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RE: Hashrate is almost all the way back...

in #bitcoin3 years ago (edited)

Hashrate has nothing to do with number of miners... If zillion miners stop mining, hashrate still doesn't drop to 1:zillion...

Most statistics use effective hashrate of network which is essentially effective hashrate of best miner. As solving a block is probabilistic and not directly correlate computing power of any miner, most statistics are pure fiction.

What usually means more is average time between solved blocks and its deviation from the target time... As difficulty is rarely adjusted on Bitcoin blockchain compared to smaller coins, even that metric is almost meaningless.

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It's the total hashpower being used to mined bitcoin... which tends to go up as more miners come on board...

There is no way to calculate the total hashing power from public information.

It's an estimate...

As someone who runs a mining pool for living, I know it's a lot less than an estimate. You can get very high effective hashrate with a toaster that has hashing speed of less than 10000 nonces per second. On the other hand, effective hashing power of a big miner is limited by processing speed of the mining pool software, so essentially the estimated hashing power is saturated.

All statistics only calculate nonces that result in difficulty that is within range of stratum difficulty and the block difficulty. In most pools that is 0-4 nonces per minute, or 0-0,0666... hashes/second. That is far from hashing power we see on Bitcoin statistics.

Interesting...

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