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([2601:602:9a00:370e:1126:a0ba:3b7:657e]) by smtp.gmail.com with ESMTPSA id z30sm10882788pfq.84.2020.03.22.09.54.20 (version=TLS1_3 cipher=TLS_AES_128_GCM_SHA256 bits=128/128); Sun, 22 Mar 2020 09:54:20 -0700 (PDT) Content-Type: multipart/alternative; boundary=Apple-Mail-4A986AED-8909-46CD-9F1E-3C7F98FB00B2 Content-Transfer-Encoding: 7bit From: Eric Voskuil Mime-Version: 1.0 (1.0) Date: Sun, 22 Mar 2020 09:54:19 -0700 Message-Id: References: In-Reply-To: To: LORD HIS EXCELLENCY JAMES HRMH , Bitcoin Protocol Discussion X-Mailer: iPhone Mail (17D50) X-Mailman-Approved-At: Sun, 22 Mar 2020 17:09:32 +0000 Subject: Re: [bitcoin-dev] Block solving slowdown question/poll X-BeenThere: bitcoin-dev@lists.linuxfoundation.org X-Mailman-Version: 2.1.15 Precedence: list List-Id: Bitcoin Protocol Discussion List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Sun, 22 Mar 2020 17:01:04 -0000 --Apple-Mail-4A986AED-8909-46CD-9F1E-3C7F98FB00B2 Content-Type: text/plain; charset=utf-8 Content-Transfer-Encoding: quoted-printable Mining is a lottery. e > On Mar 22, 2020, at 07:10, LORD HIS EXCELLENCY JAMES HRMH via bitcoin-dev <= bitcoin-dev@lists.linuxfoundation.org> wrote: >=20 > =EF=BB=BF > There seems to be the real possibility that miners are simply trying to op= timise mining profit by limiting the average hash rate during the retargetin= g, saving some electricity but poorly considering the overall situation wher= e they give opportunity to other miners probably raising the hashrate for th= e next period. It is far more profitable for the ecosystem considering the w= hole to hold a lottery for minig as has been discussed elsewhere some time a= go. >=20 > Regards, > LORD HIS EXCELLENCY JAMES HRMH >=20 >=20 > From: bitcoin-dev on behal= f of David A. Harding via bitcoin-dev > Sent: Sunday, 22 March 2020 6:54 PM > To: Dave Scotese ; Bitcoin Protocol Discussion > Subject: Re: [bitcoin-dev] Block solving slowdown question/poll > =20 > On Sat, Mar 21, 2020 at 11:40:24AM -0700, Dave Scotese via bitcoin-dev wro= te: > > [Imagine] we also see mining power dropping off at a rate that > > suggests the few days [until retarget] might become a few weeks, and > > then, possibly, a few months or even the unthinkable, a few eons. I'm > > curious to know if anyone has ideas on how this might be handled >=20 > There are only two practical solutions I'm aware of: >=20 > 1. Do nothing > 2. Hard fork a difficulty reduction >=20 > If bitcoins retain even a small fraction of their value compared to the > previous retarget period and if most mining equipment is still available > for operation, then doing nothing is probably the best choice---as block > space becomes scarcer, transaction feerates will increase and miners > will be incentivized to increase their block production rate. >=20 > If the bitcoin price has plummeted more than, say, 99% in two weeks > with no hope of short-term recovery or if a large fraction of mining > equipment has become unusable (again, say, 99% in two weeks with no > hope of short-term recovery), then it's probably worth Bitcoin users > discussing a hard fork to reduce difficulty to a currently sustainable > level. >=20 > -Dave > _______________________________________________ > bitcoin-dev mailing list > bitcoin-dev@lists.linuxfoundation.org > https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev --Apple-Mail-4A986AED-8909-46CD-9F1E-3C7F98FB00B2 Content-Type: text/html; charset=utf-8 Content-Transfer-Encoding: quoted-printable
Mining is a lottery.
=

e

On Mar 22, 2020, at 07:10, LORD HIS EXCELLENCY JAMES H= RMH via bitcoin-dev <bitcoin-dev@lists.linuxfoundation.org> wrote:
=
=EF=BB=BF
There seems to be the real possibility that miners are simply trying to opti= mise mining profit by limiting the average hash rate during the retargeting,= saving some electricity but poorly considering the overall situation where t= hey give opportunity to other miners probably raising the hashrate for the next period. It is far more pr= ofitable for the ecosystem considering the whole to hold a lottery for minig= as has been discussed elsewhere some time ago.

Regards,
LORD HIS EXCELLENCY JAMES HRMH


From: bitcoin-dev <bitcoin= -dev-bounces@lists.linuxfoundation.org> on behalf of David A. Harding via= bitcoin-dev <bitcoin-dev@lists.linuxfoundation.org>
Sent: Sunday, 22 March 2020 6:54 PM
To: Dave Scotese <dscotese@litmocracy.com>; Bitcoin Protocol Di= scussion <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Block solving slowdown question/poll
 
=
On Sat, Mar 21, 2020 at 11:40:24AM -0700, Dave Scot= ese via bitcoin-dev wrote:
> [Imagine] we also see mining power dropping off at a rate that
> suggests the few days [until retarget] might become a few weeks, and > then, possibly, a few months or even the unthinkable, a few eons. = I'm
> curious to know if anyone has ideas on how this might be handled

There are only two practical solutions I'm aware of:

1. Do nothing
2. Hard fork a difficulty reduction

If bitcoins retain even a small fraction of their value compared to the
previous retarget period and if most mining equipment is still available
= for operation, then doing nothing is probably the best choice---as block
= space becomes scarcer, transaction feerates will increase and miners
will be incentivized to increase their block production rate.

If the bitcoin price has plummeted more than, say, 99% in two weeks
with no hope of short-term recovery or if a large fraction of mining
equipment has become unusable (again, say, 99% in two weeks with no
hope of short-term recovery), then it's probably worth Bitcoin users
discussing a hard fork to reduce difficulty to a currently sustainable
level.

-Dave
_______________________________________________
bitcoi= n-dev mailing list
bitcoin-dev@lists.linuxfoundation.org
https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev<= /span>
= --Apple-Mail-4A986AED-8909-46CD-9F1E-3C7F98FB00B2--