4 ms·

Are you sure? Doesn't the need to mine block slow down transaction to a bare maximum per block? And if miners in china close operations won't time between bloc

Are you sure? Doesn't the need to mine block slow down transaction to a bare maximum per block? And if miners in china close operations won't time between block increase? Thus maybe BTC is actually responding slower than other market... what do you think? I'm by far not a keychain expert so I will gladly be corrected if I'm wrong.

ipince 9y ago
The exchanges don't typically create a blockchain transaction when you trade, so block mining times do not factor in here. It's just an open market with buy/sell orders that anyone can place at any time.
bdcravens 9y ago
Time to generate blocks isn't the same as what happens to price. They are loosely correlated, but not the same thing. Price is as much psychological as technical. However to answer the question: If mining in China went offline, it would affect time to blocks. However, difficulty adjusts every 2016 blocks (about 2 weeks), so if China has 75% of mining, at worst, it'd be 8 weeks before everything went back to normal in terms of block times. Bitcoin Cash actually has mechanism to adjust far more frequently, within a few hours if necessary. (but also subject to miner manipulation)
lazyasciiart 9y ago
I'm not sure which of us has misunderstood something, but I don't see why the speed of mining would affect the reaction time of the market.
pixie_ 9y ago
The network self adjusts to generating a block every 10 minutes. This will have no effect on block generation rate.
- bdcravens 9y ago
  This doesn't happen in real time, but adjusts every 2016 blocks. So loss of hash rate will temporarily affect block generation time until the next adjustment.
thisisit 9y ago
Bitcoin adjusts block generation to 10 minutes irrespective of the miners. What does change is difficulty, hashrate and transaction fees. The bitcoin hashrate has remained more or less the same in last 2 months: https://blockchain.info/charts/hash-rate?timespan=60days https://blockchain.info/charts/hash-rate?timespan=60days This is in contrast with last 3 months where the hashrate nearly doubled: https://blockchain.info/charts/hash-rate?timespan=180days https://blockchain.info/charts/hash-rate?timespan=180days Fees peaked around 25th August but still pretty high: https://bitinfocharts.com/comparison/bitcoin-transactionfees.html https://bitinfocharts.com/comparison/bitcoin-transactionfees...
- Heliosmaster 9y ago
  Hashrate has not remained constant: - 7 day avg of last 3 mo: https://blockchain.info/charts/hash-rate?timespan=180days&daysAverageString=7 https://blockchain.info/charts/hash-rate?timespan=180days&da... - 7 day avg of last 2 mo: https://blockchain.info/charts/hash-rate?timespan=30days&daysAverageString=7 https://blockchain.info/charts/hash-rate?timespan=30days&day... Going from 6 to 7.5 EH/s it's not more or less the same (it's a 25% increase)

ipince 9y ago

The exchanges don't typically create a blockchain transaction when you trade, so block mining times do not factor in here. It's just an open market with buy/sell orders that anyone can place at any time.

bdcravens 9y ago

Time to generate blocks isn't the same as what happens to price. They are loosely correlated, but not the same thing. Price is as much psychological as technical. However to answer the question: If mining in China went offline, it would affect time to blocks. However, difficulty adjusts every 2016 blocks (about 2 weeks), so if China has 75% of mining, at worst, it'd be 8 weeks before everything went back to normal in terms of block times. Bitcoin Cash actually has mechanism to adjust far more frequently, within a few hours if necessary. (but also subject to miner manipulation)

lazyasciiart 9y ago

I'm not sure which of us has misunderstood something, but I don't see why the speed of mining would affect the reaction time of the market.

pixie_ 9y ago

The network self adjusts to generating a block every 10 minutes. This will have no effect on block generation rate.

bdcravens 9y ago
This doesn't happen in real time, but adjusts every 2016 blocks. So loss of hash rate will temporarily affect block generation time until the next adjustment.

thisisit 9y ago

Bitcoin adjusts block generation to 10 minutes irrespective of the miners. What does change is difficulty, hashrate and transaction fees. The bitcoin hashrate has remained more or less the same in last 2 months: https://blockchain.info/charts/hash-rate?timespan=60days https://blockchain.info/charts/hash-rate?timespan=60days This is in contrast with last 3 months where the hashrate nearly doubled: https://blockchain.info/charts/hash-rate?timespan=180days https://blockchain.info/charts/hash-rate?timespan=180days Fees peaked around 25th August but still pretty high: https://bitinfocharts.com/comparison/bitcoin-transactionfees.html https://bitinfocharts.com/comparison/bitcoin-transactionfees...

Heliosmaster 9y ago
Hashrate has not remained constant: - 7 day avg of last 3 mo: https://blockchain.info/charts/hash-rate?timespan=180days&daysAverageString=7 https://blockchain.info/charts/hash-rate?timespan=180days&da... - 7 day avg of last 2 mo: https://blockchain.info/charts/hash-rate?timespan=30days&daysAverageString=7 https://blockchain.info/charts/hash-rate?timespan=30days&day... Going from 6 to 7.5 EH/s it's not more or less the same (it's a 25% increase)