Topic: Newbie Question (Read 500 times)

The ½ ing will come around Jun or July

Coins given will drop from 25 to 12.5



To win your miner has a set of "magic dice".     they can spin 0 to 20,000,000,000,000,000,000,000,000  actually higher but I put a really big number  to give you an idea.


to spin a winner you need over 60,883,825,480      this is 60 billion +   any number under is a loser  any number over is a winner.

Not sure what happens with a perfect match.



this number can be found below.


https://bitcoinwisdom.com/bitcoin/difficulty


the number is adjusted every 2016 blocks up or down based on speed.














past history below


Difficulty History

Date                   Difficulty           Change   Hash Rate
Oct 15 2015   60,883,825,480   0.12%   435,823,399 GH/s
Oct 01 2015   60,813,224,039   2.49%   435,318,014 GH/s
Sep 17 2015   59,335,351,234   4.17%   424,738,988 GH/s
Sep 04 2015   56,957,648,455   4.98%   407,718,729 GH/s
Aug 22 2015   54,256,630,328   2.95%   388,384,088 GH/s
Aug 08 2015   52,699,842,409   0.81%   377,240,166 GH/s
Jul 25 2015   52,278,304,846   2.35%   374,222,683 GH/s
Jul 11 2015   51,076,366,303   3.39%   365,618,871 GH/s
Jun 28 2015   49,402,014,931   -0.58%   353,633,397 GH/s
Jun 14 2015   49,692,386,355   4.42%   355,711,957 GH/s
May 31 2015   47,589,591,154   -2.50%   340,659,563 GH/s
May 17 2015   48,807,487,245   2.44%   349,377,603 GH/s
May 03 2015   47,643,398,018   0.07%   341,044,727 GH/s
Apr 19 2015   47,610,564,513   -3.71%   340,809,696 GH/s
Apr 05 2015   49,446,390,688   5.84%   353,951,052 GH/s
Mar 22 2015   46,717,549,645   -1.50%   334,417,246 GH/s
Mar 08 2015   47,427,554,951   1.59%   339,499,662 GH/s
Feb 22 2015   46,684,376,317   5.01%   334,179,783 GH/s
Feb 09 2015   44,455,415,962   7.71%   318,224,263 GH/s
Jan 27 2015   41,272,873,895   -6.14%   295,442,739 GH/s
Jan 12 2015   43,971,662,056   8.20%   314,761,417 GH/s
Dec 30 2014   40,640,955,017   3.00%   290,919,288 GH/s
Dec 17 2014   39,457,671,307   -1.37%   282,449,013 GH/s
Dec 02 2014   40,007,470,271   -0.73%   286,384,627 GH/s
Nov 18 2014   40,300,030,328   1.76%   288,478,854 GH/s
Nov 05 2014   39,603,666,252   10.05%   283,494,086 GH/s
Oct 23 2014   35,985,640,265   2.81%   257,595,247 GH/s
Oct 09 2014   35,002,482,026   0.98%   250,557,526 GH/s
Sep 25 2014   34,661,425,924   16.20%   248,116,151 GH/s
Sep 13 2014   29,829,733,124   8.75%   213,529,547 GH/s
Aug 31 2014   27,428,630,902   15.03%   196,341,788 GH/s
Aug 19 2014   23,844,670,039   20.86%   170,686,797 GH/s
Aug 08 2014   19,729,645,941   5.30%   141,230,307 GH/s
Jul 25 2014   18,736,441,558   8.08%   134,120,673 GH/s
Jul 12 2014   17,336,316,979   3.08%   124,098,191 GH/s
Jun 29 2014   16,818,461,371   24.93%   120,391,236 GH/s
Jun 18 2014   13,462,580,115   14.51%   96,368,902 GH/s
Jun 05 2014   11,756,551,917   12.44%   84,156,677 GH/s
May 24 2014   10,455,720,138   18.10%   74,844,960 GH/s
May 12 2014   8,853,416,309   10.66%   63,375,223 GH/s
Apr 29 2014   8,000,872,136   14.64%   57,272,474 GH/s
Apr 17 2014   6,978,842,650   14.04%   49,956,502 GH/s
Apr 05 2014   6,119,726,089   22.23%   43,806,706 GH/s
Mar 24 2014   5,006,860,589   17.80%   35,840,504 GH/s
Mar 13 2014   4,250,217,920   11.39%   30,424,245 GH/s
Feb 28 2014   3,815,723,799   21.92%   27,314,015 GH/s
Feb 17 2014   3,129,573,175   19.39%   22,402,357 GH/s
Feb 05 2014   2,621,404,453   19.49%   18,764,744 GH/s
Jan 24 2014   2,193,847,870   22.59%   15,704,175 GH/s
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I'll answer your question more directly. Difficulty is set compared to the network hashrate to target an average of 10 minutes. You can get a few blocks in a few seconds or none for an hour.

That's what the difficulty is all about. There is no "progress" toward a block, either you found one or you did not and you draw the lottery x time per second and that is your hashrate.

You really should have titled your question better. "Newbie Question" has nothing to do with your question on mining frequency.


Anyway, blocks are mined every 10 minutes or so, give or take a couple of minutes. This is by design. It will always be every 10 minutes or so until the end of time. The person, or pool, that finds the block reaps the coins and the fees. Both of them.

The frequency that blocks are mined (and your chances) are controlled like a lottery. You could mine a block every 1 minute for the next 10 minutes, then not mine another for the next year, though both of those scenarios are very improbable. Imagine yourself pulling scratch-off tickets at a rate of one every second and scratching to see if you won $1000. The more you scratch, the more chances you have to win. Hashes are tickets and your miner (ASIC miners at this point) are your hand pulling the tickets and scratching.

Block halving happens every 210,000 blocks, or about every 4 years or so. It will continue to do so until all 21 million bitcoins are mined and then all you get for mining is the transaction fees, which will hopefully (barring a bunch of idiots running the circus) be at least as valuable as the current mining set due to bitcoin inflation.

Hi, so I'm just curious as to how often are blocks "mined" is it like after a certain amount of transaction, or time, or just whenever a miner finds the solution? And each block thats mined the miner, or pool, get 25 bitcoins + transaction fees? Lastly, what is this halving that people are talking about?