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Money only has value within the system. The central banks willingness to print additional money into circulation is a huge bubble that has been globally accepted as a normal way to bridge economic difficulties. That is why we need Bitcoin!
"There are two ways to make money from bitcoin: with luck and with difficulty. Unfortunately for those who missed out on the cryptocurrency’s rapid rise in value, the difficult route — mining — is proving costly."
Give me your best answer as to why network statistics (hashrate, difficulty, block size/time) is important to bitcoins long/short term value?
I'm sick and tired of seeing posts about "bitcoin is going to be $XXXXXX". Lets talk about bitcoins health rather than wealth. I learn a lot from meaningful and resourceful posts but it is unfortionate that those posts have become rare. Please and thank you!
Bitcoin's difficulty in correlation with its value.
It looks to me that the difficulty of mining seems to rise in correlation with the price of Bitcoin. I would assume that's because as the value of Bitcoin increases, more people get into mining, and thus the difficulty rises. I would also go as far as to assume that the opposite is also true. As in if the price were to decrease, so too would the difficulty. Does this rule out difficulty as a plausible threat to miners? In the scenario that the difficulty cancels out any potential reward, wouldn't that cause people to stop mining. Which in turn would lead to the difficulty lowering itself to account for the smaller hashrate. In the end this cycle should ensure that the difficulty never completely puts an end to mining. My final question is this, is my logic here correct, or is there something I'm not taking into account? Any and all feedback would be appreciated!
What happens when the bitcoin difficulty reaches it's maximum possible value?
Under the current spec, given the that a block's target hash cannot be lower than 0x1, the maximum possible difficulty that the bitcoin network can attain is about 26,959,946,667,150,639,794,667,015,087,019,630,673,637,144,422,540,572,481,103,610,249,216. Assuming that the network doesn't flip it's shit when there's multiple blocks with a hash of 1 or 0, what happens when blocks are being mined more often than ten minutes? A block target of 0x0 would result in a difficulty of Infinity, which will probably throw a division by zero error on the client.
Difficulty is re-calculated every 2016 blocks to ensure blocks are found every 10 minutes on average. As more computers attempt to mine Bitcoin Core (BTC) and increase the Hash Rate, the difficulty will increase. If the Hash Rate decreases, difficulty will decrease. Bitcoin difficulty is a value used to show how hard is it to find a hash that will be lower than target defined by system. Bitcoin mining difficulty is changed every 2016 blocks. The difficulty charts show that it has increased significantly. In the original implementation, still used by Bitcoin Core (BTC), the network's difficulty can adjust downwards by up to 75% of the current difficulty in a single adjustment. What is the minimum difficulty? The minimum difficulty, when the target is at the maximum allowed value, is 1. This is the difficulty of the Genesis block. The concrete value for the bitcoin difficulty is derived from the target. This means that bitcoin difficulty can also go down should the mining of blocks take longer than 2 weeks. In December 2014 this actually happened for the first time. Bitcoin is live since January 2009, so it took quite a while. Since the bitcoin difficulty went down in 2014 for the first time, this didn't happen very ... Difficulty is a measure of how difficult it is to find a hash below a given target. The Bitcoin network has a global block difficulty. Valid blocks must have a hash below this target. Mining pools also have a pool-specific share difficulty setting a lower limit for shares. How often does the network difficulty change? Every 2016 blocks.
How to make 780$ a month with Bitcoin Difficulty Drop
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