Topic: why bitcoin mining difficulty is increased? - page 4. (Read 5054 times)
Mining difficulty upward it's because related the number of people mining a supply and demand kind of thing and the size of the blockchain, an intentional system design.
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.
In my opinion, digging BTC is a difficult and tedious task. I would never do it despite the experience I had. I prefer to hold more coins and wait until they multiply themselves. Let's leave for good and experienced diggers.
Thank You for the info!
I think when bitcoin increases and not only bitcoin but all altcoin price increases then its exploitation will decrease significantly as if exploiting too much when price increases will affect the market and its price will decrease. At that time, the amount of coin supplied to the market would satisfy the buyer, leading to a decrease in its value
Because of the number of bitcoins decreases , amount of miners keeps increasing.
I think when bitcoin increases and not only bitcoin but all altcoin price increases then its exploitation will decrease significantly as if exploiting too much when price increases will affect the market and its price will decrease. At that time, the amount of coin supplied to the market would satisfy the buyer, leading to a decrease in its value
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.
Difficulty level is increasing because of the number of miners and mining equipment that are solving the blocks. Since the rate of the blocks is 10 mins per block if more miners are mining at the same time then they are going to compete with each other for that same block. If the blocks are solved slower then the next difficulty might go low.
Since the price of bitcoin keeps on going high then mining would still be profitable for now because the increase can compensate the increase in difficulty level.
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).
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.
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.
Could there possibly be a software that can make mining easier.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.
No. If there's such then block retarget time and difficulty changes would be completely useless. Also, with a currency that can be gamed, bitcoin would not reach this far in terms of value knowing that acquiring it is easy and need not any hard work. ASICs and dedicated miners would be useless resulting into a sloppy economy and no market for mining overall.
Could there possibly be a software that can make mining easier.
In other words, you are asking, "is there a way to cheat?"Again, part of what makes a coin have value is the effort required to get it. Crypto coin algorithms are created to be exceedingly computationally and/or hardware intensive for that reason. If someone want to mine a coin they MUST put some effort into it by getting and running the hardware needed. It should not be a surprise that coins that have high value like BTC require expensive miners. Find a flaw in the code that can be exploited to make a coin easier to mine and:
a. you would for a time destroy the value of the coin
b. the blockchain networks would eventually cancel the effect of cheating by adjusting diff higher
TANSTAAFL
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.
Could there possibly be a software that can make mining easier. 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.
why bitcoin mining difficulty is increased?
Maybe in future the miners electricity will cost more than our rewards because of the difficulty level.
Maybe in future the miners electricity will cost more than our rewards because of the difficulty level.
If difficulty increase that the price will increase too.
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.
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.
It is the way Bitcoin is meant to be. 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.
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.
Main reason why the difficulty is increasing is because on how it was programmed to be mined.
There is a total of 21 million bitcoin to be mined from its inception and on its first four years 10.5 million is scheduled to be mined, and scheduled to decrease by half every 4 years until the last coin is mined. So if before a block is consists of 50 coins then 25 then as of now a block is only consists of 12.5 coins and will be decreased by half again.
To answer your question about its efficiency when it comes to electricity. During the time that a block is consists of 50 coin a coin is only priced for less than $100 and now price is $6000 for a block with 12.5 coin. Since the price per coin is increasing mining is still profitable.
why bitcoin mining difficulty is increased?
Bitcoin difficulty is adjusted every 2,016 blocks to attain an average block find rate of 10 minutes. Usually it adjusts up but sometimes down as well, depending on how fast blocks are found.
Because the number of bitcoins is very small, people want to dig a bitcoin a lot. As the demand for bitcoin is increasing, the difficulty of digging bitcoins will be greater.
Only indirectly.
What actually happens is that as a coins value increases more people are going to mine it. More miners working means blocks are found faster and that in-turn is what causes dif to rise as the blockchain networks adjust to keep their target time.
What actually happens is that as a coins value increases more people are going to mine it. More miners working means blocks are found faster and that in-turn is what causes dif to rise as the blockchain networks adjust to keep their target time.
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...
Hmmm, that means the more the increase in the value, the more the increase in mining difficulty
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...
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