So the confirmation speed may decrease if people do turn miners off and others do not tun miners on to make it more profitable?
No, the difficulty adjusts every 2016 blocks so that confirmations will always average about 10 minutes.
Topic: Effect of halving on mining network difficulty and transaction speeds - page 2. (Read 1381 times)
July 09, 2016, 12:27:33 PM
No, the difficulty adjusts every 2016 blocks so that confirmations will always average about 10 minutes.
July 09, 2016, 12:01:12 PM
No. The halving can most certainly not have a direct impact on transaction speed. You don't seem to understand the difference between transaction speed (usually near-instant) and confirmation speed (10 minutes on average). The reason for which some people are experiencing unusual confirmation times is because they don't include adequate amount of fees.
From what I know it also can't impact confirmation time no?
It doesn't change anything to have fewer miners, difficulty is here to balance things back. Number of tx are defined by the size block, which won't move.
July 09, 2016, 11:48:29 AM
I meant that it would nt be stable based on the time to confirm each block fluctuating in the network!
Okay, that makes a bit more sense. That is indeed correct: If a sudden drop in the hashrate does occur, then the usual '10 minutes on average' would not be true until the next difficulty adjustement.But, I don't set my own transaction fees as I use coinbase who set their own.
I highly recommend ditching Coinbase for a desktop wallet.I can't really use a desktop wallet as I'd have to store it externally to my actual computer in one of my external hard drives. Also, the initial installation takes a very long time and, I do have a torrent to download the entire blockchain but I am waiting to get 5 hours free when I can download it and not use my computer for anything else (or use my reapberry pis with torrenting software)!
Also, I like that coinbase cover transaction fees, I do have an ethereum wallet though and the bitcoin core ready to do a fall blockchain download!
July 09, 2016, 11:44:32 AM
I meant that it would nt be stable based on the time to confirm each block fluctuating in the network!
Okay, that makes a bit more sense. That is indeed correct: If a sudden drop in the hashrate does occur, then the usual '10 minutes on average' would not be true until the next difficulty adjustement.But, I don't set my own transaction fees as I use coinbase who set their own.
I highly recommend ditching Coinbase for a desktop wallet. July 09, 2016, 11:40:42 AM
Thanks Lauda, I'll change that con confirmation speed.
The correct wording (IMO): transaction speed (near instant) & confirmation speed (10 minutes on average).So the confirmation speed may decrease if people do turn miners off and others do not tun miners on to make it more profitable?
If a decent amount of hashpower gets shut down, then it is likely that the average block timing will increase (until a difficulty adjustment).I also meant that the confirmation speeds will become more stable, though there will still be multiple miners still in business (such as Hashnest, who have around 20-30PHs of S7 miners)
There is no 'stable', they are always stable. You can't say the network is unstable because you've included a fee that was lower than the recommended at time. The miners determine whether your TX will get included in a block (mostly based on the fees included). I meant that it would nt be stable based on the time to confirm each block fluctuating in the network!
But, I don't set my own transaction fees as I use coinbase who set their own. They are always confirmed wihin a maximum of 15 minutes expected perameter for confirmations to bedone on my transactions!
July 09, 2016, 11:25:47 AM
Thanks Lauda, I'll change that con confirmation speed.
The correct wording (IMO): transaction speed (near instant) & confirmation speed (10 minutes on average).So the confirmation speed may decrease if people do turn miners off and others do not tun miners on to make it more profitable?
If a decent amount of hashpower gets shut down, then it is likely that the average block timing will increase (until a difficulty adjustment).I also meant that the confirmation speeds will become more stable, though there will still be multiple miners still in business (such as Hashnest, who have around 20-30PHs of S7 miners)
There is no 'stable', they are always stable. You can't say the network is unstable because you've included a fee that was lower than the recommended at time. The miners determine whether your TX will get included in a block (mostly based on the fees included). July 09, 2016, 11:12:47 AM
No. The halving can most certainly not have a direct impact on transaction speed. You don't seem to understand the difference between transaction speed (usually near-instant) and confirmation speed (10 minutes on average). The reason for which some people are experiencing unusual confirmation times is because they don't include adequate amount of fees.
This will then lead to the mining network difficulty decreasing, allowing for it to become more profitable to mine again (meaning that the blockchain can become more stable again)?
In the case that mining is not profitable for some miners, it would not be surprising to see (some) turn of their machines. In that case the difficulty would decrease (assuming that other 'groups' haven't turned on more gear). That does not mean "the blockchain can become more stable again". The blockchain always was and will be 'stable'.Thanks Lauda, I'll change that con confirmation speed.
So the confirmation speed may decrease if people do turn miners off and others do not tun miners on to make it more profitable?
I also meant that the confirmation speeds will become more stable, though there will still be multiple miners still in business (such as Hashnest, who have around 20-30PHs of S7 miners)
July 09, 2016, 11:09:03 AM
No. The halving can most certainly not have a direct impact on transaction speed. You don't seem to understand the difference between transaction speed (usually near-instant) and confirmation speed (10 minutes on average). The reason for which some people are experiencing unusual confirmation times is because they don't include adequate amount of fees.
This will then lead to the mining network difficulty decreasing, allowing for it to become more profitable to mine again (meaning that the blockchain can become more stable again)?
In the case that mining is not profitable for some miners, it would not be surprising to see (some) turn of their machines. In that case the difficulty would decrease (assuming that other 'groups' haven't turned on more gear). That does not mean "the blockchain can become more stable again". The blockchain always was and will be 'stable'. July 09, 2016, 11:05:29 AM
Is it possible that the halving will reduce the confirmation speeds even more then peole say they are doing at the moment? (as a result of the cost of electricity and maintenance needed by mining hardware).
This will then lead to the mining network difficulty decreasing, allowing for it to become more profitable to mine again (meaning that the confirmation speeds can become more stable again and change back to the way they were before)?
This will then lead to the mining network difficulty decreasing, allowing for it to become more profitable to mine again (meaning that the confirmation speeds can become more stable again and change back to the way they were before)?
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