What would happen if suddenly a revolutionary mining technology was found? - page 2.

dothebeats

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Quote from: maokoto on October 02, 2015, 02:59:51 PM

Quote from: unamis76 on October 02, 2015, 02:20:02 PM

Another algorithm would require a fork, and it's unlikely it will be adopted (Scrypt and many others came, and Bitcoin did not switch)

As for newer tech, that's been happening from time to time: bigger and better ASIC's

As I said, I am not a math or algorythm expert but... It is not possible to find another way to calculate the hashes that cuts the process short?

I have also heard that Scrypt/Litecoin was designed to be ASIC resistant but failed. Could not something similar happen to Bitcoin in such a long timespan as 100+ years?

There is none, and bitcoin was designed to be harder to mine as more and more powerful hardware come. More and more hashing power = more difficulty = harder to mine bitcoins.

NorrisK

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Quote from: maokoto on October 02, 2015, 02:18:00 PM

This is something I have been thinking at times. What would happen if suddenly someone came up with a new algorythm/technology that could mine Bitcoin much faster? I see all those predictions about mining ending by 2100 ... but Isn't it possible that some new miner comes up raising the mining speed a lot?

No idea about it, just asking Roll Eyes

That's why there is difficulty readjustments. Every 2 weeks the avarage blocktime is determined and corrected back to 10 minutes by increasing the difficulty of the hashes.

A revolutionary miner would result in a giant leap in difficulty.

maokoto

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Quote from: unamis76 on October 02, 2015, 02:20:02 PM

Another algorithm would require a fork, and it's unlikely it will be adopted (Scrypt and many others came, and Bitcoin did not switch)

As for newer tech, that's been happening from time to time: bigger and better ASIC's

As I said, I am not a math or algorythm expert but... It is not possible to find another way to calculate the hashes that cuts the process short?

I have also heard that Scrypt/Litecoin was designed to be ASIC resistant but failed. Could not something similar happen to Bitcoin in such a long timespan as 100+ years?

unamis76

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Another algorithm would require a fork, and it's unlikely it will be adopted (Scrypt and many others came, and Bitcoin did not switch)

As for newer tech, that's been happening from time to time: bigger and better ASIC's

maokoto

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✪ NEXCHANGE | BTC, LTC, ETH & DOGE ✪

This is something I have been thinking at times. What would happen if suddenly someone came up with a new algorythm/technology that could mine Bitcoin much faster? I see all those predictions about mining ending by 2100 ... but Isn't it possible that some new miner comes up raising the mining speed a lot?

No idea about it, just asking Roll Eyes

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