newIndia (OP)
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January 07, 2015, 05:44:30 PM |
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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caga
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January 07, 2015, 06:07:44 PM |
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Or an indication of an increasing difficulty.
WOuldn't that actually mean the difficulty going down?
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newIndia (OP)
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January 07, 2015, 06:09:39 PM |
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Or an indication of an increasing difficulty.
WOuldn't that actually mean the difficulty going down? It means that currently the difficulty is low to have 10 minutes gap. Hence the difficulty will jump up soon at the next update. Prediction is around 12% Up.
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elephantas1
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January 07, 2015, 06:25:25 PM |
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wow 13% increase wont it be absolutely unprofitable to mine btc? im getting a bit worried
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newIndia (OP)
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January 07, 2015, 06:30:34 PM |
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wow 13% increase wont it be absolutely unprofitable to mine btc? im getting a bit worried
No it won't and miners are getting more efficient, it gets close to evening out. Interestingly, the price is going up again. So, efficient mining equipment or cheap Ghash from cloud mining companies can still make profit.
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elephantas1
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January 07, 2015, 06:43:28 PM |
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wow 13% increase wont it be absolutely unprofitable to mine btc? im getting a bit worried
No it won't and miners are getting more efficient, it gets close to evening out. Interestingly, the price is going up again. So, efficient mining equipment or cheap Ghash from cloud mining companies can still make profit. cheap ghash almost always means ponzi scheme which eventually will fail just saying
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wadili89
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January 07, 2015, 07:04:14 PM |
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No it won't and miners are getting more efficient, it gets close to evening out.
There is a chance that in the near future it may oscillate before becoming stable. If the price keeps moving a lot then the block time may remain too high or too low.
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odolvlobo
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January 07, 2015, 07:05:21 PM |
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Or an indication of an increasing difficulty.
WOuldn't that actually mean the difficulty going down? It has nothing to do with changing difficulty. The difficulty changes every 2016 blocks. It probably has little to do with changing hash power since adding blocks at that rate implies a 1700% increase, which is extremely unlikely. It is just luck. Sometimes in takes a hour to add a block and sometimes it takes a few seconds.
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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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gadman2
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January 07, 2015, 07:33:56 PM |
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Brb, making thread crying about long confirmation times.
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mlferro
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January 07, 2015, 09:41:04 PM |
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really this is very amazing. Sometimes the luck smiles for us. Congratulations to all who had the pleasure to enjoy this "luck"
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newIndia (OP)
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January 12, 2015, 05:37:52 PM |
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elephantas1
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January 12, 2015, 05:46:23 PM |
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are you tracking those blocks on purpose or is it just random because you cant find it really often
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TimS
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January 12, 2015, 06:08:08 PM |
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https://en.wikipedia.org/wiki/Poisson_distributionOnly the long-term distribution is important (and that's what Difficulty is for), the short term is too random to pay attention to. The probability of 7 or more blocks in 12 minutes (1.2 expected, when difficulty matches actual hashpower; in reality, this expected figure is higher) is about 1 in 4,000. In other words, this happens by random chance more often than once a month (on average), when difficulty is holding steady. Not too surprising.
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ChuckBuck
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January 12, 2015, 06:15:17 PM |
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7 found blocks in 12 minutes...isn't that just called luck?
Not trying to a wise ass, but isn't that normally what occurs if there's blocks found close together. Good pool luck?
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allthingsluxury
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January 12, 2015, 06:17:41 PM |
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Sounds quite lucky. We'll see if this becomes an ongoing trend.
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BCwinning
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January 12, 2015, 06:19:04 PM |
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probably not with the difficult increase just now too
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newIndia (OP)
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January 12, 2015, 06:20:13 PM |
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Sounds quite lucky. We'll see if this becomes an ongoing trend.
Can not become a trend because of difficulty adjustment
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allthingsluxury
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January 12, 2015, 06:21:34 PM |
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Sounds quite lucky. We'll see if this becomes an ongoing trend.
Can not become a trend because of difficulty adjustment Agreed.
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Gold & Silver Financial News: Silver Liberation Army, Gold & Silver News, Geopolitical & Financial News, Jim Rickards Blog, Marc Faber Blog, Jim Rogers Blog, Peter Schiff Blog, David Morgan Blog, James Turk Blog, Eric Sprott Blog, Gerald Celente Blog
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