VolanicEruptor (OP)
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June 21, 2014, 03:12:39 PM |
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this could either be luck, or something else... either way, ive never seen anything like it. seatbelts please..
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gperez2000
Newbie
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Activity: 22
Merit: 0
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June 21, 2014, 03:32:36 PM |
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Diff will go up big time pretty soon and mining will be less profitable too
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VolanicEruptor (OP)
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June 21, 2014, 03:39:32 PM |
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Diff will go up big time pretty soon and mining will be less profitable too
yep my mining operation did good through its low diff streaks though, so i can't complain.
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abacus
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June 21, 2014, 03:43:42 PM |
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ATM bitcoinwisdom is reporting an estimated next difficulty of 16,551,801,281 (+22.95%).
It's the second higher increase of 2014! (the first one is the 26% increase on the Jan 13)
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goose20
Legendary
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Activity: 1173
Merit: 1000
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June 21, 2014, 04:02:00 PM |
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ATM bitcoinwisdom is reporting an estimated next difficulty of 16,551,801,281 (+22.95%).
It's the second higher increase of 2014! (the first one is the 26% increase on the Jan 13)
Why so many still getting into mining? Doesn't seem much profit left these days... Hmmmm
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QuarantinedMoon
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June 21, 2014, 04:04:17 PM |
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Has to be luck. Have faith its not something more sinister
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S4VV4S
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June 21, 2014, 04:13:28 PM |
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Has to be luck. Have faith its not something more sinister Welcome to the forums. Luck has nothing to do with it. https://blockchain.info/charts/hash-rateWe have almost broke 10PH within less that a day Let me welcome you to the game as well
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OROBTC
Legendary
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Activity: 2926
Merit: 1863
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June 21, 2014, 04:18:19 PM |
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... Following up on latest times between blocks at 12:15 PM US ET, I noted at blockchain.info: 1 min 4 mins 6 mins 6 mins 11 mins 16 mins My Rough Gauge™ warning bell is going off! *** NOW I begin to wonder if blocks ARE being solved more quickly than "normal", does that mean the difficulty will be going up sooner than we expected?
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abacus
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June 21, 2014, 04:25:24 PM |
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Why so many still getting into mining? Doesn't seem much profit left these days... Hmmmm
I have a couple of personal ideas: - big mining companies that order huge quantity of hardware can achieve a price that still leave good margins for profit; - some or all the ASICs makers themself are costantly adding up to the Hashrate, with some stripped-off hardware using their ASICs.
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odolvlobo
Legendary
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Activity: 4466
Merit: 3391
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June 21, 2014, 04:37:32 PM Last edit: June 21, 2014, 09:24:33 PM by odolvlobo |
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NOW I begin to wonder if blocks ARE being solved more quickly than "normal", does that mean the difficulty will be going up sooner than we expected?
The difficulty changes every 2016 blocks, regardless of how fast or slow they are added. If blocks are added every 10 minutes, then the difficulty will change after 2 weeks (but it will stay the same). If blocks are added every 5 minutes, then the difficulty will change after 1 week (and it will go up). If the blocks are added every 20 minutes, then the difficulty will change after 4 weeks (and it will go down). Computing the new difficulty is very straightforward: new difficulty = old difficulty / ( time to mine 2016 blocks / 2 weeks )
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Join an anti-signature campaign: Click ignore on the members of signature campaigns. PGP Fingerprint: 6B6BC26599EC24EF7E29A405EAF050539D0B2925 Signing address: 13GAVJo8YaAuenj6keiEykwxWUZ7jMoSLt
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OROBTC
Legendary
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Activity: 2926
Merit: 1863
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June 21, 2014, 04:43:21 PM |
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... @ abacus I note that you have an ad for bitmixer.io. I have run some BTC through them some eight times, no problems so far. -- Have you used their service? -- Any problems? -- Any other services (ex. sharedcoin.com) you could comment on? I ask because I am interested in this topic. Thx! EDIT: And thank you odolvlobo! I think I better understand how this will change over time.
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abacus
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June 21, 2014, 05:17:22 PM Last edit: June 21, 2014, 05:32:44 PM by abacus |
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... @ abacus I note that you have an ad for bitmixer.io. I have run some BTC through them some eight times, no problems so far. -- Have you used their service? -- Any problems? -- Any other services (ex. sharedcoin.com) you could comment on? I ask because I am interested in this topic. Thx! EDIT: And thank you odolvlobo! I think I better understand how this will change over time. I'm sorry but I can't help here because at the moment I never used bitmixer.io or any other similar services. What I can say - maybe this can add another hint to your idea about them - is about their signature campaign, that now is running for several months with small but punctual and automatic weekly payments. Furthermore, their pay scheme is based only on members' activity and not on the number of posts, so I think it could be considered a spam-less campaign. But we are OT here, best to come back IT.
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GigaBit
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June 21, 2014, 06:41:39 PM |
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Should be 10 minutes right? Well, the network is also probably 5x what it should be in the first place. As long as Bitcoin is profitable and machines are cheap, people will get into it; driving out those who don't re-invest enough. Greater difficulty would further centralize pools because it would be the only way to get a decent return. Miners who don't adapt to the most recent technology on time will not survive; coins will get increasingly rare, miners just won't sell as much. Either way, right now, pools pretty much ultimately dictate the direction mining takes. One man's pain is another man's gain; one should get the same share for the hash from one pool to another without any noticeable advantage. An experience pool hopper can notice when it's time to move and hence, most pool hopper I ran into make a lot more Essentially, mining needs to be a lot more profitable to prevent centralizing the network two 2 or 3 entities; mining would then be unprofitable for amateur miners. Solo miners and small pools are going out of business because blocks are too rare. I think something like this is needed for the future of mining: http://www.theregister.co.uk/2014/06/19/pow_academics_ko_bitcoin_mining_mammoths/
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Harley997
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June 21, 2014, 06:48:31 PM |
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NOW I begin to wonder if blocks ARE being solved more quickly than "normal", does that mean the difficulty will be going up sooner than we expected?
That depends on your definition of "expected" If you are asking if difficulty will adjust sooner then every two weeks then the answer is es as it would not take as long to miner 2016 blocks (see below) If you are asking if the difficulty will adjust sooner then 2016 blocks after the last time difficulty adjusted then the answer is no. The bitcoin protocol is set up so difficulty will adjust every 2016 blocks to a difficulty so that if the network hashrate stayed the same (2016 block average) then it would have taken the network to two weeks to produce the previous 2016 blocks
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PolarPoint
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June 21, 2014, 06:58:27 PM |
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We were getting 30% to 40% rise in difficulty at the end of last year, these 10% to 20% jumps are not surprising anymore. I am glad I am not a miner.
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xstr8guy
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June 21, 2014, 10:12:32 PM |
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My guess... BFL and KNC are loading up their datacenter with their newest gen miners. Also ASICMiner have 100s of PH of 3rd gen chips hitting the streets in the next few months.
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odolvlobo
Legendary
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Activity: 4466
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June 21, 2014, 11:40:26 PM |
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My guess... BFL and KNC are loading up their datacenter with their newest gen miners. Also ASICMiner have 100s of PH of 3rd gen chips hitting the streets in the next few months. There is no reason why there can't be a string of fast blocks without a change in hash rate. The network hash rate is an estimate based on the amount of time between blocks. There is no way to measure the hash rate directly. The apparent hash will go up and down even when there is no change in the actual hash rate.
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