Last 7 blocks have been found in 12 minutes !!!

Oscilson

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Quote from: odolvlobo on January 14, 2015, 12:33:08 AM

Quote from: CryptoCurrencyInc.com on January 13, 2015, 10:44:14 PM

Big companies have money and a power plant producing free electricity.
They can afford to mine Bitcoin even if the price of Bitcoin is only $1 per coin.

Oh? Where does the money to build the plant come from, and where does the energy come from to produce this "free" electricity?

When the price is $1, the difficulty will be much lower. However, initial investment is required.

odolvlobo

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Quote from: CryptoCurrencyInc.com on January 13, 2015, 10:44:14 PM

Big companies have money and a power plant producing free electricity.
They can afford to mine Bitcoin even if the price of Bitcoin is only $1 per coin.

Oh? Where does the money to build the plant come from, and where does the energy come from to produce this "free" electricity?

CryptoCurrencyInc.com

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Big companies have money and a power plant producing free electricity.
They can afford to mine Bitcoin even if the price of Bitcoin is only $1 per coin.

slacknation

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i can see everyone do respect the hash function alot

newIndia

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Quote from: PolarPoint on January 12, 2015, 01:25:05 PM

Mining is like that. Sometimes you have blocks seconds apart and sometimes hours. It evens out over time. If this happens too often, difficulty hikes. I think miners of these 7 blocks are lucky, doesn't happen often.

After the 7, it happened for these 5 again...

Quote from: newIndia on January 12, 2015, 12:37:52 PM

Last 5 blocks have been found in 5 minutes...

First: https://www.blocktrail.com/BTC/block/000000000000000010d0ce80d50d90b1439b617534c49f221888a2d4e626d596

Last: https://www.blocktrail.com/BTC/block/000000000000000017dfe3f5ebf13fdcf41b255ad0c3da4fc880745a221bf959

PolarPoint

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Mining is like that. Sometimes you have blocks seconds apart and sometimes hours. It evens out over time. If this happens too often, difficulty hikes. I think miners of these 7 blocks are lucky, doesn't happen often.

allthingsluxury

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Quote from: newIndia on January 12, 2015, 01:20:13 PM

Quote from: allthingsluxury on January 12, 2015, 01:17:41 PM

Sounds quite lucky. We'll see if this becomes an ongoing trend.

Can not become a trend because of difficulty adjustment Wink

Agreed.

newIndia

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Quote from: allthingsluxury on January 12, 2015, 01:17:41 PM

Sounds quite lucky. We'll see if this becomes an ongoing trend.

Can not become a trend because of difficulty adjustment Wink

BCwinning

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probably not with the difficult increase just now too

allthingsluxury

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Sounds quite lucky. We'll see if this becomes an ongoing trend.

ChuckBuck

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better everyday ♥

7 found blocks in 12 minutes...isn't that just called luck?

Not trying to a wise ass, but isn't that normally what occurs if there's blocks found close together. Good pool luck?

TimS

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https://en.wikipedia.org/wiki/Poisson_distribution

Only the long-term distribution is important (and that's what Difficulty is for), the short term is too random to pay attention to.
The probability of 7 or more blocks in 12 minutes (1.2 expected, when difficulty matches actual hashpower; in reality, this expected figure is higher) is about 1 in 4,000. In other words, this happens by random chance more often than once a month (on average), when difficulty is holding steady. Not too surprising.

elephantas1

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Quote from: newIndia on January 12, 2015, 12:37:52 PM

Last 5 blocks have been found in 5 minutes...

First: https://www.blocktrail.com/BTC/block/000000000000000010d0ce80d50d90b1439b617534c49f221888a2d4e626d596

Last: https://www.blocktrail.com/BTC/block/000000000000000017dfe3f5ebf13fdcf41b255ad0c3da4fc880745a221bf959

are you tracking those blocks on purpose or is it just random because you cant find it really often Cheesy

newIndia

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Last 5 blocks have been found in 5 minutes...

First: https://www.blocktrail.com/BTC/block/000000000000000010d0ce80d50d90b1439b617534c49f221888a2d4e626d596

Last: https://www.blocktrail.com/BTC/block/000000000000000017dfe3f5ebf13fdcf41b255ad0c3da4fc880745a221bf959

newIndia

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Quote from: gadman2 on January 07, 2015, 02:33:56 PM

Brb, making thread crying about long confirmation times.

Thought of including that in this thread only Wink

Last block found one hour ago...

https://www.blocktrail.com/BTC/block/00000000000000000a727b25e962d11a0f3a70c153237789a0b939cf331b035b

mlferro

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really this is very amazing. Sometimes the luck smiles for us.
Congratulations to all who had the pleasure to enjoy this "luck"

gadman2

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Brb, making thread crying about long confirmation times.

odolvlobo

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Quote from: caga on January 07, 2015, 01:07:44 PM

Quote from: kingcolex on January 07, 2015, 01:01:51 PM

Or an indication of an increasing difficulty.

WOuldn't that actually mean the difficulty going down?

It has nothing to do with changing difficulty. The difficulty changes every 2016 blocks.

It probably has little to do with changing hash power since adding blocks at that rate implies a 1700% increase, which is extremely unlikely.

It is just luck. Sometimes in takes a hour to add a block and sometimes it takes a few seconds.

wadili89

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Quote from: kingcolex on January 07, 2015, 01:28:10 PM

No it won't and miners are getting more efficient, it gets close to evening out.

There is a chance that in the near future it may oscillate before becoming stable. If the price keeps moving a lot then the block time may remain too high or too low.

elephantas1

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Quote from: newIndia on January 07, 2015, 01:30:34 PM

Quote from: kingcolex on January 07, 2015, 01:28:10 PM

Quote from: elephantas1 on January 07, 2015, 01:25:25 PM

wow 13% increase wont it be absolutely unprofitable to mine btc? im getting a bit worried

No it won't and miners are getting more efficient, it gets close to evening out.

Interestingly, the price is going up again. So, efficient mining equipment or cheap Ghash from cloud mining companies can still make profit.

cheap ghash almost always means ponzi scheme which eventually will fail just saying

Topic: Last 7 blocks have been found in 12 minutes !!! (Read 1802 times)