Not really, going by the graph linked it increased from 1.2 to 1.3 Petahases/sec from a month ago to today, which is not 28.2%
The Bitcoin hash rate has increased by 28.2% over the last month
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Re: The Bitcoin hash rate has increased by 28.2% over the last month
#22Earlier quoted context omitted.
And still no discussion on the value of pissing away our planets energy reserves, just to create imaginary points in a paranoid game. In one view, all the electricity burned to make bitcoins is a crime against the planet.
I think it's a worse crime to say that because you have access to a stable, relatively apolitical currency, that no one else needs one. Bitcoin could be hugely beneficial for fledgling financial systems, and robust financial systems can be hugely beneficial for billions of people. Our energy crisis was not created by, and will not be solved by, Bitcoin. Numerous monetary crises could be addressed in serious ways by i…
I think many people would say that bitcoins aren't apolitical, but a new kind of gold buggery. Making it difficult in principle for a government treasury or a central bank to make certain kinds of decisions about monetary policy is political.
Re: The Bitcoin hash rate has increased by 28.2% over the last month
#23Sorry for a silly question, but can someone explain for does it mean?
More electricity is being burned to do the same amount of work. I know that sounds snarky, but it's how proof-of-work systems like bitcoin work: "miners" all attempt to generate a specific hash which just means lots and lots of computation. The number of transactions per second the bitcoin protocol can handle is essentially capped and completely unrelated to hash rate as the difficulty of producing a correct hash is…
> More electricity is being burned to do the same amount of work.
Not true at all. The total hash rate has gone up a factor of 10^11 since the early days of Bitcoin, but total electricity consumption certainly hasn't gone up by that much. Data here: http://bitcoin.sipa.be/speed-ever.png
Most of that can be attributed to efficiency gains. More efficient miners are coming on the market all the time, and in any given year, the vast majority of increased hash rate can be explained by better hardware, not another 100-1000X in electricity consumption.
This latest hash rate increase is most likely caused by the release of the latest batch of mining hardware, see, e.g., Antminer: https://bitmaintech.com/productDetail.htm?pid=00020150827084...
Re: The Bitcoin hash rate has increased by 28.2% over the last month
#24What's newsworthy about this? First of all, 28% could almost entirely be attributed to noise. Second, the fastest hash rate increase recently observed occurred between Nov 2015 and Feb 2016, not during the last month.
Sure, but you cant deny the trend over the last month. This is a funny timing to see the hash rate increase, i.e. more miner joining in, when the halving is 3 only months away
It's just the latest batch of mining hardware coming online (which is more efficient per watt than the previous generation). Design and manufacturing is highly bursty on Bitcoin difficulty increase time scales.
Re: The Bitcoin hash rate has increased by 28.2% over the last month
#25Earlier quoted context omitted.
More electricity is being burned to do the same amount of work. I know that sounds snarky, but it's how proof-of-work systems like bitcoin work: "miners" all attempt to generate a specific hash which just means lots and lots of computation. The number of transactions per second the bitcoin protocol can handle is essentially capped and completely unrelated to hash rate as the difficulty of producing a correct hash is…
> More electricity is being burned to do the same amount of work. You're assuming hashrates and electricity consumption are 1:1, ignoring improvements in efficiency. > The number of transactions the bitcoin protocol can handle is essentially capped and completely unrelated to hash rate as the difficulty of producing a correct hash is adjusted based on the hash rate. That is true, but one must also consider that trans…
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Re: The Bitcoin hash rate has increased by 28.2% over the last month
#26Earlier quoted context omitted.
Because that point is just silly, far more energy is burned on the old system making paper bills than on bitcoin; don't hear you complaining about that. If energy is such a big concern to you, why aren't you screaming to replace the old energy inefficient system with the new more energy efficient bitcoin?
citation needed. There is no limit to the energy burned to create bitcoins; it is increasing by design. And, other digital currency implementation don't require 'mining' at all; just the paranoid ones.
The ones that don't involve a small list of nodes that you are required to trust to get anything done.
Re: The Bitcoin hash rate has increased by 28.2% over the last month
#27Re: The Bitcoin hash rate has increased by 28.2% over the last month
#28What's newsworthy about this? First of all, 28% could almost entirely be attributed to noise. Second, the fastest hash rate increase recently observed occurred between Nov 2015 and Feb 2016, not during the last month.
Really nothing spectacular there. Probably just a new hardware generation getting implemented.
See alltime log scale: https://kaiko.com/statistics/hash-rate?logscale=true&range=1...
The gain just plateaued out after the mid 2013 to mid 2014 rush. The current rate is note even half of that.
Re: The Bitcoin hash rate has increased by 28.2% over the last month
#29Earlier quoted context omitted.
And still no discussion on the value of pissing away our planets energy reserves, just to create imaginary points in a paranoid game. In one view, all the electricity burned to make bitcoins is a crime against the planet.
I think it's a worse crime to say that because you have access to a stable, relatively apolitical currency, that no one else needs one. Bitcoin could be hugely beneficial for fledgling financial systems, and robust financial systems can be hugely beneficial for billions of people. Our energy crisis was not created by, and will not be solved by, Bitcoin. Numerous monetary crises could be addressed in serious ways by i…
> "Numerous monetary crises could be addressed in serious ways by it, though."
To give an example of this, Bitcoin appears to be growing in popularity in Greece:
http://www.ibtimes.co.uk/rollout-1000-bitcoin-atms-planned-g...
http://www.coindesk.com/has-the-greek-crisis-increased-bitco...
Re: The Bitcoin hash rate has increased by 28.2% over the last month
#30Earlier quoted context omitted.
More electricity is being burned to do the same amount of work. I know that sounds snarky, but it's how proof-of-work systems like bitcoin work: "miners" all attempt to generate a specific hash which just means lots and lots of computation. The number of transactions per second the bitcoin protocol can handle is essentially capped and completely unrelated to hash rate as the difficulty of producing a correct hash is…
And still no discussion on the value of pissing away our planets energy reserves, just to create imaginary points in a paranoid game. In one view, all the electricity burned to make bitcoins is a crime against the planet.
all the electricity burned to make bitcoins is a crime against the planet
Actually I'm happy to have a chance to say this:
Fuck the planet.