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.
Topic: why bitcoin mining difficulty is increased? - page 3. (Read 5054 times)
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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.
Bitcoin mining difficulty is increased because of the current value of bitcoin, the transaction fee affected also due to flactuating of the price. Also continuous increasing of number of miner will make it to difficult to mine bitcoin. 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.
This happens all the time. The difficulty goes up, the price goes up. The price goes up, the difficulty goes up. Hashrate goes up, the price and difficulty both go up.
You don't mine to earn dollars, you mine them to earn bitcoin. Don't pay attention to roi calculators. Just know that you have a machine that makes btc for you and you got it at a set price. You run that machine at a set price, too, but the bitcoin price keeps going up. Don't worry about what the coins you mine today are worth today. Think about what they might be worth next year.
Well, i should agree to this. Because once we mine today it will not cost as like what it will be cost on the future, when mining, always think for the better future and think for the price of a bitcoin in the near future. If bitcoin price today is $6500 then think of that bitcoin price will increase up to $10k or more.You don't mine to earn dollars, you mine them to earn bitcoin. Don't pay attention to roi calculators. Just know that you have a machine that makes btc for you and you got it at a set price. You run that machine at a set price, too, but the bitcoin price keeps going up. Don't worry about what the coins you mine today are worth today. Think about what they might be worth next year.
I also do not always pay attention to ROI, as long as I can do the maintenance system then one year is not an important time to get the initial capital, the ever-changing difference with the harder blocks makes the system stronger, it will extend the mining time. What we need to consider is the system of care and regulation on a regular basis.
Bitcoin mining difficulty is periodically adjusted to ensure that block time stays at about 10 minutes. As more mining capability is brought online, difficulty will increase accordingly. Difficulty also increased because more miners are now mining bitcoin so the reward will get smaller and smaller.
This happens all the time. The difficulty goes up, the price goes up. The price goes up, the difficulty goes up. Hashrate goes up, the price and difficulty both go up.
You don't mine to earn dollars, you mine them to earn bitcoin. Don't pay attention to roi calculators. Just know that you have a machine that makes btc for you and you got it at a set price. You run that machine at a set price, too, but the bitcoin price keeps going up. Don't worry about what the coins you mine today are worth today. Think about what they might be worth next year.
Well, i should agree to this. Because once we mine today it will not cost as like what it will be cost on the future, when mining, always think for the better future and think for the price of a bitcoin in the near future. If bitcoin price today is $6500 then think of that bitcoin price will increase up to $10k or more.You don't mine to earn dollars, you mine them to earn bitcoin. Don't pay attention to roi calculators. Just know that you have a machine that makes btc for you and you got it at a set price. You run that machine at a set price, too, but the bitcoin price keeps going up. Don't worry about what the coins you mine today are worth today. Think about what they might be worth next year.
I also do not always pay attention to ROI, as long as I can do the maintenance system then one year is not an important time to get the initial capital, the ever-changing difference with the harder blocks makes the system stronger, it will extend the mining time. What we need to consider is the system of care and regulation on a regular basis.
This happens all the time. The difficulty goes up, the price goes up. The price goes up, the difficulty goes up. Hashrate goes up, the price and difficulty both go up.
You don't mine to earn dollars, you mine them to earn bitcoin. Don't pay attention to roi calculators. Just know that you have a machine that makes btc for you and you got it at a set price. You run that machine at a set price, too, but the bitcoin price keeps going up. Don't worry about what the coins you mine today are worth today. Think about what they might be worth next year.
Well, i should agree to this. Because once we mine today it will not cost as like what it will be cost on the future, when mining, always think for the better future and think for the price of a bitcoin in the near future. If bitcoin price today is $6500 then think of that bitcoin price will increase up to $10k or more. You don't mine to earn dollars, you mine them to earn bitcoin. Don't pay attention to roi calculators. Just know that you have a machine that makes btc for you and you got it at a set price. You run that machine at a set price, too, but the bitcoin price keeps going up. Don't worry about what the coins you mine today are worth today. Think about what they might be worth next year.
The bitcoin mining difficulty has undergone another major change. It seems the difficulty continues to increase by a higher percentage over the past few months. This latest change represents mining more difficult, indicating a lot of new hashpower has come online over the past several weeks. It is unclear if this is the case.
We can only speculate as to what type of mining hardware is being deployed on a large scale all of a sudden.
We can only speculate as to what type of mining hardware is being deployed on a large scale all of a sudden.
he halving of the block subsidy on the other hand is a bit off but that's just me. I think that the halving does have an (direct) influence on the price of bitcoin. Atleast in the long run. If every four years the block subsidy halves and let's say the demand doubles as well, wouldn't it be logical that in this case the price would go up as well.
You are confusing "supply" with "production". Unlike other products, bitcoins are not consumed so the two terms are different. Even though the production of bitcoins goes down, the supply of bitcoins (both money supply and market supply) is always (generally) increasing. The halving just changes the rate of increase.
It's part of the Bitcoin specification. You don't already know this???
No. You would be extremely surprised how many people don't know this or partially understand difficulty. I think the number of people who enter the space and actually read up on the satoshi nakamoto whitepaper is becoming really really small. So no you shouldn't be surprised that people don't know about this.So many wrong answers and just reiterating for anyone tha missed it.
The purpose of the difficulty value is to keep the average block time at 10 minutes, regardless of how many or how few miners there are.
If the difficulty increases, it is because there are more miners (or miners add more equipment).
The halving does not increase the difficulty or the cost of mining, nor does it cause the price to increase (at least not directly).
The purpose of the difficulty value is to keep the average block time at 10 minutes, regardless of how many or how few miners there are.
If the difficulty increases, it is because there are more miners (or miners add more equipment).
The production of bitcoin in halved every year. That increases the difficulty and the cost of mining. That is how system works and why the price of bitcoin keeps on increasing.
The halving does not increase the difficulty or the cost of mining, nor does it cause the price to increase (at least not directly).
Your explanation of the difficulty is spot on. If more and more hashing power is added to the network the difficulty is naturally increased. And if the hashing power drops after a longer period of time, the difficulty corrects accordingly. It's basically to prevent too blocks being mined and thus releasing an unnecessary big amount of bitcoin if it were relatively easy to mine a block.
The halving of the block subsidy on the other hand is a bit off but that's just me. I think that the halving does have an (direct) influence on the price of bitcoin. Atleast in the long run. If every four years the block subsidy halves and let's say the demand doubles as well, wouldn't it be logical that in this case the price would go up as well.
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 is being done to stabilize the value of Bitcoin. If it is not placed in the system. Anybody could mine Bitcoins.
Mining difficulty increase in bitcoin is a normal thing. The blockchain technology is designed that way to adapt when there is more miners.
if not mistaken perhaps because of unclear environmental regulations and rapid changes in policy.
if you only doing this mining, all our bitcoins now in market will became low?
Nailed it mining is worth only if limited miners are there and if they work for betterment of bitcoin community and if everyone starts mining then obviously bitcoin's value will drop and there will be equal number of miners as the bitcoin holders which makes no sense.
The more members who miner, the more intense the competition. computers are very good at solving math problems, so bitcoin network deliberately makes the solution more difficult.
Otherwise, all bitcoins will be depleted mined in just a few minutes. This is why there are a lot of special hardware in the market that are specifically aimed at bitcoin mining.
Otherwise, all bitcoins will be depleted mined in just a few minutes. This is why there are a lot of special hardware in the market that are specifically aimed at bitcoin mining.
Yes some inexperienced miners who feels they can become rich overnight are causing more damage.
I also want to save it. which makes it difficult to determine if more users are exploiting. So many mining users are causing trouble.
The more members who miner, the more intense the competition. computers are very good at solving math problems, so bitcoin network deliberately makes the solution more difficult.
Otherwise, all bitcoins will be depleted mined in just a few minutes. This is why there are a lot of special hardware in the market that are specifically aimed at bitcoin mining.
Otherwise, all bitcoins will be depleted mined in just a few minutes. This is why there are a lot of special hardware in the market that are specifically aimed at bitcoin mining.
if you only doing this mining, all our bitcoins now in market will became low?
Day by day people are getting aware of bitcoin mining so there is chances for more people to get involved in this field . The interest of this modern generational group of people to make more money for their pocket more than they earn and have the knowledge with computer usage ,will be in front of the computer. The usage of electricity and network will be slower these all may increase the difficulty in bitcoin mining.
When value of coin is raising the dificulty of mining is increasing too. That's naturaly because code is becoming more difficult to mine
i dont know about mining but if i can say something, because mining is simple ways to get bitcoin. you just buy what you need for mine, great spec to do that, give order for your computer and it will run. you just wait for your result. so, maybe mining make difficult because of it.
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