hashrate and confirmation speed

[couchsurfing]

Now hashrate: 255.39EH/s
I wonder is there any relation with hashrate and confirmation speed?

My answer is confirmation speed doesn't depends on hashrate, is this right?

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[hosseinimr93]

Bitcoin blocks are mined at the rate of 1 per 10 minutes on average.
With increase in the total hash power, blocks are mined faster and with decrease in the total hash power, blocks are mined slower. To preserve the 10 minute block time, difficulty is adjusted in every 2016 blocks.

Assume that the total hash power just increased by 20% suddenly. Blocks will be mined at the rate of 1 per 8.33 minutes on average, until the difficulty is adjusted and the average block time becomes 10 minutes again.

[couchsurfing]

Bitcoin blocks are mined at the rate of 1 per 10 minutes on average.
With increase in the total hash power, blocks are mined faster and with decrease in the total hash power, blocks are mined slower. To preserve the 10 minute block time, difficulty is adjusted in every 2016 blocks.

Assume that the total hash power just increased by 20% suddenly. Blocks will be mined at the rate of 1 per 8.33 minutes on average, until the difficulty is adjusted and the average block time becomes 10 minutes again.

Thank you very much! Very clearly!

I want to +Merit, but it shows

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hahah.

[BitMaxz]

Also, take note if the network is congested the transaction speed also depends on the transaction fee you set and the weight of the transaction. If you have a bigger size transaction with the lowest fee you will be put in the last queue. Pools are manually selecting transactions or they prioritize transactions that pay a high transaction fee.

So all of them have a relation to confirmation speed, not just the hashrate.

Just adding this video to make sure you understand how the transaction works https://youtu.be/6yIqXMaeEJ4

[n0nce]

Now hashrate: 255.39EH/s
I wonder is there any relation with hashrate and confirmation speed?

My answer is confirmation speed doesn't depends on hashrate, is this right?

If the hashrate increases, block time is reduced / confirmation speed is increased - for a given difficulty target.
However, it is adjusted every 2016 blocks, as explained above my post; therefore confirmation speed is always adjusted back to 10 minutes per block.

Here is the code for the difficulty adjustment:
https://github.com/bitcoin/bitcoin/blob/e9035f867a36a430998e3811385958229ac79cf5/src/pow.cpp#L49

It's worth noting that a sudden steep increase or decrease of hashpower can require multiple 2016-block-periods to reach the 10 minute block time again, since the adjustment step is capped.

Code:

int64_t nActualTimespan = pindexLast->GetBlockTime() - nFirstBlockTime;
if (nActualTimespan < params.nPowTargetTimespan/4)
    nActualTimespan = params.nPowTargetTimespan/4;
if (nActualTimespan > params.nPowTargetTimespan*4)
    nActualTimespan = params.nPowTargetTimespan*4;

Also interesting to know, a few lines earlier; for testnet there is a special case that sets the difficulty to zero, if there were no blocks in 20 minutes:
https://github.com/bitcoin/bitcoin/blob/e9035f867a36a430998e3811385958229ac79cf5/src/pow.cpp#L27

nPowTargetSpacing is set to 10 minutes or 600 seconds, as always.

[o_e_l_e_o]

It's worth noting that a sudden steep increase or decrease of hashpower can require multiple 2016-block-periods to reach the 10 minute block time again, since the adjustment step is capped.

Also worth noting that we have never hit this limit, nor are we ever likely to now short of a major global catastrophe.

The closest we came was an increase of 302%, when the difficulty went from 45 to 181 in 2010, and hashrate jumped from around 0.3 GH/s to 1.3 GH/s. The biggest drop was -28% in July last year, during the Chinese mining ban. To hit the limit now, we would either need to suddenly discover over 1 zettahash of new mining power (which will never happen), or we would need to lose 200 exahash in the space of a few weeks. Even with the largest mining country in the world banning mining, we didn't even come close, so to lose this much hash power at once would require some global catastrophe, such as a massive solar flare knocking out electricity for most of the world.

But even after that -28% drop last year, after the hashrate quickly recovered in the subsequent few weeks, the lowest the average block time came down to was ~9 minutes, which would be largely unnoticeable over a period of 10-20 minutes as you are waiting for your first confirmation. So if you are hoping for increased hashrate to speed up your transaction, then you are barking up the wrong tree.