📅 Original date posted:2020-03-22
📝 Original message:There seems to be the real possibility that miners are simply trying to optimise mining profit by limiting the average hash rate during the retargeting, saving some electricity but poorly considering the overall situation where they give opportunity to other miners probably raising the hashrate for the next period. It is far more profitable for the ecosystem considering the whole to hold a lottery for minig as has been discussed elsewhere some time ago.
Regards,
LORD HIS EXCELLENCY JAMES HRMH
________________________________
From: bitcoin-dev <bitcoin-dev-bounces at lists.linuxfoundation.org> on behalf of David A. Harding via bitcoin-dev <bitcoin-dev at lists.linuxfoundation.org>
Sent: Sunday, 22 March 2020 6:54 PM
To: Dave Scotese <dscotese at litmocracy.com>; Bitcoin Protocol Discussion <bitcoin-dev at lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Block solving slowdown question/poll
On Sat, Mar 21, 2020 at 11:40:24AM -0700, Dave Scotese via bitcoin-dev wrote:
> [Imagine] we also see mining power dropping off at a rate that
> suggests the few days [until retarget] might become a few weeks, and
> then, possibly, a few months or even the unthinkable, a few eons. I'm
> curious to know if anyone has ideas on how this might be handled
There are only two practical solutions I'm aware of:
1. Do nothing
2. Hard fork a difficulty reduction
If bitcoins retain even a small fraction of their value compared to the
previous retarget period and if most mining equipment is still available
for operation, then doing nothing is probably the best choice---as block
space becomes scarcer, transaction feerates will increase and miners
will be incentivized to increase their block production rate.
If the bitcoin price has plummeted more than, say, 99% in two weeks
with no hope of short-term recovery or if a large fraction of mining
equipment has become unusable (again, say, 99% in two weeks with no
hope of short-term recovery), then it's probably worth Bitcoin users
discussing a hard fork to reduce difficulty to a currently sustainable
level.
-Dave
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LORD HIS EXCELLENCY JAMES HRMH [ARCHIVE] /
npub1ej…ehx2v
2023-06-07 18:23:27
in reply to nevent1q…mmpm
Author Public Key
npub1ejcm88lhnqwsejncwqxg7nrqgd0r0z29006xd52wvuf9u44xchmqkehx2vPublished at
2023-06-07 18:23:27Event JSON
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"content": "📅 Original date posted:2020-03-22\n📝 Original message:There seems to be the real possibility that miners are simply trying to optimise mining profit by limiting the average hash rate during the retargeting, saving some electricity but poorly considering the overall situation where they give opportunity to other miners probably raising the hashrate for the next period. It is far more profitable for the ecosystem considering the whole to hold a lottery for minig as has been discussed elsewhere some time ago.\n\nRegards,\nLORD HIS EXCELLENCY JAMES HRMH\n\n\n________________________________\nFrom: bitcoin-dev \u003cbitcoin-dev-bounces at lists.linuxfoundation.org\u003e on behalf of David A. Harding via bitcoin-dev \u003cbitcoin-dev at lists.linuxfoundation.org\u003e\nSent: Sunday, 22 March 2020 6:54 PM\nTo: Dave Scotese \u003cdscotese at litmocracy.com\u003e; Bitcoin Protocol Discussion \u003cbitcoin-dev at lists.linuxfoundation.org\u003e\nSubject: Re: [bitcoin-dev] Block solving slowdown question/poll\n\nOn Sat, Mar 21, 2020 at 11:40:24AM -0700, Dave Scotese via bitcoin-dev wrote:\n\u003e [Imagine] we also see mining power dropping off at a rate that\n\u003e suggests the few days [until retarget] might become a few weeks, and\n\u003e then, possibly, a few months or even the unthinkable, a few eons. I'm\n\u003e curious to know if anyone has ideas on how this might be handled\n\nThere are only two practical solutions I'm aware of:\n\n1. Do nothing\n2. Hard fork a difficulty reduction\n\nIf bitcoins retain even a small fraction of their value compared to the\nprevious retarget period and if most mining equipment is still available\nfor operation, then doing nothing is probably the best choice---as block\nspace becomes scarcer, transaction feerates will increase and miners\nwill be incentivized to increase their block production rate.\n\nIf the bitcoin price has plummeted more than, say, 99% in two weeks\nwith no hope of short-term recovery or if a large fraction of mining\nequipment has become unusable (again, say, 99% in two weeks with no\nhope of short-term recovery), then it's probably worth Bitcoin users\ndiscussing a hard fork to reduce difficulty to a currently sustainable\nlevel.\n\n-Dave\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20200322/f1e2fa82/attachment.html\u003e",
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