 24, 2011, 09:38:36 PM
 #19

Wasn't there a time when a block wasn't solved for almost 10 hours? Maybe this is the other side of that.

I know there was a time in which slush's pool did not solve a block for 10 hours, but I suspect other blocks outside the pool were solved during that timeframe.

I thought that the network was always working on the same block, and the first one to find it was considered the winner. Perhaps I've been sorely mistaken this whole time.

You are 100% right. The fact that slush's pool did not solve a block doesn't make any difference; the pool was just unlucky, while others were solving blocks with no problems (but the OP said that no block was solved for almost 10 hours generally, not just by slush's pool - I guess?).

Bitalo.com coming soon!

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eMansipater
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February 24, 2011, 09:45:17 PM
 #20

Wasn't there a time when a block wasn't solved for almost 10 hours? Maybe this is the other side of that.

I know there was a time in which slush's pool did not solve a block for 10 hours, but I suspect other blocks outside the pool were solved during that timeframe.

I thought that the network was always working on the same block, and the first one to find it was considered the winner. Perhaps I've been sorely mistaken this whole time.
Technically, each and every block attempt is unique:billions and billions of them every second.  It's just that once a new block is made you have to be sure to include its hash in your continuing attempts.  There's not really any sense in which everybody is working on the *same* block, except that if you are very unlucky and make a new block just after someone else did, but failed to include theirs, your attempt fails.  It's much more like each hash attempt is a lottery ticket, where you can make as many lottery tickets as you want and the odds of winning per ticket don't change until the difficulty is adjusted.  So when someone outside the pool finds a block, the pool doesn't "give up" and move on.  It just adds in that information, just like it did all the transactions that were coming in as it worked away.

Wasn't there a time when a block wasn't solved for almost 10 hours? Maybe this is the other side of that.

I know there was a time in which slush's pool did not solve a block for 10 hours, but I suspect other blocks outside the pool were solved during that timeframe.

I thought that the network was always working on the same block, and the first one to find it was considered the winner. Perhaps I've been sorely mistaken this whole time.

You are 100% right. The fact that slush's pool did not solve a block doesn't make any difference; the pool was just unlucky, while others were solving blocks with no problems (but the OP said that no block was solved for almost 10 hours generally, not just by slush's pool - I guess?).

No, the OP meant only that none of the pool's lottery tickets turned out to be winners for 10 hours straight.  The network rate of wins varies but these days it would be extremely rare to go 10 hours without a winner anywhere on the network.

sincerely,
eMansipater

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