Difficulty jumps 21% - page 2. | Bitcointalksearch.org

cpfreeplz

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Quote from: SimonJones on October 27, 2017, 11:58:28 PM

It's a viscous cycle that's great for HODLERS. Price rise causes hash power to increase and hash power increase causes price to increase!

Lol. Which came first, the hash power or the price? Haha like what came first, the chicken or the egg? I don't think there's any way to figure out over time what would come first.

Youghoor

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I read a lot of conspiracies about this during the past few days, and a lot of people were predicting that this was going to happen because bitcoin rised a lot in the last weeks.
Just think about it, it was $4000 two weeks ago, and now it is upto $5700 each bitcoin (more than 20%) and bitcoin miners were making a lot of profit. Some people say that this is because the new product from bitmain, and others because of the price, and some people because of the next fork.
The whole community is crazy

dead_m92

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Maybe bitmain increased the difficulty, they are going to release a new antminer and that is probably why they have rised it, because they want to increase their sales on their new miner.. It seems to be possible, but it is just a coincidence.. I dont believe in coincidences, but maybe it is true.
but yes, it was time to make it happen, bitcoin miners were taking a lot of profit.. i hope that the fees are going to be lowered after this mess.

GreatOrchid

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Yes it is insane, this is not profitable anymore for bitcoin miners at the moment. anyway, it has rised a lot, so they were making a lot of profit from the increase + the bitcoins that they used to mine.
So it was time for it to happen, anyway, it can be a complot, today there have been a lot of issues about Segwitx2 fork and about their developer's team, they are so shady and they want to make bitcoin go do at all cost. Maybe you should try to take a look at this, maybe that is the real reason behind all this problem.

illinest

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Quote from: kwukduck on October 28, 2017, 11:23:10 AM

This is part of the Sw2x team to kill off bitcoin core.

Expect another similar adjustment before the fork.

Since they have 94% miner support (even higher if you consider how much mining power they are themselves directing at the core chain right now to bump up the difficulty) such a high difficulty on the core network will guarantee a success for SW2x team and instantly kill the entire bitcoin core network.

What's your opinion on the outcome of the fork then? Do you think some or all of the Core developers would back a POW change for the legacy chain if the network was completely stuck? I get the impression that Core is not onboard with simply continuing to develop Bitcoin after this sort of hostile takeover.

Knowing your style, I'm guessing you are bearish on the price as well? Where do you see the price of BTC, B2X and whatever altcoin might emerge from a dead legacy network, next year?

dothebeats

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Quote from: Torque on October 27, 2017, 08:39:21 PM

Have no idea. But I believe hashrate increases are generally a positive sign.

Could it have been miners who were mining BCH coming back over to BTC?

Well they have long returned mining bitcoin after BCH became unprofitable due to difficulty increases. Also the moment that there's a large spike in diffculty all I can come up with is that there are new mining hardware that's being tested by a mining company since that was the case in the last two years or so. Today it might be that the miners are just following where the money is or whatever is profitable at a given time.

kwukduck

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This is part of the Sw2x team to kill off bitcoin core.

Expect another similar adjustment before the fork.

Since they have 94% miner support (even higher if you consider how much mining power they are themselves directing at the core chain right now to bump up the difficulty) such a high difficulty on the core network will guarantee a success for SW2x team and instantly kill the entire bitcoin core network.

European Central Bank

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Quote from: fabiorem on October 28, 2017, 09:45:03 AM

Who defines the level of difficulty? Bitmain?

the bitcoin algorithm decides. the more miners there are the harder it becomes. bitmain probably has the most mining power so they have the most influence over upping mining difficulty.

illinest

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Quote from: European Central Bank on October 27, 2017, 07:43:00 PM

A huge leap. Is this 'organic' or is it somehow part of the 2x plan to kill off the old chain with a fatally elongated readjustment period?

What do you think?

I am very worried that this is Bitmain setting us up for catastrophe next month. What if they drove up difficulty, knowing that they can easily control a majority of the hash rate, making the likelihood of chain death on the legacy chain higher given how difficult it will be to find blocks?

We could even take the conspiracy a step further. What if the plan is to drive difficulty up on both the legacy and 2x chains, only to withdraw hash power from both chains and point it at Bitcoin Cash? Surely it would look like an attack by Bitmain, but they've already been pretty open about their preference for BCH over BTC, and they might not have to 51% attack either chain if difficulty is high enough. This would force users of both chains to contemplate a hard fork of the POW/difficulty algo, or otherwise migrate to Bitcoin Cash.

fabiorem

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Who defines the level of difficulty? Bitmain?

sindikat

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Quote from: J. Cooper on October 28, 2017, 03:01:12 AM

À higher difficulty means more hashpower in the network and a higher bitcoin price. I hope this is just the difficulty adjusting to the market price and miners moving over to bitcoin once again. That would be a great thing for the legacy chain I believe. I'm eager to see how this will affect the market.

I am surprised at your optimism. You probably think that the office segwit2x will be as safe as it was with bitcoin bitcoin in cash and gold. No, it will have much more impact. I generally don't like change. I loved it all. But it seems to me that this time segwit2x can create outflow of investment from bitcoin and the price may drop.

DaMut

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Quote from: Torque on October 27, 2017, 08:39:21 PM

Have no idea. But I believe hashrate increases are generally a positive sign.

Could it have been miners who were mining BCH coming back over to BTC?

seems like that,
i figure it out too because a day ago many miners moved their mining to BCH and because of that a lot of confirmation delayed or untouched.
it's a good sign in my opinion and they may be preparing themself for 2x or may be not.
not sure what is going on exactly but at least it's a positif sign from the miners right now,

mostkey

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Quote from: Torque on October 27, 2017, 08:39:21 PM

Have no idea. But I believe hashrate increases are generally a positive sign.

Could it have been miners who were mining BCH coming back over to BTC?

the actual price adjustment must be done immediately, because it only benefits many parties, especially if we see their income (including me) using the services of the campaign signature becomes unstable, and some are becoming changed, and maybe it will persist
therefore price adjustment from BTC is very important

malikusama

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Quote from: Torque on October 27, 2017, 08:39:21 PM

Have no idea. But I believe hashrate increases are generally a positive sign.

Could it have been miners who were mining BCH coming back over to BTC?

Exactly we don't need to worry about that if the hashrate is increased. Of course miners are coming back after realizing that the real boss is still BTC and is the best option to mine than any other.

alyssa85

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Quote from: pooya87 on October 27, 2017, 11:37:49 PM

it is because of price rise!
when it is rising, bitcoin mining becomes more and more profitable every day to a point where it is super profitable Cheesy

if you look at the difficulty chart for the past 9 months for example (https://bitcoinwisdom.com/bitcoin/difficulty) you can see that it has had jumps like this in the past. i don't know the percentages (too lazy to calculate) but the size of the vertical red line is nearly the same in mid September and now. there have also been other jumps which were considerable.

i remember reading they released a new ASIC miner last month but i can no find it in the news. so if anyone has more information, he can add it here. but if i am true, that can be one of the reasons for this jump.

This. Also, this might be segwit2x related. Make the hashrate surge. Then switch to BCH, allow the time between blocks on bitcoin to lengthen, causing backlogs, in order to push for segwit2x as a solution.

khaled0111

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It is somehow reosonable. Bitcoin value is rising fastly, and since BTc value and difficulty are related, it is logic that difficulty rises too.
When the price rises, more miners will join which leads to a jump in mining difficulty. Let's hope that this jump in difficulty will not cause a dump in Bitcoin price.

European Central Bank

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Quote from: jjacob on October 28, 2017, 02:43:23 AM

I don't think it could be part of the Segwit 2x plan. This would increase confirmation times and time to find new blocks, but it wouldn't kill the old chain. As others have said - I think it is market related. New mining capacity coming in and miners moving from BCH.

you kill the old chain with a bunch of gradual steps. you don't kill it stone dead instantly.

you make it unattractive to mine and use by making it slow and expensive. it's a snowball effect. once a few people abandon it then more join. before you know it it's having its life support turned off.

no one thinks a move of this magnitude isn't slightly aligned with the upcoming fork?

bitjoin

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Quote from: Torque on October 27, 2017, 08:39:21 PM

Have no idea. But I believe hashrate increases are generally a positive sign.

Could it have been miners who were mining BCH coming back over to BTC?

It could just be natural growth where the price and interest has been well up for a while now. If the diffculty doesn't catch up it will mean too many miners are making easy money.

filharvey

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Since BTC price is high,mining would be more profitable and hence more miners who supported BCH may have switched their hash power to BTC.That's why,difficulty has jumped to 21%.

But we should also not forget that these miners who earlier supported BCH have signed NYA and very soon,the next month,they may switch their hash power in support of segwit 2x.

Since segwit2x has more miner support,it may succeed over the legacy chain.

Denker

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Quote from: cpfreeplz on October 27, 2017, 10:09:39 PM

Christ what a huge spike. Hopefully the price adjusts along with this and we can all make bank.

I don't think the hashing power lines up with the amount of people that left BCH. There's got to be another explanation. Idk what though.

Hashrate follows price!
Therefore due to the price rise we've seen, more hashpower got plugged in to the system and again therefore difficulty has increased!

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