There is no accurate way to ascertain the hashrate of the network as there's no data available. When you're looking at the hashrate displayed by the websites, it's usually derived from the block intervals of the blocks and the accuracy of that doesn't usually matter, so keep that in mind.
Yes, I have seen a formula about hashrate but there's also a disclaimer that there's no exact way to compute it.
Epoch simply means the period of time so difficulty epoch is the n-th difficulty period, with n being an integer which signifies the number of difficulty adjustment that has occurred. The other block time, difficult epoch is the avg block interval in the current difficulty period.
The difficulty is adjusted based on the "block interval of the current difficulty epoch" (or the past 2016 block at the point of difficulty adjustment), so it'll be more accurate to refer to that metric as compared to the avg interval of the previous 2016 block.
If I'm to use the example above, this means
- there have been 327 times that mining difficulty had been adjusted
- it takes 8 mins and 51 secs to mine a block on ave. from the 327
th adjustment which is 9 mins & 18 secs. to the current block time
Having a relatively long block interval over a period of time doesn't mean that the miners have turned off their ASICs, it could just be varience affecting it.
Appreciate it if you could talk more about this variance or just link me to an article.
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Here is a thread I wrote a while ago that covers more the mining side of things and helps people figure out if mining is for them. Most of these statistics don't mean anything to the general BTC public, apart from th eodd long block contributing to network congestion.
First time/Small miner reference for getting started.Thanks! Will look into this.
The points are somewhat accurate but also misleading. If there is a prolonged downturn in BTC price, clearly there will be some Farms that can't cover costs and pay the bills. This tends to balance out though as a decrease in hashrate means an increase in mining rewards.
The second one on fees , not so much. You would need to see a very large network hashrate drop to significantly impact day to day transactions. Now if it coincides with a higher than normal level of network transaction such as price swings or holidays then yes it will affect fees. No more than people FOMO'ing there transactions. I'll note here you still can choose lower fees it will just take longer to confirm.
Maybe worded poorly but what I'm trying to say is
- people predict that btc price will drop if hash rates drop
- a prolonged congested mempool forces more people to pay higher fees if they want their transactions to be confirmed quickly. If the blocks are mined faster due to increase in hash rates and difficulty yet to be adjusted, txs with highers fees are cleared sooner than expected until all that's left are txs with lower fees. I'm assuming nobody else is crazy enough to put 100 sats/vbyte if the current highest priority is 10 sats/vbyte.
The "presale" was a turn off but bookmarked anyway.
