Hello all – I simply posted this over on r/Bitcoin, however hopefully can get some perception from right here too.
Apologies for the lengthy put up, however I am simply performing some thought experiments and this was certainly one of them. I haven’t got sufficient data concerning the mining facet of BTC to undergo with this, however my query is just about the title and I might wish to see what others suppose and hopefully some reasonings on why this is not a difficulty.
Under are some assumptions behind the reasoning of this thought. I perceive the probabilities are extremely low for all of these items occurring, however I am nonetheless curious to know and I feel it might be a great dialogue. I am additionally conscious of the issue adjustment, per level 4, however bear with me. So, I am assuming:
1. BTC value stays low/suppressed
2. Miners get priced out resulting from unprofitability
3. Lots (and I imply so much) of miners cease mining inside a short while horizon to forestall additional losses (i.e. a number of massive mining swimming pools cease mining)
4. A lot in order that there are far too many blocks till the following problem adjustment
5. Now there are a fraction of the miners left on the community tasked with fixing blocks, however the hash price has been lowered closely, leading to a disproportioned problem stage to hash price
6. Blocks are then solved extremely slowly and require a heavy quantity of power enter and price to unravel, nonetheless leading to a possible loss (even when we assume miners would obtain a better subsidy)
1. Mentioned one other manner, I am assuming that though much less miners could be entitled to extra of the block rewards (aka would make it extra worthwhile for them), this enhance in rewards is offset by the big enhance in price to unravel the block, eradicating any further profitability and maintaining them in a loss place
This then leads me to some query:
1. What the title is asking
2. Is the mining problem adjustment calculation weighted extra in the direction of the close to time period and would it not assist remedy this challenge (after slowly fixing the remaining blocks nicely above the specified common 10 minute blocktime)?
1. I might recognize any good assets on studying concerning the problem adjustment
3. Can one thing like this be mitigated?
4. Is it crucially essential for the typical block to be solved each 10 minutes? What occurs if turned one block per hour or worse than that?
1. I’d suppose that is essential because it helps protect the safety of the community and to maintain the prices to assault the community excessive through double spending or making an extended manipulated chain
That is the extent of my ideas and questions. I am no professional (most likely clear to a few of you haha), however needed to ask anyway. Thanks!