Apologies for the lengthy submit, however I am simply performing some thought experiments and this was one among them. I haven’t got sufficient information in regards to the mining aspect of BTC to undergo with this, however my query is just about the title and I might prefer to see what others assume and hopefully some reasonings on why this is not a problem.
Beneath are some assumptions behind the reasoning of this thought. I perceive the probabilities are extremely low for all of this stuff taking place, however I am nonetheless curious to know and I feel it might be a very good dialogue. I am additionally conscious of the problem adjustment, per level 4, however bear with me. So, I am assuming:
1. BTC worth stays low/suppressed
2. Miners get priced out resulting from unprofitability
3. So much (and I imply lots) 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 subsequent problem adjustment
5. Now there are a fraction of the miners left on the community tasked with fixing blocks, however the hash charge has been lowered closely, leading to a disproportioned problem degree to hash charge
6. Blocks are then solved extremely slowly and require a heavy quantity of power enter and value to unravel, nonetheless leading to a possible loss (even when we assume miners would obtain the next subsidy)
1. Stated one other approach, I am assuming that though much less miners can be entitled to extra of the block rewards (aka would make it extra worthwhile for them), this improve in rewards is offset by the massive improve in price to unravel the block, eradicating any extra profitability and protecting them in a loss place
This then leads me to a couple 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 wouldn’t it assist remedy this difficulty (after slowly fixing the remaining blocks properly above the specified common 10 minute blocktime)?
1. I might admire any good sources on studying in regards to the problem adjustment
3. Can one thing like this be mitigated?
4. Is it crucially vital for the common block to be solved each 10 minutes? What occurs if grew to become one block per hour or worse than that?
1. I might assume that is vital because it helps protect the safety of the community and to maintain the prices to assault the community excessive by way of double spending or making an extended manipulated chain
That is the extent of my ideas and questions. I am no professional (in all probability clear to a few of you haha), however needed to ask anyway. Thanks!