Topic: why bitcoin mining difficulty is increased? (Read 4974 times)
I think because it become more popular and the number of minner grows every hour so offer is more than demand
why bitcoin mining difficulty is increased?
I just want to knows that why the bitcoin mining difficulty level is increased and i am afraid of the life of future miners.Maybe in future the miners electricity will cost more than our rewards because of the difficulty level.
I just want to knows that why the bitcoin mining difficulty level is increased and i am afraid of the life of future miners.Maybe in future the miners electricity will cost more than our rewards because of the difficulty level.
It's part of the parameter. Bitcoin mining might stop being profitable in some years or it's price might increase high enough. So far it's a matter of mystery, the only thing we can do is keep up with the news, analyze the information that comes up and hopefully in the future being able to see it coming before it happens.
This is so that I do not have an exaggerated addition of bitcoins in the market.
It was predicted that over time bitcoin would gain popularity, so more and more people would seek ways to get it. However, if the difficulty were the same since when it started there would be a flood of bitcoins in the market at one time, causing its price fall and possibly the market crash of criptocurrencies.
It was predicted that over time bitcoin would gain popularity, so more and more people would seek ways to get it. However, if the difficulty were the same since when it started there would be a flood of bitcoins in the market at one time, causing its price fall and possibly the market crash of criptocurrencies.
tworeasons:
a) stable block finding times. 10min in average as target.
b) rising security level, the more miners, the harder for a single entity to gain 50% hashpower
a) stable block finding times. 10min in average as target.
b) rising security level, the more miners, the harder for a single entity to gain 50% hashpower
I was never fascinated with the mining due to too much work with very less rewards. Also it involves a huge investment considering the equipment, place to put those machines, cooling and electricity charges etc due to which not everyone can afford such expenses and also with the increase in difficulty it is now not much feasibility left for the people to mine it.
tworeasons:
a) stable block finding times. 10min in average as target.
b) rising security level, the more miners, the harder for a single entity to gain 50% hashpower
a) stable block finding times. 10min in average as target.
b) rising security level, the more miners, the harder for a single entity to gain 50% hashpower
Traffic on a same coin would cause difficulties. People tend to mine the coins which do have high values in the current market. This causes too much difficulties. So always, set the system mined on different coins switching over to other one automatically. Linux platform would be more convenient for mining with a rig containing CPU, MB and GCs.
why bitcoin mining difficulty is increased?
I just want to knows that why the bitcoin mining difficulty level is increased and i am afraid of the life of future miners.Maybe in future the miners electricity will cost more than our rewards because of the difficulty level.
I just want to knows that why the bitcoin mining difficulty level is increased and i am afraid of the life of future miners.Maybe in future the miners electricity will cost more than our rewards because of the difficulty level.
When number of users mining on one coin increases, the difficulties increase. I could see, day by day the mining platform is expended and the difficulties increases. We can better skip mining from one coin to other depending upon the availability and profits. I do mine BTC, ZCASH, ETH and DASH from CPU. I switch over from one to the other coin. Receive enough profits.
Do we have any other ways to reduce this difficulties. I would be happy to hear from my folks here.
its is just because of the number of bitcoins decreases and the amount of miners keeps increasing
A decreasing block reward indirectly causes the difficulty to decrease, not increase.
As long as the supply of Bitcoins continue to decrease, more coins will circulate around the network. Which makes the difficulty even higher. What makes me really bother is that one day, all 21M coins have already been mined. I was wondering what might happen next. We need miners to produce blocks which is needed for confirmation of BTC transactions. Will they continue for the sake of many? Or is there an alternative way which might make things better? I just hope that when that day comes, BTC will stay on top and won't be erased in the history of cryptocurrencies.
I believe things are getting killer for small users. Right now, the fees is simply unreal for sending any amount, so it is because of minors, as they are getting higher rewards.
I still believe there is so much into mining, but obviously a lot of money is required to start up and more importantly to be aware of the happening around Bitcoin World and how it all works!
I still believe there is so much into mining, but obviously a lot of money is required to start up and more importantly to be aware of the happening around Bitcoin World and how it all works!
Difficulty should increase with the time for maintaining security and trustworthiness of bitcoin architecture. Otherwise with the development of high performance computers/ servers, someone could lie to the blockchain network and may create un-legitimate transactions and blocks. For preventing this difficulty should increase to maintain block creating time to 10 min.
The cost of electricity versus the reward of mining has game theory behind it and is self-balancing.
hi,
it happens not only to BTC, but to all coins. I mean when the value of a coin increases the difficulty of mining increases too...
it happens not only to BTC, but to all coins. I mean when the value of a coin increases the difficulty of mining increases too...
I see...thanks for opening my mind
Bitcoin is a resource. And as we all studied in our economy classes and also in some of our marketing and business classes, if a source of money or the resource that can equate to money will suddenly gain popularity, Scarcity and competition are always bound to happen. It is the inevitable and that is what is happening as of now in Bitcoin Mining and other forms of well known cryptocurrency!
every year bitcoin difficulty will increase as the demand and price increase mining new bitcoin will become difficult as the algorithm is difficult to solve
it is very difficult to mining the bitcoin but in future it is very difficult
It is similar to simple Demand-Supply formula. When there is a demand for setting up mining the difficulty should adjust to a higher value.
as one of our members mentioned, it is a specification in Bitcoin code itself.
If the difficulty is not increasing with increase in the number of miners, there is a threat of moving towards centralization. To address this problem in another way, some other altcoins are moving from PoW to PoS which indirectly suppressing the efforts put in mining and eventually calculation power, electricity.
as one of our members mentioned, it is a specification in Bitcoin code itself.
If the difficulty is not increasing with increase in the number of miners, there is a threat of moving towards centralization. To address this problem in another way, some other altcoins are moving from PoW to PoS which indirectly suppressing the efforts put in mining and eventually calculation power, electricity.
why bitcoin mining difficulty is increased?
I just want to knows that why the bitcoin mining difficulty level is increased and i am afraid of the life of future miners.Maybe in future the miners electricity will cost more than our rewards because of the difficulty level.
I just want to knows that why the bitcoin mining difficulty level is increased and i am afraid of the life of future miners.Maybe in future the miners electricity will cost more than our rewards because of the difficulty level.
I think it was due to the number of miners that are increasing very fast. Due to the numbers, the difficulty therefore increased also..
because 7 nm Chips ?
Japanese Company Will Launch New Bitcoin Mining Operation With 7 nm Chips
http://www.nasdaq.com/article/japanese-company-will-launch-new-bitcoin-mining-operation-with-7-nm-chips-cm844523
Japanese Company Will Launch New Bitcoin Mining Operation With 7 nm Chips
http://www.nasdaq.com/article/japanese-company-will-launch-new-bitcoin-mining-operation-with-7-nm-chips-cm844523
I think because the people that mining now are more than before, the volume of electricity can be ever more high and the hardware are so expensive, at the end i don't if it is still convenient
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