What is Hash Rate? 3 Things to Know (2020 Updated)

Of Wolves and Weasels - Day 45 - Breadth and Scope

Hey all! GoodShibe here!
Yesterday I spoke about those off doing great work on our behalf, taking the lead or pushing the boundaries of what Dogecoin can do.
I think today is a great chance for everyone to get a real sense of what's going on here - what a group of 65,000+ Shibes has and is accomplishing as we speak (err... type).
So, please, if I've forgotten anyone, don't feel bad -- especially if you're doing something in another sub -- just let me know in the comments and I'll add it to the list, okay?
Here we go!
Recently Completed Projects
Announcements/Shares
Competitions/Promotions
Merchants
Services
In Progress
Have I missed something? I'm sure I've missed something! I can keep going but I'm already running late for work (got carried away)! Post in the comments and I'll add as I have time over the course of the day :D)
It's 9:14AM EST and we're at 52.53% of DOGEs found. Our Global Hashrate is spiking from ~68 to ~89 Gigahashes per second but our Difficulty is still riding low at ~1027!
Go! Mine! Have fun!
As always, I appreciate your support!
GoodShibe
submitted by GoodShibe to dogecoin [link] [comments]

Of Wolves and Weasels - Day 325 - My 1 DOGE = 1 DOGE moment

Hey all, GoodShibe here!
So, how was your Black Friday? Did you snag many Shibe deals? Merchants, how did you make out? Was there any real uptick in sales?
There was an interesting post on /Bitcoin yesterday showing the difference that a year had made - a screenshot of the sub back when a Bitcoin was worth $1000 as a contrast to how the sub seemed now. One of the comments mentioned how the reaction this year seemed much more subdued and another even brought up Dogecoin directly and how their reaction was similar to when our price collapsed.
One of the important bits to keep in mind is that what’s happening to DOGE right now isn’t just happening to DOGE. Everyone is feeling the pinch -- Bitcoin moreso because their sub is constantly being brigaded by people who keep on slagging them and their efforts (sort of like we were in the run-up to us going AuxPoW).
With that said, we’re in an interesting position because we actually have one of the largest potentials to better our current situation. Bitcoin is already top dog, they’re on every major exchange. Moving 'forward' involves crossing over into full-blown USD Stock Exchanges.
The good news here, for us, is that considering our 3rd/4th place position in the cryptosphere, we actually have quite a bit of room to run… if we can get up and start running.
Which is why I’m taking time today to highlight an important project that I think every Shibe should get behind:
DogeHustle has created Doge808.com in an attempt to gain 808 signatures and petition the massive exchange OkCoin to start listing/ trading Dogecoin.
Right now they’ve got 225 signatures out of the 808 that they wanted but they clearly need not only our signatures, but our overwhelming support.
One of the key points that DogeHustle has made is that right now, because our volumes are so low, people can move the entire Dogecoin market with a few thousand dollars. That, of course, is not at all healthy and so the more people we can have actively taking part in trading Dogecoin the more resilient our valuations will be.
The reality that we’re facing is that people who don’t have a whole lot of crypto right now aren’t really a fan of parting with it when valuations, across the board, are so low. And with the future seemingly uncertain, people are holding back from buying in even though prices are low.
So what we end up with is this feeling that we're stuck in a holding pattern, the idea that we should just hold our crypto until someone else spends it or does the work necessary to bring the coin's valuation up again. Once it's back up, then it’ll be okay and we’ll be fine to start spending again.
It's like an awkward high school dance where everyone’s lined up against the wall, unsure of who’s going to be the first one to jump in.
Obviously it’s not THAT bad… but even in the conversations I’ve been having, there’s that sense of trepidation.
That worry of loss.
So, how do we combat that?
One of the most fantastic experiences I had recently came when I was doing some shopping at ShibeSeeds.com and I happened to click on the currency converter… and noticed that the currency could be set directly to DOGE.
So I did.
And you know what? I experienced a true, solid, 1 DOGE = 1 DOGE moment.
What I mean by that is that, for that entire shopping experience, I looked at the prices and I was considering if that gift pack of seeds was really worth 20k-ish DOGE to me. I considered each item and weighed it against how much DOGE I was willing to part with.
One of the things that I think has been harming our DOGEconomy has, essentially, been a massive case of 'Sticker Shock'. Doing all of the calculations in our head in USD or GBP or Euros and then converting that to DOGE and going 'WTF?!?' and freaking out at how much DOGE that's going to cost us.
By doing it the other way around, by seeing ONLY the DOGE price, not the USD price, I knew how much DOGE I was spending every step of the way and by the time I was done making my purchase… I was okay with it.
Only after I made my purchase did I stop and go ‘oh, how much was that in USD’? and then go back to check. And I was still okay with it.
So… how can we integrate this better?
What if a business could set it so that if a customer's entry page was, say, reddit.com/Dogecoin they AUTOMATICALLY displayed all prices in DOGE?
You come from /Bitcoin? Everything’s in Bitcoin.
/Litecoin? Everything’s in Litecoin.
And you do that for all of the common pages (bitcointalk, litecointalk, dogecoin.com, etc) that you can think of.
It’s small, subtle things like this that allow the consumer to evaluate, for themselves, what something is worth to them. How much of their coins they’re willing to part with.
And in that experience, that’s where our DOGEconomy has the potential to truly spread its roots and dig deep.
By seeing prices ONLY in DOGE or BTC or LTC we can decide for ourselves what’s fair to us. We can make our peace with the process and not only feel positive, but confident in the whole experience.
Confidence is exactly what we need, my friends. And one of the surest, simplest ways to gain it is to shed the USD unless we specifically go looking for it.
Merchants, please, take the time to know your audience. Figure out where we’re coming from, anticipate us, prepare for us and in doing so you help us to treat our cryptos like the currency that they are instead of a stand-in for USD.
And, if you do so, I suspect you will see not only MORE sales but more confidence from the sales you do make.
What do you think?
Is it worth a shot?
It's 8:01AM EST and we've found 96.16% of our initial 100 Billion DOGEs - only 3.84% remains until we reach our soft cap! Our Global Hashrate is down from ~1315 to ~1214 Gigahashes per second and our Difficulty is up from ~19287 to ~22083!
As always, I appreciate your support!
GoodShibe
submitted by GoodShibe to dogecoin [link] [comments]

Chill everyone, let's talk bitcoin internals, fundamentals and what it means for price.

So I've been watching bitcoin for a couple weeks, and i got a bit of my own dough into it.
Of recent everybody seems obsessed with the vast accumulation of wealth in the hands of few, and the hordes of panicky upstarts trying to get in, who might get screwed by falling prices (for instance see this lovely post
Hyperbole
Now I'm not saying that the doomsday scenario the prophets are peddling is impossible. But it's about as possible as the wonderland prophets who're hoping for a 100'0000% return.
Trojans
On a related note, yeah some trojan started targeting wallet.dat, surprise surprise. Incidentally, that the same machine you're making VISA payments from and operate your e-banking? You worried about that too? Not? Well I don't see VISA shares falling every time somebody infects himself with a keylogger.
Pricing
So I thought a fair bit about where prices are going to go, and why, and I asked a lot of people and talked this over, and after this, a few things remain that give some direction.
A price of a security (like bitcoins, or gold, stocks, fiat money etc.) is ultimately determined by supply and demand. If you understand supply and demand, you understand prices.
So an important consideration is who's bidding for bitcoins, and who's asking for a price to sell them, and what prices to these parties consider reasonable.
Buyers (bid)
This is a diverse group of people, it may include people who use the small but fledgling bitcoin economy to buy coins to pay other people in them. But by far and large, it's probably a speculation driven market, people buy bitcoins in the hopes the value will rise.
The psychology speculative buying ends up being about a zero-sum game. Somebody buys, somebody sells, the overall activity neither adds or removes coins from the market, and hence when viewed over long periods (months/years) this activity is just white-noise.
This defines the demand, and demand rises and falls with bitcoin popularity and confidence. Some week confidence may be low, some it may be high.
Sellers (ask)
This roughly falls into two camps. The speculative sellers and the miners.
Speculative selling (that is sells of coins bought earlier) is the other half of the zero-sum game, it neither adds or removes coins overall, and is hence just white noise.
Freshly minted coins (by miners) which enter the market are the real driver of supply.
The limited and small constant supply myth
Every 10 minutes 50 new bitcoins are found. That is a fact, and if it strays from that, the difficulty adjusts to keep it there. If you look at it purely from the point of view of scarcity, this would seem a small (but nearly ignorable) inflationary influence.
This however would be an over-simplification. There are substantial amounts of mined coins held by people who've been mining them for the better part of a year. They've been hoarding these coins, and commonly I'd refer to this group as bitcoinionaires. Their actually supply capacity vastly exceeds the day to day supply of fresh coins.
Since these stockpiles are the real driver of the supply, it's important to understand when the miners/bitcoinonaires will sell and when they will not.
Mining economics
The mined bitcoins where obtained by the activity you call mining. This is neither an easy nor free way to get coins. It takes energy, room, time to setup, etc. There are constant costs attached to this (paying rent and electricity) as well as recoverable costs (buying hardware to do it) and unquantifiable costs (work rendered to make it all happen).
You can think of mining as a business that has expenses and profits. In order for that business to work, the constant expenses must be covered, the recoverable expenses must be recoverable, and the work invested must be repaid.
This all leads to a fairly straightforward calculation which goes something like this: You pay around 1000$ for one 1gh/s (one gigahash per second) in hardware. Running that hardware you pay about 2-3$/day/gh in energy. If you factor in rent of some or another form, you probably pay between 1-5$/day/gh in rent. If you also factor in resale value decay of the hardware you bought, you immediately lose about 20% upon buying the hardware, and around 30%/year.
As a business you probably plan to run your miner for more then half a year, so about 50% of the hardware cost has to be recovered in a reasonable time-frame, say 3 months. Which means there's a hardware recovery calculation that you should do that factors in at about 2$/day/gh
If you sum that all up, you get a running cost of mining that is around 5-10$/day/gh.
One gigahash will get you about 1.2btc/day at current difficulty, which is at current prices somewhere around 17-20$.
It is fairly obvious that your expenses need to be lower then your profits. If they are not, what happens?
Difficulty
You may have heard about difficulty, in essence it is a constant value (for 2 weeks) that aims to keep the rate of fresh coins at about 50coins/10minutes. Obviously, the more difficult it gets, the less coins 1 gh/s will mint, and the more difficult the economy of a mining business becomes.
miner psychology
Since you can't simply acquire and sell hardware capacity on a dime (it takes weeks and months to do it), and since you will need months to recover your boot costs, miner selling is out of necessity a long-term affair.
So what can a miner do when the price of btcs falls below their operational cost?
bitcoinionaire psychology
If prices go down and you sit on a big pile of coins, you lose wealth. Nobody likes loosing wealth, I don't like it, you don't like it, the bitcoinionaires don't like it.
In order to become a bitcoinionaire you need to be a hoarder. If you wouldn't hoard, you wouldn't have tens of thousands of bitcoins. A hoarder essentially never likes letting go of his stash. You get rid of as little of your stash as possible to keep your risk and costs in a reasonable balance. Which means, these fat-cats depicted in the picture above, they didn't sell you all they had, not even a fraction. They sold you just about as much as they where personally willing to sacrifice. This means that they're still having the majority of their wealth in the game, and they absolutely do not want to see that devalued to zero.
I've talked to a bunch of these very decent folks, and their sentiment is that they're in for the long haul. True they'll sell "big" positions occasionally, but they keep the majority of their assets stashed away.
If you're expecting the miners/bitcoinionaires to suddenly explode with supply at lowering prices, you're most likely mistaken.
the difficulty/price correlation
For the reasons outlined above, there's a very simple correlation. If prices go down and difficulty goes up, by far and large supply dries out.
However lower prices drive demand (in bitcoin volume) up, because as the price goes down, the buying power (in $/btc) of the would-be buyers increases.
And if the market self-balancing fails, then the difficulty adjust will step in once enough miners have given up.
In sum these dynamics lead to deflation. Since difficulty and hardware turnover moves at a much slower pace then prices, prices are far more likely to adjust to difficulty then the other way around in the long term.
What does all of this mean?
Keep a cool head, and don't let the market fool you. Trust your fundamentals, technicals and sentiment analysis, and tightly control your risk only to what you personally can afford to lose.
If you buy in a mania or sell in a panic (we've see both the past 2 weeks), you're probably going to lose (or diminish your profits).
Study bitcoin and what drives it carefully and come to your own conclusion. Adjust your strategy carefully and maybe, one day a couple years from now, you can be a bitcoinionaire. If not, life is full of other opportunities, so just pick yourself up and try the next.
So chill everyone, and have a good time :)
submitted by pyalot to Bitcoin [link] [comments]

Of Wolves and Weasels - Day 745 - Weekly Wrapup #100!

Hey all, GoodShibe here!
This was your week in Dogecoin:
(Note: We now have a Weekly Wrapup Time Capsule that collects all 100+ Weekly Wrapups!)
This Week’s oWaWs
Top Images/Memes of the Week
Announcements
HELP WANTED
ACTIVE BOUNTIES
Community Chest: Seeking Community Feedback
Other Dogecoin Communities
Dogecoin Attractions – Neat or interesting things to check out/ Take part in this Week
Other Interesting Stuff
Did I miss anything? Do you have a Dogecoin community you want featured? Let me know!
It’s 8:45AM EST and Sunday is FunDay, right? Right? Our Global Hashrate is holding at ~1430 Gigahashes per second and our Difficulty is holding at ~16674.
As always, I appreciate your
submitted by GoodShibe to dogecoin [link] [comments]

Of Wolves and Weasels - Day 452 - Weekly Wrapup #58

Hey all, GoodShibe here!
And this was your week in Dogecoin.
This Week’s oWaWs
Announcements
Top Images/Memes of the Week
Other Cool Stuff
Did I miss something? Of course I did! Please let me know in the comments and I'll add it!
It's 8:40AM EST and we've found 98.89% of our first 100 Billion DOGEs! Our Global Hashrate is up from ~1420 to ~1430 Gigahashes per second and our Difficulty is down from ~24749 to ~25602.
As always, I appreciate your support!
GoodShibe
Please take 10 seconds or so out of your day to vote for Josh Wise.
submitted by GoodShibe to dogecoin [link] [comments]

Pay <0.008 BTC per Gigahash

At a Difficulty of 267,731,249 each Gigahash of mining is worth about 0.008 BTC so you should get about 125 Gigahash per BTC in order to break even.
Background:
It takes, on average, 232 * Difficulty hashes to find a block: 4,294,967,296 * Difficulty
Divide that by your Hashrate to get seconds between blocks: 4,294,967,296 * Difficulty / Hashrate
Divide that into seconds per month (60 * 60 * 24 * 30 = 2,592,000) to get blocks per month: 2,592,000 / 4,294,967,296 * Difficulty / Hashrate
Multiply by 25 to get Bitcoins per month: 2,592,000 / 4,294,967,296 * Difficulty / Hashrate * 25
Since Difficulty has been going up about 100% per month, the lifetime return on your Hashrate is double that (1 + 1/2 + 1/4 + 1/8... =2): 2,592,000 / 4,294,967,296 * Difficulty / Hashrate * 25 * 2
Do some algebra to simplify the formula:
0.00060349536 * Difficulty / Hashrate * 25 * 2 0.030174768 * Difficulty / Hashrate 
So once the algebra is done the formula comes out to: Lifetime Bitcoins = 0.03 * Hashrate / Difficulty.
The BTC per Gigahash calculations are: 0.03 * 267,731,249 / 1,000,000,000 = 0.03 * 0.267,731,249 = 0.00803193747
submitted by JohnWasser to BitcoinMining [link] [comments]

Of Wolves and Weasels - Day 298 - Weekly Wrapup #36

Hey all, GoodShibe here!
This was your week in Dogecoin.
This Week's oWaWs
Announcements
Top images/Memes of the Week
Dogecoin Games
Dogecoin in the News
Good Reads
Did I forget something? Of course I did! Please let me know in the comments and I'll add it in!
It's 8:24AM EST and we've found 95.00% of our initial 100 Billion DOGEs - only 5.00% until we reach our soft cap! Our Global Hashrate is down up ~941 to ~1048 Gigahashes per second and our Difficulty is up from ~16130 to ~18417!
As always, I appreciate your support!
GoodShibe
submitted by GoodShibe to dogecoin [link] [comments]

Bitcoins cost $1.3M/hr to mine

Someone check my calculations but based on the current difficulty and cost of electricity, this is what it costs in power to keep mining for new Bitcoins:
6,931 Th/sec Current network hash rate
6,931,000 Gh/sec In Gigahashes per second
0.5 W/Gh/sec Efficiency of latest ASIC mining rigs (most likely much worse than this)
3,465,500 W/sec Power consumed per second to mine BTC
3,466 KW/sec In Kilowatts per second
12,475,800 kW/h In Kilowatts per hour
0.110 $/kWh Average cost of electricity in the USA
1,372,338 $/hour Cost of mining Bitcoin
submitted by mangist to Bitcoin [link] [comments]

Cex.io, maintenance, mining, end of life. . . . a.k.a. "The End is near"

So, I was noodling about and playing with some math today, then focused in on cex.io.
Some background . . .I've been watching difficulty with a passion and turning about the idea in my mind of "What happens with the cex.io model when difficulty surpasses maintenance?" and "When will this happen?"
I decided to math it out.
Current maintenance is $0.18.
the current return in a month (without difficulty change) is $0.25. That leaves $0.07 or 28% of $0.25.
Sometime soon you start losing money, which, with the current monthly growth rate of 1% a day vs. maintenance, happens sometime this month.
This means it will start costing money to run the hash and 1 gh/s, in a sane world, is worth nothing, because who would buy something with negative returns and no future value.
This leads me to more questions:
Anyhoo, just some thoughts. If anybody has insights or other ideas/perspectives, it would be awesome to hear them.
Edit: Found the cex terms of service clause relating to this:
11.5. Mining with using User's Gigahashes can be stopped by CEX.IO if the amount of the Maintenance Cost exceeds rewards for each mined block or if the mining is economically inexpedient. The decision to renew Bitcoins mining is made by CEX.IO, taking into account calculations of mining effectiveness.
submitted by goth_toon to Bitcoin [link] [comments]

If you are good at science, or if you are an engineer, please check boogie79 analysis below. It is better than mine.

Edited to add that this analysis was done by boogie79.
I studied theoretical physics. It has been a while since doing these kinds of things, but here is my take on it from a brief glance. I feel you might have mixed up your power and energy units somewhere, and also some of the assumptions I’m not sure of their validity.
So there are 70,000,000 gigahashes per second on the bitcoin network. Each gigahash apparantly uses 0.0075 kilowatt of power (or 7.5 watts0. Given that a kilowatt is just a 1000 joules/per second, which is like the hashrate expressed in seconds, the bitcoin network will consume 525,000 kw of power. This is the rate of energy consumption in other words. You can find this result by multiplying 0.0075 kilowatt/per gigahash * 70,000,000 gigahashes.
The 70 watts of average power consumption for a computer that’s actually on, which you assume strikes me as reasonable enough, so let’s use it. If an average personal computer has 70 watts in power, then the power needed to maintain the bitcoin network expressed in personal computers would be as follows: 525,000 kw / 0.070 kw per computer = roughly the power of 7.5 million personal computers. This seems about right.
In terms of energy consumption each hour, the bitcoin network simply expends 525,000 kw hours (as energy consumption is power consumption * time in hours). Next, on the basis of these data, you want to see how much the bitcoin network would consume power if it only had 10,000 members. Now you make a very important assumption in the next move in your calculations. You assume that power consumption in the bitcoin network is linearly related to the number of users. This may be valid for the blackcoin network, but I don’t think it works for the bitcoin network.
I really don’t know the details of these matters. But I thought that power consumption by the bitcoin network is not so much dependent on the number of users as it is on the number of people mining which is related to the difficulty of solving the puzzles in the blockchain and the market value of bitcoins. Whatever this relationship is, it certainly can’t be linear in the number of users. Or I have I misunderstood this?
In any case, we can avoid this problematic issue by instead calculating what the power consumption of the blackcoin network would be with 500,000 users. Because as I understand it the blackcoin network is simply powered only by the users, so the assumption of linearity is more plausible here.
Here also we need to consider two other important details, however. First, isn’t the blackcoin network only maintained by those who actually have their wallets open on their computer? Or is it anytime someone has their computer on? In any case, I thought it certainly couldn’t be so when their computers are off. At any point in time then, only some fraction of the 500,000 computers with accounts will therefore maintain the blackcoin network.
Second, the 70 watts per personal computer may be right, but hardly all of that is spent on maintaining the blackcoin network. This seems in constract apparantly to the data you gave for the bitcoin network, though I’d have to know more exactly about what they mean by the data to say for sure (whether this is energy expenditure just on the bitcoin network, or energy expenditure in general by the individual devices part of which goes towards maintaining the bitcoin network).You mentioned that it is 5%, so I'll just use that.
Given these two considerations, lets consider the worst case scenario: all 500,000 users of the blackcoin network have their wallets open and the 70 watts of their pc’s is contributing 5% only to the maintenance blackcoin network. This means we are at a network power consumption of 500,000 * 0.070 kw * 5% = 1,750 kw.
That figure is clearly much less than the 525,000 kw needed for the bitcoin network currently with 500,000 users. It’s only about 0.33%. If we take into account the other consideration I mentioned above, then it could potentially even be much less (though again to be fair we really also need more info on where these figures are coming from and what they mean exactly for the bitcoin network).
submitted by RJSchex to blackcoin [link] [comments]

How Bitcoin block chain and mining work (probably > ELI5)

I actually posted this in a different thread, but thought it might be useful to others. Let me know of any errors!
Bitcoin maintains a list of every transaction in a ledger called the block chain. The block chain is divided up into sequential blocks that contain the movement of bitcoins from one address to another. Each new block has a set of new transactions along with a special transaction that generates new bitcoins and a link to the most recent block in the block chain. During the creation of this new block, new transactions are being passed around to all of the computers connected to the Bitcoin peer-to-peer network. Some of the computers connected to the network are creating or watching for transactions, others are miners that are trying to add new blocks to the block chain.
A miner's goal is to be the first one to add the next block to the block chain. He receives a block reward of (currently) 25 bitcoin plus all of the transaction fees (so its best to add as many paid transactions as you can). For all of the computers on the network to accept the miner's block as the next block, the miner's computer has to do some math that involves the calculation of hashes.
A hash is the result of a function that takes arbitrary data and make a single number out of it. There are many different hashing functions, but the one used by Bitcoin, SHA256, has properties that are particularly good for Bitcoin's purpose. Here are a couple of examples of SHA256 I ran on my computer:
~ $ echo "hello you" | sha256 968afb511961ffe2c94b80cdb9db586d33ba10a35e4267b19b57cf0eb559df27 - ~ $ echo "hello yoo" | sha256 18e6653d23ca34d94710c83d305331e39a20761ff5dcba3c050adfb7995f1cd3 - 
The long list of numbers and letters is the SHA256 hash of "hello you" and "hello yoo" in hexadecimal (base 16 numbers). The numbers above may not look that big, but they are actually greater than the number of atoms in the Milky Way galaxy. For SHA256, no matter how large or small the input is, the result will always be a 256 bit number somewhere from 0 to 2256 -1. The same input always gives the same result. Notice that while there was only one letter difference between the two inputs in the example above, the resulting hashes look nothing alike. In fact, they are so different that we can't even guess what any of the numbers will be until we calculate the full hash. This property, along with the extremely large set of possible hash results and the repeatability of the hashing function is what makes it useful to Bitcoin.
Instead of using those simple little sentences, Bitcoin uses the block chain as the input to the SHA256 hash. With this, any computer on the network can ensure that no data has changed in the transaction ledger since even a small change of 0.00000001BTC anywhere in the block chain will cause a completely different hash result.
In addition to ensuring the block chain hasn't been tampered with, the miner uses SHA256 to calculate the hash of the next block added to the block chain in what is called the proof of work. For this calculation, he needs to come up with a hash that meets a certain criteria: the hash must be less than a certain value. This number is what is called Bitcoin's difficulty. The difficulty is adjusted so that only one miner every 10 minutes (approximately) can solve the proof of work problem. If the miners all just calculated the hash of the current transactions from the block chain ledger and the new transactions, they would all get the exact same value (which would almost never be less than the difficulty value). So there is another value input into this hash calculation called the nonce. This is another big number, but can be any number the miner chooses. By trying new nonce values and recalculating the new block hash over and over, eventually one of the miners will come up with a hash value that is less than the difficulty value. This is simply trial and error - sometimes a new block is calculated in minutes and other times it can take over an hour. The more hashes you can do in a second, the better your chance of solving the problem. This is why miners are keenly interested in gigahashes and terahashes per second.
When a miner has found a nonce that works with the list of new transactions and meets the difficulty criteria, he notifies all of the other computers on the network of the new block (with one of the transactions being his own address with the transaction fees and block reward!). All of the computers in the Bitcoin network now verify that this new block is valid and meets the proof of work criteria. Those on the network sending and receiving transactions see the new block as 1 confirmation for any transactions in that block. Miners now start over again with a new block and the hope that they will be the one to discover the next nonce. (When miners don't all move on to the same next block, you run into block chain splits and potentially nefarious things like 51% attacks, but its in everyone's best interest to all be working on the same block chain - the longest block chain.)
submitted by themgp to Bitcoin [link] [comments]

BITCOIN DIFFICULTY ADJUSTMENT  Satoshi Nakamoto's Wallet  Market Analysis and Bitcoin News Bitcoin mining profit calculator Step 6 Buying Gigahash BitKnock Account Bitcoin Calculator  Is Bitcoin Money? Must See Max Keiser Video Bitcoin Hash Calculator

With this simple hashrate calculator you can convert Hash to KiloHash to MegaHash to GigaHash to TeraHash to PetaHash to ExaHash to ZettaHash and vice versa. How to use this HashPower calculator? To use this calculator just input your mining hardware hashing power and it will automatically convert to all other units. For example the current network hashrate of Bitcoin is 140 EH/s (Exa hashes ... Bitcoin Mining Calculator. Got your shiny new ASIC miner? Wondering when it will pay off? If you enter your hash rate below, this page will calculate your expected earnings in both Bitcoins and dollars over various time periods (day, week, and month). It will not attempt to extrapolate difficulty or price changes -- it provides only instantaneous calculations (how much you'd make if all ... For a refresher on what difficulty is in the Bitcoin blockchain, read our explainer on difficulty or take a brief look at the video below: The daily estimation of hashrate is calculated by comparing the number of blocks that were actually discovered in the past twenty four hours with the number of blocks (144) that we would expect would be discovered if the speed stayed constant at one block ... The Bitcoin mining difficulty is structured to allow a block to be mined, on average, every 10 minutes. If more hash power aka stronger miners are working on the blockchain, the difficulty can be higher. These are external factors and difficult to predict, so it does not directly go into the profitability calculation but is something to be aware of. It is important to stay current in your ... Bitcoin Gigahash Calculator - Bitcoin Share Difficulty Bitcoin Gigahash Calculator How To Set Up Bitcoin With Apple Products Bitcoin Qt Database Corrupt

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BITCOIN DIFFICULTY ADJUSTMENT Satoshi Nakamoto's Wallet Market Analysis and Bitcoin News

bitcoin cloud mining calculator current bitcoin difficulty litecoin mining calculator x11 mining calculator hash rate calculator gpu hashing power calculator # ... How to buy Gigahash. Gigahash is your mining speed. Apologies for the slight audio delay. sign up today @ www.minebitcoin.co.za www.btcmining.co.za bitcoin calculator http://www.vnbitcoin.org/bitcoincalculator.php Bitcoin Hash Calculator use to calculate the profitability of Bitcoin and the tool to find good return bitcoin miners to buy. You can easily calculate how many Bitcoins mines with your hash rates ... This usually relates to the difficulty of generating a new hash address, also known as mining. This is a variable that the Bitcoin system is using to keep the growth of new Bitcoins on a ...

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