why bitcoin mining difficulty is increased? - page 5.

bitcoinmining

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Quote from: Burks on November 01, 2017, 08:12:56 AM

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.

Welcome to the community

You're a little bit late to discover some basic stuff, but it doesn't matter. If you wanna be miner in the future you should know there are lots of altcoins to mine and gain money, BTC is not the only option. And there is a rule which works proper in every single economic situation: 'Always early comers win.' Grin

NotFuzzyWarm

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Quote from: Burks on November 01, 2017, 08:12:56 AM

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.

Perhaps try reading up on what BTC mining is all about... Roll Eyes

There is a Beginners & Help section in the Forum just for folks starting out. I highly suggest you browse through it and post utterly basic queries like this one there...

BTC has value because of the work required to process the transactions.

The BTC network strives to keep an average time of 10 minutes per-block found, it does this by adjusting difficulty every 2 weeks or so.

If if more/faster miners go online and blocks are found too fast, diff goes up to increase the effort which increases time needed per-block to bring it back to the target of 10-min average. If less miners are online and block are too slow then diff goes down to hold the 10-min average.

Yes as time goes by older, less efficient miners become less profitable and eventually will eat more than they earn so as tech advances you need to upgrade. So what? That's how Life goes in pretty much any business.

akram143

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Quote from: Burks on November 01, 2017, 08:12:56 AM

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 think it is caused due to the number of bitcoins have to be decreased day by day,so the rewards are also getting thinner.But we don't have to worry about the electricity because the price of bitcoin is keeps increasing.

truenortheast

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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.

bigdude

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If it difficulty isn't inceased so now we should be flood in the BTC and it price will not up and hot like this.
Welcome new ATH BTC price $6530

VRobb

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I'm in BTC XTC

It's part of the Bitcoin specification. You don't already know this???

Burks

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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.

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