Bitcoin Network Difficulty Hits New All-Time High

kaggie

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Quote from: nullama on May 01, 2022, 07:57:54 PM

I knew my newly connected USB miner would make a difference!

Thank you for your service!

Quote from: mk4 on May 02, 2022, 04:54:09 AM

LOL. The first time I saw those products was probably in late 2016 if I remember correctly. Any expert miner here knows if it was actually at least slightly viable to mine via a USB miner back then at those times? Or were they just simply ripping off everyone because of the hype?

I'm not sure about 2016, but earlier than that, yes.

Quote from: https://www.bitcoinminer.com/usb-bitcoin-miner/

Fast forward to the winter of 2011. The next big thing in Bitcoin mining was the USB Bitcoin Miner and field-programmable gate array (FPGA) processors that could now hook into your computer via the USB port.

These were faster than anything we had seen so far and opened the doors to concentrated mining farms. The USB Bitcoin Miner changed everything.

mk4

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Quote from: nullama on May 01, 2022, 07:57:54 PM

I knew my newly connected USB miner would make a difference!

LOL. The first time I saw those products was probably in late 2016 if I remember correctly. Any expert miner here knows if it was actually at least slightly viable to mine via a USB miner back then at those times? Or were they just simply ripping off everyone because of the hype?

OgNasty

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With the nature of technology advancement and manufacturing it stands to reason that the network will continue to hit new highs until new miners stop being produced. With companies like Intel beginning to produce miners now, you can bet the hashrate will continue rising for the foreseeable future regardless of what happens. If the situation in China taught us anything it was that hashrate can be relocated but will likely never be eliminated. Even under the strictest of banning conditions.

nullama

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I knew my newly connected USB miner would make a difference!

Bitcoin_Arena

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Bad news for the miners with small mining farms. It means fewer earning chances. Good news for us, the users and Believers of Bitcoin, it means more security or more difficulty trying to mess up the Bitcoin Blockchain.

Quote from: Husires on May 01, 2022, 11:39:43 AM

If there is an estimate of any concentration of mining, it will be a good additional information.

You mean like a visual map showing concentration of miners across the globe?

Husires

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I remember that a similar topic was created two days ago, and ATH was 28-04-2022 you can find some topics here Bitcoin network difficulty breaks into a new all-time high of 29.794T
This is a perfect response to all mining ban policies or those who say that mining is centralized and dependent on China.
If there is an estimate of any concentration of mining, it will be a good additional information.

TheGhostMan

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Quote

While Bitcoin miners continue to pursue the last 2 million BTC into circulation, the overall network is well-positioned to attain greater resilience against vulnerabilities.

Quote

Reaffirming its position as the most resilient blockchain network against attacks, the Bitcoin network posted a new all-time high network difficulty for the second time this April, jumping from its previous all-time high of 28.587 billion to 29.794 billion and the hash rate to 223,152.

Bitcoin network difficulty. Source: Blockchain.com

Bitcoin total hash rate. Source: Blockchain.com

We have to highlight that after a considerable time it is the first time that the mining difficulty has increased since February. You could say that This mining difficulty describes how difficult it can be for miners to find a block reward. Since the purpose of this is to ensure that the network remains constant so that large profits can be made, it is highlighted that the mining difficulty keeps increasing at the same time the hash rate increases. Since it is the computing power of the network and it increases as the mining participants join the network.

With a higher hash rate, DAA (it is a mechanism that regulates the creation of new blocks by increasing or decreasing the complexity of their solution to match the rate) makes it more difficult for miners to find a block. In a few words, we can say that the greater difficulty of the network requires greater computational power to successfully mine a block, in this case Bitcoin (BTC).
Information Extracted from: https://cointelegraph.com/news/bitcoin-network-difficulty-breaks-into-a-new-all-time-high-of-29-794t

Topic: Bitcoin Network Difficulty Hits New All-Time High (Read 158 times)