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Bitcoin Difficulty Adjustment Countdown

Miners Gaming The Bcash Emergency Difficulty Adjustment

Miners Gaming The Bcash Emergency Difficulty Adjustment

Miners gaming the BCash emergency difficulty adjustment Matthew Haywood , 24 Aug 2017 - Bcash , Bitcoin , Mining Block 481124 has special meaning on both the Bitcoin and BCash chains this week. For Bitcoin, it will mark the point at which Segwit finally moves to active, bringing with it a capacity increase and the potential for massive off-chain scaling through solutions like Lightning Network . For BCash, it delivered the first increase in mining difficulty since it split from Bitcoin on August 1st. The week also saw the emergence of a new phenomenon on both networks , the back and forth movement of SAH-256 hash power as it chased the most profitable chain. To understand the effect of having two high profile SHA-256 based cryptocurrencies we need to look at how the two chains manage mining difficulty. This, along with the price of the coins and the fees brought in from transaction fees, determines how profitable their mining is. A block is mined when a miner solves a hashing problem with a targeted outcome. A miner is successful when a random number with the right number of zeros in has been generated.Hashing transforms a string of characters into a 256 bit number. The number bears no resemblance to the original inputs, but can be recreated by hashing that exact same original sequence of characters.The slightest change to the input creates an entirely new output. Hashing is a cornerstone of cryptography and is at the heart of the Bitcoin mining algorithm . Miners hash the block header and a nonce, and then check to see if the output satisfies the requirements of the current difficulty target.As hashing the block header alone would return the same number, the nonce gives miners the ability to affect the output. Miners change the nonce value every time they try to solve Continue reading >>

Bitcoin Cash Difficulty Adjustments

Bitcoin Cash Difficulty Adjustments

Bitcoin Developer and Entrepreneur/PGP Fingerprint: C1D7 97BE 7D10 5291 228C D70C FAA6 17E3 2679 E455 Bitcoin Cash has had a very interesting launch with miners coming in and out very quickly. In this post, Im going to explain how the difficulty on the Bitcoin Cash (BCH) chain will change over the next 10+ blocks. Bitcoin Cash has a very particular rule about when difficulty can adjust downward. Rules for this are as follows: Median Time Past of the current block and the Median Time Past of 6 blocks before has to be greater than 12 hours. If so, it gets 20% easier to create proof of work. In other words, miners can find blocks 20% easier. Median Time Past (MTP) is just the median of the last 11 blocks. That is, put the last 11 blocks in time order and pick the middle one. This is used because sometimes blocks mined later have earlier time stamps (some technical reasons related to different clocks). The thing about MTP is that we can calculate it before a block is found. Because were looking at the timestamps of the last 11 blocks and picking the middle one, we dont need to know exactly what the timestamps of the future blocks are going to be, just the earliest 6. Most of the time MTP is just the block timestamp of 6 blocks ago. There are a bunch of blocks that have not been mined yet, but even if they were instantly mined, we would have 6 difficulty adjustments on blocks 478577 to 478582. This will reduce difficulty 20% each so we will have blocks that are 0.8 ~ 0.262 as hard to mine. That is, miners will need to put in about 1/4 the work to mine a block. This may explain why there was a 13 hour gap between blocks 478570 and 478571 . Miners may simply have wanted the chain to be easier to mine! Want to get curated Technical Bitcoin News? Sign up for the Bitcoin Tech Ta Continue reading >>

Bitcoin Cash Hard Fork Plans Updated New Difficulty Adjustment Algorithm Chosen

Bitcoin Cash Hard Fork Plans Updated New Difficulty Adjustment Algorithm Chosen

The Bitcoin ABC development team has announced its plans for the November 13 Hard Fork upgrade of Bitcoin Cash. The upgrade is designed to stabilize the problematic difficulty adjustment algorithm (DAA). News.Bitcoin.com talked to Bitcoin ABC lead developer Amaury Schet and Bitprim CEO Juan Garavaglia about what to expect. Also read: Bitcoin Cash Community Preps Hard Fork Slated for November 13 The Bitcoin ABC development team issued a statement on Monday regarding the upcoming hard fork of Bitcoin Cash (BCC). The upgrade is intended to address the cryptocurrencys problematic DAA, which makes Bitcoin Cashs blocktimes slow to a crawl at times and work several times too fast at others. According to the announcement: Activation of the new consensus rules will be done on a median time stamp basis on blocks that occur after timestamp 1510600000, which corresponds to November 13th, 2:06 PM GMT. In addition, this activation code has been merged, the statement continued, adding that a new software version containing an updated DAA will be published on or before November 1. Bitcoin ABCs lead developer, Amaury Schet, told news.Bitcoin.com on Monday that nodes needto upgrade. Some wallets needto [upgrade], others do not. It depends on the technology powering the wallet. He believes that the upgrade is unlikely to result in a split this time, so the overall risk is reduced. However, the developer suggested that users should double check their transactions on anexplorer such as blockdozer.com or blockchair.com if they have doubts. It is up to the decentralized Bitcoin Cash development community, especially the other node and wallet development teams, to upgrade their software before November 13 in order for the hard fork to proceed smoothly. Project developers stated that they have Continue reading >>

Bitcoin Cash Will Have A New Hard Fork On November 13

Bitcoin Cash Will Have A New Hard Fork On November 13

Bitcoin Cash will have a new Hard Fork on November 13 With Bitcoin Cash on the rise, details have already been prepared to repair the difficulty adjustment interrupted with a hard fork on next November 13. If the cryptocurrency is meant to be taken seriously, this is indispensable. The Bitcoin Cash price jumped from $ 320 to more than $ 460, or from 0.054 to 0.071 BTC. The massive increase was orchestrated by the growing probability that the SegWit2x cradle failed and Bitcoin.coms idea that Bitcoin Cash is the real Bitcoin. Although all this ignores that the algorithm of difficulty of Bitcoin Cash is terribly broken. To understand why, we need to go back a little; Bitcoin adjusts the mining difficulty for each block sequence of 2016, which is approximately every two weeks, so that a new block is generated every ten minutes. However, if two currencies have the same mining algorithm, they compete for the same hash power. This has terrible implications for the weaker and, generally, cheaper currency; While the miners migrate to the most profitable currency, the difficulty remains the same for the 2016 blocks, and the network needs more and more time to add new blocks. The blockchain freezes and, as a final consequence, stops completely. That is what happens. To protect Bitcoin Cash against the risk of dying due to chain stagnation, the developers implemented a so-called EDA: an Adjustment of Emergency Hardships. The EDA has succeeded in helping Bitcoin Cash survive as a minority chain of Bitcoins SHA 256 mining algorithm. However, it was a complete failure to stabilize the block intervals. Since the birth of Bitcoin Cash on August 1, there is a constant change between periods of ice ages, in which only one block is found in a few hours, and periods of rapid block producti Continue reading >>

Coin Dance | Home

Coin Dance | Home

Community-driven Bitcoin statistics and services. Next Scheduled Bitcoin Cash Network Upgrade Estimated Time Until Scheduled Network Upgrade Shortly after 4:00AM UTC on May 15, 2018, the Bitcoin Cash network is scheduled to experience a network upgrade. More information about the event can be found here . Through site feedback, content submissions, and donations, you help Coin Dance realize its vision. Your donations directly support site development, content quality control, and technical research, which is necessary for the project to achieve its goals of empowering the community and growing the ecosystem! Added new Bitcoin Cash / Bitcoin Fee comparison chart. Community-managed Bitcoin Cash node information. Added Bitcoin & Bitcoin Cash node checker tool. Overhauled Nodes page, adding proper support for all implementations. Added 'Next Network Upgrade' countdown timer for Bitcoin Cash. Great! Your submission is now pending approval. Uh Oh! Please fill in all required form fields correctly. Network upgrades in progress Service will be intermittent. At Coin Dance, we believe that access to information is what truly allows great ideas to flourish and diverse communities to grow. We believe that Bitcoin is what the community decides it to be and that decisions on how to grow the protocol should involve everyone. We also believe that anyone who wants to contribute should have the right to do so regardless of their technical talent, stake in the ecosystem, or social status. This is why we made the choice to let the community be in control of the data we provide. Continue reading >>

Bitcoin Difficulty Adjustment Countdown

Bitcoin Difficulty Adjustment Countdown

Bitcoin Difficulty, Bitcoin News, Reviews and Help Will this be enough to keep the miners profitable? Will several Chinese miners be force to shut down their mining operations? If so how would this affect the price Bitcoin and other digital currencies? Holders of Bitcoin and other digital currencies will be watching the developments very closely. This Bitcoin halving event could cause the price to drop very quickly. All cryptocurrencies may fall in value as well, if the Bitcoin price drops dramatically. We have seen these catastrophic resonance effect of sudden difficulty adjustments a number of times in various altcoins PTS, for example. That's why Gravity Well algorithms were invented. Bitcoin is well-known for not being able to react to changes in its environment. This will be its final mistake. Countdown to Bitcoin Halving. Predictions Will Ethereum, Litcoin, or Dash become the focus of the miners? Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. There is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank. Read the original Bitcoin Whitepaper by Satoshi Nakamoto. See a list of past AMAs here. Once you lose a wallet, that currency is gone forever with no way to get it back. Some people have called cryptocurrencies pyramid schemes. One of the big criticisms is that cryptocurrencies like Bitcoin is like a pyramid scheme or a bubble. This is based on the fact that this type of currency is invisible and actually has no value. The only value it has is that which a person is willing to give it. Bitcoin is not accepted as a mainstream currency. More and more businesses are accepting Continue reading >>

Bitcoin - Bip91 / Segwit / Hard Fork -

Bitcoin - Bip91 / Segwit / Hard Fork - "official" Discussion Thread

Bitcoin - BIP91 / Segwit / Hard Fork - "Official" Discussion Thread Lets have a thread to discuss / panic the upcoming events with Bitcoin. As of 10:40am EST: 255 blocks until rejecting non-SegWit blocks. What this sit shows is how many blocks are being sent over with the "signal" of the new standard, which is to be BIP91. Currently 95%+ of all blocks are coming out as this, which by calculation/speculation means that others will start being rejected in 255 blocks (and dropping). But, the lock-in is just the first step to activating SegWit on the network, and other steps come with a bit more complexity. Specifically, the following things need to happen for it to activate: There will be a 336-block "grace period," taking about two and a half days, during which miners have time to prepare for activation. BIP 91 will activate at block 477,120. Theoretically, mining pools will start rejecting blocks that do not signal support for SegWit (BIP 141). In this way, BIP 91 is a "coordination mechanism" that gets other mining pools to follow along or lose out on mining rewards. SegWit could lock-in during the next difficulty adjustment period of 2016 blocks, which takes about two weeks. The latter is when Segwit activation is "all in the clear," as BIP 91 creator James Hilliard put it. That's when bitcoin's SegWit upgrade will be official, and an upcoming user-activated soft fork (UASF) proposal, BIP 148, superseded. Letter from Coinbase regarding their plans: We are contacting you to make you aware of recent developments in a number of proposals for technical changes to Bitcoin. All BTC stored on Coinbase will remain safe during these events described below. The User Activated Hard Fork (UAHF) is a proposal to increase the Bitcoin block size scheduled to activate on August 1. Th Continue reading >>

Bch Gears Up For November Hard Fork To Resolve Mining Difficulty

Bch Gears Up For November Hard Fork To Resolve Mining Difficulty

BCH gears up for November hard fork to resolve mining difficulty TAGs: Bitcoin Cash , Difficulty Adjustment Algorithm Bitcoin ABC, the full node implementation of the Bitcoin (BCH) protocol, has just released an update that will correct problems associated with the cryptocurrencys Difficulty Adjustment Algorithm (DAA). Even though BCH is the true Bitcoin as intended by the original Satoshi white paper, it is still a minority chain and it comes with challenges. Since it forked last August 1, the BCH network has been experiencing wild fluctuations in hash rate as miners jump from the BTC chain to the BCH chain and vice versa. This issue is caused by the Emergency Difficulty Adjustment (EDA) algorithm, which has been implemented into BCH as a survival mechanism by adjusting difficulty downward if it has only a small proportion of the hash rate. To address this issue, Bitcoin ABC has proposed a hard fork to update the DAA. On Wednesday, Bitcoin ABC published version 0.16.0 , which contains the updated DAA based on the D601 algorithm developed by Bitcoin ABC lead developer Amaury Schet. This is a change to the Bitcoin Cash consensus rules, but the change does not activate until November 13th. This is a hard fork, so exchanges, wallets, and other software need to upgrade before November 13th, Bitcoin ABC said in a statement . The development team said they have been in communication with Bitcoin Cash miners and they are expecting this upgrade. The new DAA algorithm has five objectives, including adjusting difficulty hash to hash rate to target a mean block interval of 600 seconds; avoiding sudden changes in difficulty when hash rate is fairly stable; adjusting difficulty rapidly when hash rate changes rapidly; avoiding oscillations from feedback between hash rate and difficu Continue reading >>

Coin Dance | Bitcoin Cash Block Details

Coin Dance | Bitcoin Cash Block Details

There have been 28379 blocks mined since the first hard fork. (9444 blocks ahead of the original chain) The Bitcoin Cash blockchain is currently operating at 12.45% of the original chain's difficulty. The original chain has grown 16.28GB more than the Bitcoin Cash blockchain. It is currently 1.8% more profitable to mine on the Bitcoin Cash blockchain. Continue reading >>

Bitcoin India

Bitcoin India

BitcoinCash (BCH) appears to be successfully navigating a planned hard fork. At press time, the majority of the network nodes (roughly 82 percent) have transitioned to new software (version 0.16.0 or later) that includes rules aimed at making the protocol's reward distribution more attractive to the miners that secure its blockchain. Executed at roughly 21:00 UTC, the new version of the bitcoin cash blockchain has since amassed six blocks, while none have yet been mined on the older network. The results suggest that, while still possible, the fork will pass without the creation of a competing cryptocurrency. [Update on 13Nov 2017; 21:30 PM, IST]:To handle "BitcoinCASH (BCH) - BitcoinABC - Upgrading the Network" - "Bitcoin India" site will be down for 10-hours maintenance, from9:30 PM, IST; Thank you!!! [Update on 12 Nov 2017]:Here's an approximate countdown timer for the upgrade That'sNovember 13th, 7:06 PM GMT, which would be 23:35 PM, IST, 13th Nov 2017. We have received many inquiries about BitcoinABC(an upcoming BitcoinCASH Hard Fork), please find below our planned course of action regarding the upcoming changes. We are happy to announce that, If this hard fork happens and as a part of that if new coins gets created, in that case,anyone whohave BitcoinCash balance at their Bitcoin India wallet by before 13th Nov, will be credited with FREE "BitcoinABC" coinsin a 1:1 ratio of their current BCH holdings. Bitcoin ABC has published version 0.16.0 which contains an updated Difficulty Adjustment Algorithm (DAA). Activation of the new consensus rules will be done on a median time stamp basis on blocks that occur after timestamp 1510600000, which corresponds to November 13th, 7:06 PM GMT. This activation code has been merged. The exact time of upgrade will depend on the ti Continue reading >>

Countdown To Bitcoin Halving. Are You Ready?

Countdown To Bitcoin Halving. Are You Ready?

in cryptocurrency 4 years ago (edited) The Bitcoin halving is coming in mid July 2016. What will it mean for holders of cryptocurrency? The miners will receive a smaller payout for their efforts. However, their expenses will remain the same. So in order for them to stay profitable, they must devise another strategy. With some of the biggest mining operations in China, I don't expect them to sit around and watch their profitability be severely restricted. I don't know what else they can do. However, it will be interesting to see what they come up with. Will Ethereum, Litcoin, or Dash become the focus of the miners? Oh wait, Bitcoin uses a different mining algorithm than those coins. Will the miners pick another SHA256 based coin to mine that will be more profitable? If so, which is the best candidate? I recently read about a new optimization that allows the miners to gain up to 30% performance improvement. Will this be enough to keep the miners profitable? Will several Chinese miners be force to shut down their mining operations? If so how would this affect the price Bitcoin and other digital currencies? Holders of Bitcoin and other digital currencies will be watching the developments very closely. This Bitcoin halving event could cause the price to drop very quickly. All cryptocurrencies may fall in value as well, if the Bitcoin price drops dramatically. What do yo think will happen? Let me know your thoughts? Downvoting a post can decrease pending rewards and make it less visible. Common reasons: Continue reading >>

Key Dates For Segwit Countdown

Key Dates For Segwit Countdown

The latest most optimisticscenario looks like it is playing out: July 19 02:00 GMT BIP91 begins (we are passed this point and now >90% are signaling) July 21 10:00 GMT BIP91 closes with >80% signaling and BIP91 locks-in July 23 18:00 GMT BIP91 finishes, BIP91 is activated July 23 18:00 GMT onward Every block signals BIP141 (Segwit) July 27 New Difficulty Adjustment Period Begins (2016 blocks). Every block will be signaling for Segwit. August 1 00:00 GMT BIP148 starts, but does nothing since every block is signaling BIP141 due to BIP91. August 10 or thereabouts Difficulty Adjustment Period closes with >95% signaling and BIP141 locks-in. August 23 or thereabouts Difficulty Adjustment Period closes and BIP141 (Segwit) is active. November 18 or thereabouts 2x Hard Fork (scheduled) The very public scaling debate affecting Bitcoin is entering a crucial phase. The two main scaling proposals available today BIP148 and SegWit2x both intend to trigger Segregated Witness (SegWit) activation within a month, which means that the protocol upgrade could be live within two. At the same time, there is a very real risk that Bitcoin splits. Both BIP148 and SegWit2x could diverge from the current Bitcoin protocol, which could in turn lead to even more splits. Here is a list of dates for July, August and beyond to keep an eye on. First, a brief recap on Segregated Witness , and its potential activation methods. SegWit is a backwards compatible protocol upgrade originally proposed by the Bitcoin Core development team. It has been a centrepiece of the scaling roadmap supported by Bitcoin Core since the protocol upgrade was first proposed in December 2015, and it is implemented on many active Bitcoin nodes on the network today. SegWit is now also part of the New York Agreement : an alternativ Continue reading >>

When Will The Bitcoin Cash Difficulty Adjust Next?

When Will The Bitcoin Cash Difficulty Adjust Next?

When will the Bitcoin Cash difficulty adjust next? Bitcoin Cash adjusts its difficulty downwards if there is, roughly speaking, a 12 hour gap between blocks. At least that's my understanding. Difficulty has dropped to about a quarter of what it was because if that and more blocks are coming in now. Does this not mean that the new difficulty rules will no longer be triggered now? It seems difficulty has adjusted enough to never again trigger the rules with high likelihood. That would mean that the next difficulty change happens through the regular mechanism. This regularly happens every two weeks but because the hash rate is still so low it could be far longer than that. The last 30 blocks took about 21 hours. Normally, 21 hours would have produced 126 blocks on average. So it seems the speed we are seeing is roughly a quarter of the normal speed despite the lower difficulty. And that seems to imply that this difficulty period will take roughly 8 weeks to complete assuming that the hash rate on that chain stays the same. The original bitcoin adjusted difficulty every 2016 blocks, which would nominally be 14 days @ 6 blocks per hour. The 238th such adjustment is due at block 479,808, and we are presently (early 4 Aug 2017) at 478,620 or 1188 blocks away on BCC. I assume the original adjustment interval has not been changed. 35 blocks were generated in the last 24 hours, so at that rate it will take 34 days to adjust (~5 weeks). However, miners can jump in and out of BCC according to price/difficulty ratio relative to BTC, since they use the same mining hardware and just different software. So I expect the mining hash rate to be variable. Note that BCC allows for larger blocks, and several have been mined that are >1 MB. So even at 1/4 the block rate, theoretical capacity Continue reading >>

Ethereum Hard Fork Happening Now - User Advice

Ethereum Hard Fork Happening Now - User Advice

Ethereum Hard Fork Happening Now - User Advice User advice as Byzantium activation draws near. The first half of the Ethereum Metropolis hard fork, nicknamed Byzantium , is happening on Monday at some point between 12:00 and 13:00 UTC. The fork is scheduled to take place at block number 4,370,000 . For those interested in watching the fork take place live, a countdown clock can be found here . The much anticipated hard fork contains a number of updates to the Ethereum chain including an addition of REVERT opcode, which permits error handling without consuming all gas, support for big integer modular exponentiation, support for variable length return values, and changes to the difficulty adjustment formula to take uncles into account. However, perhaps the most discussed upgrades include the successful addition of fully anonymous zero knowledge proofs (ZK-Snarks), and the delay of the difficulty bomb (nicknamed ice age) by a full year, as well as a reduction of block creation reward from five to three ether. Some have argued that the anonymity of the ZK Snark upgrade will create newfound adoption on Wall Street . Continue reading >>

One More Mining Difficulty Adjustment Before The Bitcoin Halving

One More Mining Difficulty Adjustment Before The Bitcoin Halving

The Bitcoin halving is drawing ever closer, and the community is getting excited. This is only the second time the Bitcoin block reward will be cut in half, and it is a significant milestone for this cryptocurrency. But it looks like there will be one more mining difficulty adjustment before the halving, which may throw off all countdown timers. As the Bitcoin halving comes closer, the primary question on everybodys mind is where the Bitcoin price will end up at. Albeit there will be fewer coins generated every day, there is no guarantee for any significant price movement. Slower inflation is a good thing, though, as the last few million BTC will be mined between now and [roughly] 2140. The existing supply of Bitcoin will not go away by any means, but liquidity across the exchanges may be impacted. With a limited number of coins in circulation, there could theoretically be less significant trading orders. The so-called wealthy elite of Bitcoiners will still trade their supply whenever there is profit to be taken, though. In fact, it may be possible we will not see any significant changes in this department. Bitcoin miners, on the other hand, will have some tough questions to ponder. Depending on the Bitcoin price after the halving, their operation may become less profitable, or even unsustainable. Bigger mining pools and farms in areas with cheap electricity will not feel much of an impact from this scenario either. Speaking of the Bitcoin mining process, it appears there will be one more difficulty adjustment right before the halving. In most cases, the difficulty will go up if there is more hardware mining on the network during the past 2160 blocks. Depending on how significant this change will be, the countdown timers for the Bitcoin halving may be off by a few minu Continue reading >>

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