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
#2Sorry for a silly question, but can someone explain for does it mean?
Re: The Bitcoin hash rate has increased by 28.2% over the last month
#3What'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.
Re: The Bitcoin hash rate has increased by 28.2% over the last month
#4Sorry for a silly question, but can someone explain for does it mean?
The hash rate represents the total computational power used by the miners to secure the Bitcoin Network. The more miner, the more secure it is but the less it is profitable for them to mine.
For more information about mining, you can refer to this description: https://kaiko.com/learn/mining-blockchain
Re: The Bitcoin hash rate has increased by 28.2% over the last month
#5Sorry 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 adjusted based on the hash rate.
Re: The Bitcoin hash rate has increased by 28.2% over the last month
#6What'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
Re: The Bitcoin hash rate has increased by 28.2% over the last month
#7Sorry for a silly question, but can someone explain for does it mean?
The hash rate represents the total computational power used by the miners to secure the Bitcoin Network. The more miner, the more secure it is but the less it is profitable for them to mine. For more information about mining, you can refer to this description: https://kaiko.com/learn/mining-blockchain
> The more miner, the more secure
This isn't totally accurate. You need a lot of different miners and a high hash rate for security. The least secure place bitcoin can be is when a single miner controls most of the hash rate.
Re: The Bitcoin hash rate has increased by 28.2% over the last month
#8Sorry 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…
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.
Re: The Bitcoin hash rate has increased by 28.2% over the last month
#9Sorry 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…
In general I agree with you, but it's not quite that simple. A lot of the increases of the hash rate are due to more efficient machines, not more power being devoted. Also frequently bitcoin mines are established where power is very cheap.
Re: The Bitcoin hash rate has increased by 28.2% over the last month
#10Earlier quoted context omitted.
The hash rate represents the total computational power used by the miners to secure the Bitcoin Network. The more miner, the more secure it is but the less it is profitable for them to mine. For more information about mining, you can refer to this description: https://kaiko.com/learn/mining-blockchain
> The more miner, the more secure This isn't totally accurate. You need a lot of different miners and a high hash rate for security. The least secure place bitcoin can be is when a single miner controls most of the hash rate.
You're perfectly right, thanks for clarifying!