Perhaps it would be better to buy at this stage? But it should't be this difficult so early on, that might kill the coin.
The problem is that it takes way too long to readjust. It needs to be updated to have a much more dynamic difficulty adjustment. The coin idea truly is awesome, but it really needs to be updated. Other new alts like DGB, NOBL, USDe, etc all have changing difficulties, so if demand or price drops, you at least mine more coin to make up for it. That's not happening here.
I'm not saying all of the coins should be mined away super quickly, but almost trying to predetermine what each PXL should be worth at it's infancy is no good. The market needs to decide that.
We have talked about this many times. We are taking a long term approach here with mining difficulty. Palm and I have experience working with Diamond and PHS. Both coins retarget every block and have 60/120 second block times.
The problem with this is that the mining difficulty can go from 3 to 70 within hours; multipools jump on it when difficulty is low and abandon it when it is high. This is something we wanted to avoid. We didn't want people to have go get up at 3am when the difficulty drops to mine our coin. A lot of our customers on PXLcoin.com will be new to crypto and we want mining to be stable for them and without the wild swings of other coins.
When we launched the coin we didn't expect the initial surge of mining we got. We knew difficultly would hit 4 but we figured we would be there for longer than 2 weeks. Unfortunately we were at 4 for 2 days and that caused the difficulty to jump to 16.
Now we are "stuck" at 16 and on paper it seems mining is not profitable. Now that we are listed on an exchange we are expecting a price boost which will make mining more attractive. We are also launching in china soon and we hope to get a mining boost there.
The last thing we want to do right now is to perform a knee jerk reaction and try to fork mid difficulty. Personally I am fine with where we are now. This is only temporary and in a few weeks we will get through this block and difficulty will drop and all will be well again.
That being said we are not ruling anything out. If mining hashrates get to a critically low level we will address it. But right now are are sticking to our plan and not going to panic because miners want easy access to coins.
So in short: we know the difficulty is high, and we are watching it. However we have a long term plan that we are sticking to right now. I know traders and miners want fast blocks but our #1 priority is our advertisers. Ultimately their buying demand will raise the value of PXL and for demand to rise we need them to have access to coins (an exchange) and access to stable mining.
