Bitcoin Network Mining Diffficulty Up ~7.32% To Another All Time High In First Adjustment After Roger Ver-ified Fork

Mining difficulty on the Bitcoin network has increased from 860221984436.22229004 to 923233068448.90527344 for an increase of approximately 7.32 percent to a new all time high. In this adjustment period a hard forked altcoin separated from the Bitcoin network to zero meaningfully apparent impact on Bitcoin mining, a 7-ish percent increase of mining difficulty to a new all time high is a very typical . Meanwhile, the altcoin is wrestling with its own precarious difficulty situation.

Miners Signal Segwit Via BIP 91 "Lock In" Avoiding "User Activated" Fork

Miners on the Bitcoin network signaled that they would begin enforcing a new set of block acceptance rules concerning the handling of "anyone can spend" transactions, commonly referred to as "Segregated Witness". For users of the actual Bitcoin system and actual Bitcoin software, this news comes with the usual "soft fork" related increase in the risk of chainsplits and orphaned blocks. For users engaging in fringe behavior on the Bitcoin network and seeking to abuse the new "rules" surrounding the "anyone can spend" edge case, there exists incredible potential1 for "your loss".

This move by Bitcoin miners circumvents an effort advanced by assorted social engineers to attempt enforcing this new "anyone can spend" ruleset through a loud tantrum. It remains to be seen how large a pile of coins the brave and the duped are willing to amass under "anyone can spend" conditions in order to tempt miners to abandon this new "soft forked" ruleset.


  1. From Qntra, December 28th, 2015

    The chief idiocy in the Blockstream camp is that if miners decide to stop enforcing the "soft" forks that Blockstream needs, the miners are somehow on "invalid" chains. Soft fork enforcement is nothing more than a courtesy extended by miners. Should miners trigger activation of segregated witness, and a super majority of miners later decide to stop enforcing its rule set, Blockstream is out of luck. Luke-Jr's protests about the "valid" blockchain would be as impotent as his protests about the valid Pope. So long as the longest chain that wins verifies on the actual reference Bitcoin client, life goes on.

    There are hazards to artificially trying to introduce new levels of trust to a system that doesn't require it. Softforks that explicitly create an incentive for their own revocation create an extraordinary moral hazard

     

Bitcoin Network Difficulty Spiked ~13.53% This Week

This week a Bitcoin network difficulty adjustment took the mining difficulty from 708659466230.33203125 to 804525194568.13183594 for an increase of approximately 13.52 percent. This is an all time high mining difficulty, and it comes on the heel of last adjustment's ~0.43 percent drop to the the then second and now third highest mining difficult in the history of Bitcoin so far.

Bitcoin Network Mining Difficulty Climbs ~7.28 Percent In Latest Adjustment

Mining difficulty on the Bitcoin network has risen ~7.28 percent to 559970892890.83813477 from 521974519553.62823486 for a new all time high. The previous adjustment a slight increase of ~0.22% fromĀ 520808749422.13983154 to was also a new all time high as has been the trend for much of Bitcoin's ever increasing history.

Fiat currency malaise continues as well with the United States dollar continuing to suffer an increasing number of all time lows against the Bitcoin.