Got my answers can close the topic thanks.

exstasie

legendary

Activity: 1806

Merit: 1521

Quote from: tryer12 on November 15, 2017, 02:09:20 PM

Hello,
I'm wondering , Why does it matter that there will be more hash power?
Hash power fell drastically while BCH was on the rise. But I never understood why does it matter that there will be more hash power than there already is.

In a broad sense, it doesn't matter. Rising hash power is just indicative of mining investment. It means that miners are increasingly investing into hardware and bringing that hardware online.

Quote from: tryer12 on November 15, 2017, 02:09:20 PM

If the bitcoin network adjust its difficulty so there will be a block every 10 mins and more hash power doesn't mean a pool will be able to just fill in more transactions to the same block since it's limited to 1MB.
Someone will have to solve the block so why does it matter if more or less miners are mining?
Is it just because the more there's competition over finiding a block and that means the value may rise since there's more demand?
Like it isn't about benefiting the technical side of the bitcoin network?
Thanks.

There are security implications, but at these hash rate levels, a difference of 1 PH/s or 3 PH/s in the overall hash rate will be negligible. In both cases, the likelihood of successful, enduring 51% attacks is remote.

If there is an extreme drop in the hash rate, e.g. if 99% of the hash rate leaves the network, then we may have a problem. It's possible that a block might never be mined again under these conditions. In that case, a hard fork might be necessary to address the difficulty algorithm.

GreatOrchid

legendary

Activity: 1092

Merit: 1001

It is incredible, i can not understand why there are some uninformed people, this is just a newbie thing, everybody knows that miners and their hashpower are the only thing that we need in order to make our transaction possible ones.
Look at the service thread, all those who are acelerating for free are probably miners, or they have some hardware in one of those websites, and this is why they can accelerate it, because they are engadged with the hashpower..

Yakamoto

legendary

Activity: 1218

Merit: 1007

Quote from: tryer12 on November 15, 2017, 02:09:20 PM

Hello,
I'm wondering , Why does it matter that there will be more hash power?
Hash power fell drastically while BCH was on the rise. But I never understood why does it matter that there will be more hash power than there already is.
If the bitcoin network adjust its difficulty so there will be a block every 10 mins and more hash power doesn't mean a pool will be able to just fill in more transactions to the same block since it's limited to 1MB.
Someone will have to solve the block so why does it matter if more or less miners are mining?
Is it just because the more there's competition over finiding a block and that means the value may rise since there's more demand?
Like it isn't about benefiting the technical side of the bitcoin network?
Thanks.

The value doesn't really rise just because there are more miners who are mining and selling their coins, that's just a decent indication of the state of miners and how they are able to manage their costs. If I remember correctly, $200/coin was roughly where miners would have to sell in order to maintain their baseline before the reward halving, it is likely it has moved closer to $1,000/coin since there are a lot of new miners and the hashing power is constant increasing, resulting in the baseline price reflecting their need for investments to maintain competitive alongside everything else they have to pay for. The price being high overall is something that miners can take advantage of, for the time being.

leea-1334

hero member

Activity: 2338

Merit: 953

Temporary forum vacation

Is it not that even with all the hashpower, it is still concentrated in almost the hands of the few? I read all the time that in China there is 80% of the hashrate. True, not all Chinese miners will jump at the same time as we have seen from Bitcoin Cash, Segwit2x, and Bitcoin Gold. But it almost happened, did it not? In theory, it is not so much hash power but the distribution that matters, or am I misunderstanding the meaning of this 51% attack threats.

I thought the network was virtually/p secure even two years ago at half the hashpower of today.

Slark

legendary

Activity: 1862

Merit: 1004

Rapid changes of hash power can be really harmful to bitcoin network - an especially rapid downgrade of hash power is risky and can cause something called 'death spiral' effect.
The problem is hash difficulty being updated only every 2 weeks which is a kinda long period of time.
If the hash rate suddenly drop the difficulty could be rendered too high for the amount of processing power on the network - this will cause dramatic in completing Bitcoin transactions.

50ouncebrew

sr. member

Activity: 459

Merit: 251

It matters that there will be more hashpower to secure the network. The Bitcoin network runs an algorithm called Proof of Work which forces computers (miners, or hashers really) to hash cryptographic functions trying to solve some puzzle that was given to the network. This puzzle has a reward of BTC in it for whichever hasher hashed that block. A block happens every 10 minutes and contains all the txns on the network so the more hash power securing these blocks the better.

PORN_coin

full member

Activity: 210

Merit: 100

more hash power the more secure the network Wink

swogerino

legendary

Activity: 3318

Merit: 1247

Bitcoin Casino Est. 2013

Bitcoin is based on proof of work and the more miners are working on the network there is less risk of a 51% attack. This is only in theory as in practice more than 51% of the hashrate and even more than that is located in Asic farms in China. They can decide any time to join forces and to create the 51% attack. So we need to add more and more miners outside China to the bitcoin network in order to be able to protect the network from a possible 51% attack.

jacobmayes94

sr. member

Activity: 364

Merit: 250

Until difficulty retargets, you will find that a single PC could mine if the difficulty was low enough and still process transactions, but the more who are mining, the less of a chance of a 51% attack, unless miners are centralized.

coolstory

full member

Activity: 211

Merit: 100

Quote from: omashi on November 15, 2017, 03:25:49 PM

the more hash power the more secure the network, the network can operate on 10% of the hashrate today for example and still be functional, probably we will have some delays in the next periods until difficulty adjusts, but the bigger issue then that the other 90% can do 51% attack.

We need miners for our transactions to be confirmed by the blockchain. If they leave it, transactions cannot go smoothly. Lack of transaction confirmation speed takes place.

Youghoor

sr. member

Activity: 1036

Merit: 275

It is one of the most important things when you talk about bitcoin.
The hashpower is the only thing that makes payments possible, without miners, then it means that the hashpower is over, and by this way you could not send or receive payments anymore.
just think about it, you needed to wait more than 12 to receive one confirmation about two days ago, and if there is no hashpower, then probably we are going to need to wait days in order to receive a first confirmation.

tryer12

member

Activity: 147

Merit: 10

Quote from: omashi on November 15, 2017, 03:25:49 PM

the more hash power the more secure the network, the network can operate on 10% of the hashrate today for example and still be functional, probably we will have some delays in the next periods until difficulty adjusts, but the bigger issue then that the other 90% can do 51% attack.

Hi thanks for answering , but what does that attack mean? and how it will affect the bticoin's network?

omashi

jr. member

Activity: 54

Merit: 10

the more hash power the more secure the network, the network can operate on 10% of the hashrate today for example and still be functional, probably we will have some delays in the next periods until difficulty adjusts, but the bigger issue then that the other 90% can do 51% attack.

tryer12

member

Activity: 147

Merit: 10

please someone?

tryer12

member

Activity: 147

Merit: 10

Got my answers can close the topic thanks.

Topic: Got my answers can close the topic thanks. (Read 307 times)