Bitcoin's largest positive difficulty adjustment of 2020 and what it means for the price
This post was originally published on this siteThis post was originally published on this siteAs of 20 September, Bitcoin’s difficulty has been adjusted by ~11.35%, with the hash rate subsequently hitting a new ATH of 143m TH/s. This was the largest positive adjustment in the year 2020, and its implications might not be as bullish as one would expect. While an increase […]
Alright, I keep seeing you fucks talk about how "Bitcoin is going to make Nvidia/AMD go to the moon". I'm going to walk all you fucks through bitcoin, crypto currencies, and how they effect the GPU market. What is Bitcoin? Bitcoin is a decentralized ledger. That's pretty much it. A set number of bitcoin is generated per block, and each block is solved when a resulting hash is found for the corresponding proof of work. The difficulty is adjusted periodically based on a formula, meaning that as hash rate rises and falls, the number of bitcoins produced per day is roughly the same. What does Bitcoin have to do with AMD and Nvidia? Fucking nothing. Bitcoin is mined on proprietary hardware called Application-specific Integrated Circuits (ASICs). Neither AMD or Nvidia produce these. Why does everyone keep talking about Bitcoin and AMD then? Because they're fucking retarded and you're listening to retards. Bitcoin runs on the SHA-256 Hashing Function which people have custom hardware for. The Crypto driving GPU sales is ETHEREUM, NOT BITCOIN What the fuck is Ethereum then? Don't worry about it. It's for smug assholes who are too edgy for Bitcoin. All you need to know is it runs on a different Hashing function than Bitcoin, so if you weren't a retard you'd probably realize that the proprietary hardware I talked about earlier won't work with it. Currently Ethereum is being mined the same way Bitcoin was when it first started; on GPUs. When are you going to tell me what to buy Shut the fuck up, learn something or kill your self. How many GPUs are being used to mine currently? Currently the Ethereum Hash Rate is 73,000 GH/s. For upcoming earnings, we should instead look at the period from April to June. April 1st shows a network hash rate of 16,500 GH/s, and June 31st shows 59,200 GH/s, meaning the network hash rate increased by 42,700 GH/s for this upcoming earnings report quarter. I've linked a decent benchmark for GPU hashrate . You should notice that all of these are quoted in MH/s, versus the Network reporting in GH/s; there are ALOT of fucking GPUs running on the network. A top of the line 1080 puts out about 20-25 MH/s, a good Radeon card does about 30. As a rough estimate, lets assume that the average card mining Ethereum currently produces about 25 MH/s. 42,700GH/s / 25MH/s means that there are 1.7 MILLION more GPUs currently mining ethereum than there were at the beginning of Q1. Based on my personal observations being involved in this, AMD is actually taking a majority market share of the sold cards just due to their superior performance compared to Nvidia's 1080s, and I'd estimate that About 50-60% of the cards currently mining Ethereum are AMD Radeons. What does this all mean? AMD are selling their highest margin video cards faster than they can produce them, and at ~250$ a pop with 50%-60% market capture AMD will have sold roughly 200-300 million dollars more in video cards than they did last quarter. AMD quarterly revenue last reported was just under 1 Billion. This is a 20-30% increase in revenue from last quarter, where Ethereum Hash Rate only increased by about 10,000GH/s. Even assuming a modest 30% margin for their video cards, AMD will still have almost 60 million in unexpected earnings this quarter due to crypto mining, which translates to about .06-.1 per share in earnings. tl;dr Ethereum will make AMD beat revenue by 20-30%. BUY AMD YOU CUCKS.
What will bitcoin difficulty adjustment mean for BTC prices?
Difficulty on the bitcoin network is a measure of how problematic it is to find a hash below a given target. Valid blocks must have a hash below the global block difficulty target. There is also a share difficulty which applies to mining pools and their ability to find a hash that is lower than the global target. Mining difficulty adjusts automatically every 2,016 blocks on the network depending on the number of miners there are and their combination of time taken to find the next 2,016 blocks. Hash rates also influence the difficulty and they have been at all-time high recently which is why there is a need for an increase. According to bitinfocharts.com, bitcoin network difficulty is currently at 13.8 T, its highest ever level. On Tuesday this will be increased around 8% to 15 T which will make it even harder to validate new blocks. This is notable because it is a large adjustment compared to the 1-2% it usually changes. Hash rate, which is effectively the computing horsepower of the Bitcoin network, has also hit an all-time high recently of 117 EH/s. This dispels any notion that miners are capitulating in the run up to the halving in May. https://bitcoinist.com/what-will-bitcoin-difficulty-adjustment-mean-for-btc-prices/
Can someone explain please when less people mine bitcoin this means difficulty decreases? Means coins can be mined much quicker means bitcoin price drops eventually? Sorry if it’s a silly easy question 🤦🏻♂️
If more people use Bitcoin, does this always mean Bitcoin’s price increases or could it also mean that Bitcoin’s are spread more evenly over the users. If more transactions are made,does this influence the difficulty of Bitcoin or do miners only have an influence over the difficulty?
Can someone explain please when less people mine bitcoin this means difficulty decreases? Means coins can be mined much quicker means bitcoin price drops eventually? Sorry if its a silly easy question /r/Bitcoin
Because of Bitcoin.com's cheating with stolen hash/bursts of blocks, the difficulty on BAB has skyrocketed. This means BCH(SV) can possibly catch up in chain length with less accumulated POW. They also get to scoop more rewards and BCH, while the others are missing out. To the victors go the spoils.
So to win the war, some people might not approve of chain length alone and look at accumulated POW. Then if SV were to win, eventually they would get more blocks with the same amount of expended work. This means they get more block rewards and fees, and maximize their return on the hash war, while Bitcoin.com 51% attackers only bleed money.
An article examining bitcoin difficulty, fun and games trying to run a bitcoin accepting business, and whether the games industry can show bitcoin where it's going
Hi all, I've been spending the last few months really getting up to my neck in bitcoin, buying mining hardware, mining (and reviewing) pools, places to spend bitcoin, and exchanges to convert it back into euro. I've got some positive feedback from the ones I've done so far at http://bitcoinsinireland.com/category/bitcoin-exchanges/. I have pulled together a lot of my statistics in this article from my mining, and look at what the plateau in bitcoin difficulty means for miners of different capacities. You can read it at http://bitcoinsinireland.com/analysing-the-bitcoin-difficulty-drop-from-a-games-marketers-point-of-view/ I also then look at the all time stats (so far) for bitcoin difficulty, transaction volume, and network hashrate, and then looking at the games industry as a parallel, try and see where bitcoin is (from a marketer's point of view) at it's stage in it's lifecycle, as well as consumer adoption lifecycle. I'm NOT a trader, but very keen to hear what people have to think! Enjoy Jamie
If more people use Bitcoin, does this always mean Bitcoins price increases or could it also mean that Bitcoins are spread more evenly over the users. If more transactions are made,does this influence the difficulty of Bitcoin or do miners only have an influence o /r/BitcoinBeginners
Bitcoin Stack Exchange is a question and answer site for Bitcoin crypto-currency enthusiasts. It only takes a minute to sign up. Sign up to join this community . Anybody can ask a question Anybody can answer The best answers are voted up and rise to the top Bitcoin . Home ; Questions ; Tags ; Users ; Unanswered ; Jobs; Does the Share Difficulty given to each miner matter? Ask Question Asked 7 ... Bitcoin Difficulty Increase. Difficulty on the bitcoin network is a measure of how problematic it is to find a hash below a given target. Valid blocks must have a hash below the global block difficulty target. There is also a share difficulty which applies to mining pools and their ability to find a hash that is lower than the global target. Mining difficulty adjusts automatically every 2,016 ... The Bitcoin wiki has details on difficulty, as well. I don't know what a hash is either. When mining, your computer creates a block of data, which has a list of all of the transactions it knows about, includes a transaction that pays you the mining bonus, and then hashes that. If the hash happens to be a small enough number (as defined by the difficulty), the block is valid. If it's not, you ... * Based on current mining difficulty and Bitcoin price. View historical difficulty for BCH and BTC ** Daily fee covers electricity and maintenance costs. The contract will end if the total revenue from the past 30 days is less than the total daily fee for the same period. Bitcoin.com global pool network . Already have your own hardware or datacenter? Connect to our pool to maximize your ... This difficulty could change. It depends on the hashrate of the network (the number of miners who mine off this coin). If there are not many miners, difficulty falls, if there are a lot of miners, the difficulty starts growing, and it becomes harder for a particular miner to find this block. Miners mine for coins. All of them would like to buy ...
Nonce – Definition, Meaning, Review, Description, Example, Proof-Of-Work Bitcoin
bitcoin definition bitcoin depot bitcoin difficulty bitcoin dominance bitcoin debit card bitcoin drop bitcoin death cross bitcoin documentary bitcoin diamond bitcoin dominance chart bitcoin d.a.v ... Bitcoin difficulty doesn't have to be so difficult.Short and boiled down explanation about this term and what does it mean for us bitcoin mining fans. Check this link to find a more in-depth ... Most people often learned about Bitcoins, but when requested a proper definition they were not able to give a suitable answer because this common phrase has some uncommon description. To inform a ... For more information: https://www.bitcoinmining.com and https://www.weusecoins.com What is Bitcoin Mining? Have you ever wondered how Bitcoin is generated? T... What does it mean to have difficulty increase. Think about how much you paid for your miner and what the ROI looks like.