Not a bitcoin block was mined in the last 2hs! \ stacker news ~bitcoin

Not a bitcoin block was mined in the last 2hs!

694 sats \ 24 comments \ @IgnaciobTato 2 Dec 2023 bitcoin

Everybody has the idea that everyblock is mined in 10 minutes, but that is an average. There are blocks mined in 1 minutes and others can be mined in 2hs. However this is the rarest and there are many reasons for it.

If more advance users can explain the reasons of such a delay in the mining of a block we will be grateful. Also to explain if this affect in any aspect.

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588 sats \ 0 replies \ @k00b 2 Dec 2023

Blocks are mined by guessing many many times and found by luck. The more guesses a miner makes, the greater the chance that they'll be lucky enough to find a block. Sometimes despite making many many guesses no one gets lucky.

You can think of it like a lottery. Lotteries sometimes don't have winners. Each additional set of lottery numbers you buy increases your chance of winning but only marginally.

315 sats \ 2 replies \ @muteness11 2 Dec 2023

To summarise it and to simplify it, miners compete between each other to solve a mathematical puzzle (the first one who does wins a block (6.25 BTC + fees) and this could happen in 1 minute or much longer.

Governance mechanism: The target for increase/decrease difficulty (to mine a block) is 10 minutes... so every 2016 blocks (~2 weeks) if the average is more than 10 minutes (hard to mine) then the difficulty decreases , if its less than 10 minutes (easy to mine) then it increases

hope that helps

0 sats \ 1 reply \ @IgnaciobTato OP 2 Dec 2023

Thanks. So the difficulty had to be incredible high even if we are at a rate of ATH hashrate.

Mathematics are amazing in the terms that the algorithm can add inifinity difficulty if hashrate continue rising.

0 sats \ 0 replies \ @muteness11 2 Dec 2023

LOL yup .... same applies to miners (i work in the space) so their prices changes literally every day and sometimes within hours

51 sats \ 0 replies \ @grayruby 2 Dec 2023

Last weekend I think we had four blocks in less than 10 minutes at one point.

34 sats \ 0 replies \ @OT 2 Dec 2023

It happens sometimes. Rarely over 2 hours though!

0 sats \ 0 replies \ @birdeye21 2 Dec 2023

Many look at this and say it's flawed, but Bitcoin is working exactly as intended.

0 sats \ 16 replies \ @AJ1992 2 Dec 2023

And once again another validation of one of the most important flaws of Bitcoin. THIS. This is why Bitcoin will fall short of other cryptocurrencies in the long run that doesn't have this problem. No one is going to want to wait hours or even minutes for their money to be available (most wallets don't allow you to spend unconfirmed coin..) when other cryptocurrencies confirm transactions instantly or within seconds. THIS IS A MASSIVE PROBLEM AND ONE OF THE MOST IMPORTANT THAT MUST BE ADDRESSED. BITCOIN IS NOT FLAWLESS LIKE YOU BRAINWASHED MAXI'S THINK IT IS. WAKE UP.

304 sats \ 0 replies \ @muteness11 2 Dec 2023

If you believe in the Store of Value narrative then that is enough by itself :)

30 sats \ 0 replies \ @kristapsk 2 Dec 2023

You have instant settlement with Lightning Network.

0 sats \ 0 replies \ @c137Heather 2 Dec 2023

Like Elizabeth Warren says if the problem you are trying to solve is that you need fast payments, a CBDC should be able to do that for you. Lol.

0 sats \ 0 replies \ @nikotsla 2 Dec 2023

Sarcasm?

0 sats \ 0 replies \ @elvismercury 2 Dec 2023

I'm neither a maxi nor brainwashed, but the layered nature of btc, and the nature of its transactions -- and the time courses of those transactions -- has been explored at length in various places. A solid consensus is that a settlement layer that occasionally takes a couple hours to settle is not a big deal, when considered in the broader context.

You might check out Broken Money to work through this very slowly and very thoroughly.

0 sats \ 2 replies \ @okpj 2 Dec 2023

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0 sats \ 1 reply \ @AJ1992 2 Dec 2023

You only call them shitcoins because you fail to accept that Bitcoin isnt flawless. You're drinking the coolaid and you're going to be left behind because other cryptocurrencies are adapting and evolving while Bitcoin is stuck trying to mine a block for hours. Why would anyone use a payment method that can't even guarantee your transaction will EVER BE CONFIRMED AND IRREVERSIBLE. There's no guarantee of that using on chain Bitcoin! And you guys forget that most of the worlds population doesn't care enough about remaining anonymous to push those issues and others aside just for the anonymity. That's a fact!

0 sats \ 0 replies \ @okpj 3 Dec 2023

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0 sats \ 5 replies \ @IgnaciobTato OP 2 Dec 2023

What do you suggest? Other forks like BCH failed in this concept. This is a rare scenario. We are still seeing the results of Ordinals in the bitcoin chain and how do they play on block space and blocks mining.

0 sats \ 4 replies \ @AJ1992 2 Dec 2023

It happens more often than you think. I've seen 45-60 mins between blocks a lot over the years especially when I was forced to use on chain Bitcoin frequently before altcoin support because more integrated into the things I use it for. The 10 min between blocks line is propaganda and totally false and even if it was true that's still too long when people can use an altcoin or cashapp/paypal/venmo to pay someone and its confirmed instantly.

The majority of the world doesn't give enough fucks about staying anonymous to push the issues I mentioned to the side. It's inconvenient for them, that's what you Maxi's don't get.

0 sats \ 3 replies \ @021da48107 2 Dec 2023

I've seen 45-60 mins between blocks a lot over the years

It'd be great to see the actual data on this.

that's still too long when people can use an altcoin or cashapp/paypal/venmo to pay someone and its confirmed instantly

I actually agree with this for the most part. The Bitcoin maxi position is to use the lighting network, which is kind of an alt-network, but it uses Bitcoin. Why use some altcoin when you can use the lightning network?

The majority of the world doesn't give enough fucks about staying anonymous to push the issues I mentioned to the side

What does staying anonymous have to do with the amount of time it takes to mine a block?

0 sats \ 2 replies \ @AJ1992 3 Dec 2023

Staying anonymous is just a general major benefit of transacting Bitcoin on chain but my point was that maxi's think the complete anonymity of Bitcoin will bring people to Bitcoin in droves and that couldn't be more wrong. And even if these people are using Bitcoin most of them will be doing it on a platform which requires KYC information which throws anonymity out the window.

Also, I've said repeatedly that mass lightning integration for in person payments for goods and services is the only possibly savior for Bitcoin as a whole. And right now that's not looking too good especially here in the United States. And when I mean mass integration I mean the same integration that happened with Google pay/apple pay/Samsung pay/tap to pay a few years ago. Using nfc on your phone with those apps to pay in stores or even at vending machines now you can use those payment methods simply by tapping your phone to the reader. That's the kind of mass integration we need to see with lightning but the probability of that happening anytime soon is highly unlikely IMO

0 sats \ 1 reply \ @021da48107 4 Dec 2023

Staying anonymous is just a general major benefit of transacting Bitcoin on chain

Eh, I don't agree, Bitcoin is literally a public ledger. I think it's just a misconception that Bitcoin = anonymous. If you have good opsec you can be more anonymous, but that is the case with everything, not just Bitcoin.

IMO the Lightning Network is already better than Google pay, Paypal, Venmo, Apply Pay, etc, it just hasn't reached critical mass. If/When it does it'll be great.

0 sats \ 0 replies \ @AJ1992 4 Dec 2023

I actually agree with you to an extent. However, the part that makes it not better is that setting up a node is complicated for an average small business owner and I can see the issue of not being able to find a route becoming a problem too. Those are what make it not so great in comparison. Cashapp/Google pay/ect, never have the routing issues.

0 sats \ 1 reply \ @FartOnMyBalls 2 Dec 2023 outlawed

stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.