Snake head has been brutally chopped off!

[goxed]

Huge jump in network mining speed! Does anyone have any idea what could cause this? We are now around last year's high.

[Raoul Duke]

BFL testing Mini Rigs?

[Grouver (BtcBalance)]

It just spiked from 15.5 to 17 t/hash for a minute.
Now its back to 16.5 15.5 t/hash.
Pretty weird how the total hash power is fluctuating this much right now.

Maybe its indeed BFL testing there stuff.

[Spekulatius]

Its nothing out of the ordinary, or is it?
Have a look at historical charts here: http://bitcoin.sipa.be/

[mccorvic]

$6.40~ could also be some threshold for mining profitability.  

All those stories about the BTC being safer than the Euro having an effect/

Aliens.

[SaintFlow]

I wonder when we will break the old record.

Does more Thas/s acutally increase encryption or does it just make bitcoin safer by needing more for a 51% attack?

[waspoza]

It just spiked from 15.5 to 17 t/hash for a minute.
Now its back to 16.5 15.5 t/hash.
Pretty weird how the total hash power is fluctuating this much right now.

Maybe its indeed BFL testing there stuff.

Its just luck. Hashing power is calculated from the number of blocks found in time unit. So more luck in block finding means spikes on the chart. And vice versa.

[FreeMoney]

Its just luck. Hashing power is calculated from the number of blocks found in time unit. So more luck in block finding means spikes on the chart. And vice versa.

This is true. Ever notice how there are always spikes?

[nedbert9]

Its just luck. Hashing power is calculated from the number of blocks found in time unit. So more luck in block finding means spikes on the chart. And vice versa.

This is true. Ever notice how there are always spikes?

There's an assumed botnet that's been operating since April that has just cranked up their capacity.

See the mining sub forum 'Flurry of blocks'

[molecular]

$6.40~ could also be some threshold for mining profitability.  

Doesn't make sense. Power cost (determining factor of profitability if you discard initial investment, which makes sense here) is distributed anywhere from $0.05 to $0.30. Mining rig efficiencies also differ over quite a range. So there's no "inherent" treshold.

[eleuthria]

There was a massive LUCK-BASED surge yesterday.  At one point there were 10 blocks in 20 minutes.  Those weird spikes really screw up hash rate estimate graphs.  Yesterday there were many pools finding blocks much faster than they normally should (luck).

There has also been some growth due to the $1 increase in BTC price in under a week, which should be expected.

[Clipse]

Looks to me there is atleast a real 1-1.5TH of new hashing, rest is likely due to the luck of yesterday. In fact there was a 18blocks in 60minute period, total madness.

[HonorMe]

Its just luck. Hashing power is calculated from the number of blocks found in time unit. So more luck in block finding means spikes on the chart. And vice versa.

This is what i thought too

[mtminer]

$6.40~ could also be some threshold for mining profitability.  

All those stories about the BTC being safer than the Euro having an effect/

Aliens.

Aliens, I think they are named "Probability" home world statistics.   

[aqrulesms]

$6.40~ could also be some threshold for mining profitability.  

All those stories about the BTC being safer than the Euro having an effect/

Aliens.

Aliens, I think they are named "Probability" home world statistics.   

Aliens could always come to the Earth and set up their quantum computers to screw the network to rediculously high hash rates 

[molecular]

$6.40~ could also be some threshold for mining profitability.  

All those stories about the BTC being safer than the Euro having an effect/

Aliens.

Aliens, I think they are named "Probability" home world statistics.   

Aliens could always come to the Earth and set up their quantum computers to screw the network to rediculously high hash rates 

To buy our products they could more easily produce using a replicator? Or just to screw up our economy before attacking to make that easier?

[Graet]

$6.40~ could also be some threshold for mining profitability.  

All those stories about the BTC being safer than the Euro having an effect/

Aliens.

Aliens, I think they are named "Probability" home world statistics.   

Aliens could always come to the Earth and set up their quantum computers to screw the network to rediculously high hash rates 

To buy our products they could more easily produce using a replicator? Or just to screw up our economy before attacking to make that easier?

screw up our economy enough and we'd be begging them to help
can anyone say bloodless coup de grâce

[TheHarbinger]

Aliens taste like chicken.  I am not threatened by anything that tastes like chicken.

[andTo86]

$6.40~ could also be some threshold for mining profitability.  

All those stories about the BTC being safer than the Euro having an effect/

Aliens.

Aliens, I think they are named "Probability" home world statistics.   

Aliens could always come to the Earth and set up their quantum computers to screw the network to rediculously high hash rates 

To buy our products they could more easily produce using a replicator? Or just to screw up our economy before attacking to make that easier?

With copywrite law now pushed out across the galaxy for eternity plus one million-billion years, they now have to come here and buy all of their hello kitty gear.

I never understood why miners would shut down their rigs when profitability is low, unless they don't think it (prices) will ever come back up to a profitable level, or they don't have enough cash to pay their electric bills. If profitablility for me = $4.50, and I mine for 10 years at $1/btc, then it rises to $5, I can sell 10 years worth of coins vs 1 week.

[mccorvic]

I never understood why miners would shut down their rigs when profitability is low, unless they don't think it (prices) will ever come back up to a profitable level, or they don't have enough cash to pay their electric bills. If profitablility for me = $4.50, and I mine for 10 years at $1/btc, then it rises to $5, I can sell 10 years worth of coins vs 1 week.

SHHH! Why are you giving away out secrets?! Let all the dumb miners stop mining!