How many bitcoins can be produced in a single day? - page 3.

sadpandatech

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Quote from: mcorlett on June 25, 2012, 11:28:19 AM

Quote from: Graet on June 25, 2012, 11:21:20 AM

currently the network is under 13Thash , 7Thash is >51% (7Thash is 50% of 14Thash) as the network stands today. I imagine it will be more by october/december/whenever /ifever asics are delivered...

Once the attacker starts mining on the main network, the total will be 20 Thps, and their 7 just won't cut it anymore.

Aye, an attacker will have to add atleast as much as the existing hash rate +1% of that total in order to achieve 51%

And just wtf does anyone think someone could actually accomplish with 51% besides a bit of harrassment with orphaned blocks from some of the other miners? A double spend? Really, what is the likelihood of 2 merchants having anything large enough to offer that it would be worthwhile to spend twice at the same time. And then what are the odds they will ship anything before they noticed the transaction disappeared?

Maybe I forgot some other nasty side affect to a short-term 51%. I assume a long term one would cause the need for a fork in order to get legit transactions reporting again. shrug.

mcorlett

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Quote from: Graet on June 25, 2012, 11:21:20 AM

currently the network is under 13Thash , 7Thash is >51% (7Thash is 50% of 14Thash) as the network stands today. I imagine it will be more by october/december/whenever /ifever asics are delivered...

Once the attacker starts mining on the main network, the total will be 20 Thps, and their 7 just won't cut it anymore.

ChanceCoats123

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Graet, your math is retarded. If you add 7 more Thash to 13Thash, then you have 20 Thash total of network hashing power. 7 is not 51% of 20. What Mr. Teal is saying is correct. Current miners would have to drop out while the 7 Thash are added in order for the ASIC's to be 50% of the network hashing power (If there are 13Thash now, then 7Thash would have to stop mining as 7Thash of ASIC's commence mining).

Graet

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Quote from: MrTeal on June 25, 2012, 10:27:48 AM

Quote from: Graet on June 25, 2012, 10:17:25 AM

the system is designed so that on average a block is solved every 10minutes
difficulty is what regulates this and is adjusted very 2016blocks - roughly a fortnight

24hours x 6blocks x 50BTC = 7200BTC/day on average

if/when asics arrive and block solving skyrockets the 2016 blocks will be found much quicker than a fortnight and difficulty will increase (and the time to block reward halving will come forward).
In this window of rapidly rising difficulty early adopters of asic will do very well.

If 1Thash asics are released. well today the network is ~ 12.5Thash, it would take 7 1Thash asics to have over 51% of the network hashpower, not really a huge cost to disrupt the bitcoin network if one really wanted to.

It would take more than 7TH/s to have 51% of the network, unless existing miners drop out.

currently the network is under 13Thash , 7Thash is >51% (7Thash is 50% of 14Thash) as the network stands today. I imagine it will be more by october/december/whenever /ifever asics are delivered...

MrTeal

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Quote from: Graet on June 25, 2012, 10:17:25 AM

the system is designed so that on average a block is solved every 10minutes
difficulty is what regulates this and is adjusted very 2016blocks - roughly a fortnight

24hours x 6blocks x 50BTC = 7200BTC/day on average

if/when asics arrive and block solving skyrockets the 2016 blocks will be found much quicker than a fortnight and difficulty will increase (and the time to block reward halving will come forward).
In this window of rapidly rising difficulty early adopters of asic will do very well.

If 1Thash asics are released. well today the network is ~ 12.5Thash, it would take 7 1Thash asics to have over 51% of the network hashpower, not really a huge cost to disrupt the bitcoin network if one really wanted to.

It would take more than 7TH/s to have 51% of the network, unless existing miners drop out.

@OP: You could have much more than 7200 BTC in a day if you had a large increase in hashing power. Say BFL gets their initial batch of ASIC rigs together and decides to do some live testing. If they had 45TH/s of hashing power, you would expect that 576 blocks would be found that day instead of 144, so 28800 with 21600 going to BFL.

Graet

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the system is designed so that on average a block is solved every 10minutes
difficulty is what regulates this and is adjusted very 2016blocks - roughly a fortnight

24hours x 6blocks x 50BTC = 7200BTC/day on average

if/when asics arrive and block solving skyrockets the 2016 blocks will be found much quicker than a fortnight and difficulty will increase (and the time to block reward halving will come forward).
In this window of rapidly rising difficulty early adopters of asic will do very well.

If 1Thash asics are released. well today the network is ~ 12.5Thash, it would take 7 1Thash asics to have over 51% of the network hashpower, not really a huge cost to disrupt the bitcoin network if one really wanted to.

mcorlett

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The Bitcoin network automatically adjusts the difficulty so that a new block is produced roughly every 10 minutes.

1440 minutes in a day / 10 minutes per block = 144 blocks per day
Every block currently creates 50 bitcoins, so 144 * 50 = 7200 BTC

It should be noted that this is an approximation and will differ depending on luck.

Fiyasko

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Okey Dokey Lokey

http://www.youtube.com/watch?v=D-OGsSb0BPU
Over 9000........IN THE FUTURE

Paladin69

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I guess I don't understand the relationship between the rising difficulty, the 51% thing, and all this chatter about ASIC disrupting the market.

Is there a set limit on how many btc can be produced by the global community of miners in a single day?

Topic: How many bitcoins can be produced in a single day? - page 3. (Read 14016 times)