Linked Questions

0
votes
3answers
4k views

Possible to estimate next difficulty based on terahashes? [duplicate]

Here is what I have estimates on: There exists hardware capable of 60 gigahashes per second. Over the next few months, X amount of these will be mining bitcoins. Difficulty is recalculated every 2016 ...
1
vote
1answer
469 views

What are the factors affecting expected difficulty and what is the maximum value it can take over the period of 30 days? [duplicate]

Lets take for example day 1 difficulty of 300MM. What is the mechanism to determine the rise in difficulty? What is the maximum value it can go starting from that number and expecting the biggest ...
1
vote
1answer
311 views

How can one estimate the difficulty change? [duplicate]

I understand that the difficulty is growing and think that it should be possible to estimate how quickly that happens. I would like to analyze the previous difficulty progression and feel that I then ...
4
votes
0answers
118 views

Formula for Bitcoin Difficulity [duplicate]

I'm wondering if anyone knows a formula for how to calculate the mining difficulty based on the current hash rate. For an example, if the BTC network would reach 20 million TH/s. Thank You!
0
votes
1answer
86 views

Network status: What is “Difficulty”? [duplicate]

How to understand "Difficulty" and how to use it?
59
votes
2answers
93k views

Can someone explain how the Bitcoin Blockchain works?

I'm trying to figure out how the blockchain works and how to read it via blockchain.info website. Is there a laymen way of explaining how the block chain works and how to read the blockchain to trace ...
24
votes
2answers
13k views

What is “difficulty” and how it relates to “target”?

I don't understand what "difficulty" means and how it really relates to "target". I understand what "target" is - it tells the miners, how small the resulting hash should be. (Basically, how many ...
8
votes
2answers
4k views

What is chainwork?

If I run the RPC call getBlock on the bitcoin-qt client it gives me field called chainwork containing a hash. I cant find any information what this value is about. Request: getblock ...
8
votes
1answer
6k views

How is the target section of a block header calculated?

I've been poking around https://en.bitcoin.it/wiki/Target and I've found the current target, but I can't seem to find how it's generated. It's supposedly generated when the difficulty is adjusted, as ...
4
votes
4answers
3k views

where is difficulty target inserted?

All miners at any time must have a consensus on the "difficulty target" to be able to achieve the correct nonce (as answer of proof-of-work). Assume that the target has been updated (it means that ...
4
votes
2answers
2k views

How did Satoshi manage to mine so many bitcoins being the first user of the system?

I'm just learning about Bitcoin and if I understand its conception properly, mining bitcoins means validation of transactions by computing a hash which should satisfy some preset condition. In other ...
2
votes
2answers
267 views

What will happen to Bitcoin when it takes years to complete a calculation?

Ok, we already experienced over the last 6yr's how bitcoin mining calculations went from mineable with a cpu, to where you need very expensive computer equipment to mine profitably. So what's going to ...
8
votes
1answer
1k views

Where exactly is the “off-by-one” difficulty bug?

I read through How is difficulty calculated? and want to understand where the "off-by-one" bug is in calculating difficulty. Here is a Matlab snipet I wrote to calculate difficulty. What are the ...
0
votes
1answer
3k views

How does transaction confirmation work through mining process? [duplicate]

Hi i am just a newbie in this thing but there is something i can not understand if blockchain keeps every transaction in it and creating a new block to blockchain takes so much time then doesn't it ...
0
votes
2answers
1k views

Proof of work: How are target, difficultly and number of leading zeros related to each other

I'm aware of this post, this and this one. I'm a bit confused with the terms. I don't understand how a number of leading zeros, target and difficulty are related to each other. Also, I don't ...

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