Author

Topic: So miners play the difficulty resulting in more coins mined (Read 780 times)

legendary
Activity: 2408
Merit: 1009
Legen -wait for it- dary
If you knew much, you'd know you can't "game" the difficulty like that.

You can, a little, but not easily, and not by shutting down 2 days before the retarget.
The problem with that theory is that miners are already so far ahead by that point, those two days won't change anything except make the difficulty rise a little smaller. It would take a concerted effort by a massive amount of hashing power to collude and make that happen.
Alt-coins see this happening regularly. What they do is mine hard for a cycle and then switch to another coin while that previous coin is reset lower during the next cycle. Back and forth keeping the difficulty a little more stable and profiting a little more than just driving their coin of choice up. To do this in Bitcoin, you would either have to have an alt to switch to (with merged mining, anything worth mining has astronomical difficulty too) OR just stop for the whole next retarget. 2016 blocks on, 2016 blocks off, so the difficulty creates a sawtooth type wave. Mine the lows and shut off during the highs. The problem with this is it may balance itself out in the long run similar to variance in luck. So it's lose lose and no one really benefits from it.
sr. member
Activity: 378
Merit: 250
I observed:
Possibly large miners turn off rigs short before difficulty adjustement so difficulty adjusts low and then they come back on again.

This results in:
-faster blocks
-more inflation than the already enough 3600 coins

just a headsup. You're getting even more coins now.

Yesterday we had 8minute blocks resulting in 20% higher inflation for that day. Today it's back to 9 minutes. Still faster mining.

They could do this forever turning bitcoin slightly faster and slightly more inflationary (up to 20%)



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This is a good example for how bitcoin is a total shitcoin compared to any altcoin which has faster difficulty retarget btw.
In a Bitcoin mining, things that need to be considered is how the mining difficulty level, what is the cost of electricity is issued, and also do price comparisons of course, what the price of Bitcoin for the company (Cloud Mining) and miners (clients) can equally benefit profit.
In an interview done CoinTelegraph against Marco Streng, CEO of Genesis Mining. At least he said, he would still do despite mining bitcoin prices below $ 100
donator
Activity: 668
Merit: 500
If you knew much, you'd know you can't "game" the difficulty like that.
member
Activity: 84
Merit: 10
I observed:
Possibly large miners turn off rigs short before difficulty adjustement so difficulty adjusts low and then they come back on again.

This results in:
-faster blocks
-more inflation than the already enough 3600 coins

just a headsup. You're getting even more coins now.

Yesterday we had 8minute blocks resulting in 20% higher inflation for that day. Today it's back to 9 minutes. Still faster mining.

They could do this forever turning bitcoin slightly faster and slightly more inflationary (up to 20%)



----------------

This is a good example for how bitcoin is a total shitcoin compared to any altcoin which has faster difficulty retarget btw.
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