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    Wednesday, February 26, 2020

    Home Unlabelled BTC BTC.top is mining blocks at a loss when BCH mining is not profitable and the block interval exceeds 1 hour -- thank you!

    BTC BTC.top is mining blocks at a loss when BCH mining is not profitable and the block interval exceeds 1 hour -- thank you!

    February 26, 2020

    BTC BTC.top is mining blocks at a loss when BCH mining is not profitable and the block interval exceeds 1 hour -- thank you!

    BTC.top is mining blocks at a loss when BCH mining is not profitable and the block interval exceeds 1 hour -- thank you!

    Posted: 25 Feb 2020 03:41 PM PST

    Between Feb 1st and Feb 23rd, it had taken at least 1 hour between blocks 59 different times. Of the 59 blocks that broke these dry spells, 37 were mined by BTC.top, or 62.7%. The hashrate during these dry spells is otherwise about 2.0-2.5 EH/s, which indicates that BTC.top is moving about 4 EH/s over to BCH during long dry spells -- that's about 100% of their SHA256 hashrate.

    This behavior started on Feb 1st. There were 175 blocks that took at least 1 hour to mine between Dec 15 and Jan 31st, and of those, only 6 (3.4%) were mined by BTC.top. Before Feb 1st, BTC.top was actively avoiding unprofitable mining. Now, they're actively seeking it out during the worst dry spells with the intent to prevent confirmation times from getting too long.

    During dry spells, it's usually around 10% more profitable to mine BTC than to mine BCH, so each time BTC.top does this, they're losing around $440 in revenue. That's about $16,400 so far, or around $20,000 per month.

    I think BTC.top deserves a big thank you for doing this.

    I also think the BCH community needs to fix the difficulty adjustment algorithm, since that's the reason why we're getting these dry spells in the first place. Teaser: i'm working on a video and/or article explaining the problem and how we can fix it. This discovery came while doing research for that. Expect it to be published within the next few days.

    In a comment below is a list of all blocks since 613500 that took more than 1 hour to mine (according to their timestamps), what the exact delay was (in seconds), and whether they were mined by BTC.top, if anyone is curious. I also have data on who mined the rest, but I omitted it from this list to make it easier to read. (BTC.com and BTC.top were too hard to visually distinguish from each other.) If anyone wants the full list, let me know and I'll reformat it and post it in a comment.

    submitted by /u/jtoomim
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    We need to start utilizing an alternative to Reddit. And fast.

    Posted: 25 Feb 2020 10:19 AM PST

    "There were attempts to scale BTC"

    Posted: 25 Feb 2020 11:07 PM PST

    Open+minded perspective on Bitcoin and it's inner problem

    Posted: 26 Feb 2020 02:01 AM PST

    Peace everyone

    Been following this community wholeheartedly for quite long time and have respect for many high conscious beings and would like to share vision of where we are now

    I hope it is not just my feeling that current base idea of bitcoin bch is to knock bitcoin btc out and get flippening that way, it is what i was pro for long time, but now its becoming obvious this is not how we fund open, transparent, friendly, high vibrational space where everyone wants to commit to and support on all levels

    We, forgive me for saying this, Must change our mind to more loving and calm position, full of support and acceptance, should we want to live with open heart and without fight inside our being

    Yes, this sound very against how we think and feel in bitcoin bch now, but we must accept it, give bitcoin btc community respect for staying strong and being good opponent and find this lost consensus here, bring unity and support, like two brothers respect each other, we are one as cryptocurrency and open space

    We may see rise of our space only if we become open, friendly, supportive, respectful and loving, understanding we are one being

    I love you

    submitted by /u/bitcoinhalvening
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    Resolving the IFP Situation

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    Question regarding IFP & segwit recovery

    Posted: 25 Feb 2020 11:03 PM PST

    If the IFP became active, would 5% of the coins from segwit recoveries go to BCH developers?

    Correct me if I'm wrong, but my understanding is that only miners can recover bch coins sent to segwit addresses. The IFP takes 5% of the fees, as well as the block reward, and segwit coins get redeemed as miner fees.

    submitted by /u/twilborn
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    Commit to the Bitcoin Cash StackExchange by @rosco

    Posted: 25 Feb 2020 05:56 AM PST

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    Posted: 25 Feb 2020 10:04 PM PST

    Let me tell you how the modern trading site local.bitcoin.com works

    Posted: 25 Feb 2020 03:31 AM PST

    I used localbitcoins.com at the time there was only BTC, but see my answer to this guy: https://www.reddit.com/r/btc/comments/f8ygnl/localbitcoins_has_blocked/

    For meetings, it is in fact good enough, because you can meet, cancel the trade and do the whole thing manually.

    So let me describe the new and modern https://local.bitcoin.com/

    It has the function of bringing people who want to trade together. For this site, there is no requirement to give any personal information. Phone number is practical, because the site sends an SMS when someone responds to your offer. They ask for e-mail when you sign up, but it can be a throwaway account, they use the e-mail only for advertising. I have gotten exactly one e-mail from them, after an upgrade of the site.

    Here is the modern stuff: When you sign up, you get a wallet. You need to back up this, and it is different from other wallets, you save a file to your device. The point is that it is your wallet, you have the keys (I belive the site also has, because it operates on the wallet when you click on the buy, sell, fund escrow, release escrow and send buttons). When a trade starts, you go into a smart contract, and the result is: The seller of coins locks the coins in escrow, which is a guarantee to the buyer, the fees are locked in, and an arbitration fee if the trade comes into dispute. When you release escrow, the result goes to the other wallets involved, the buyer and the site for fees. In case of dispute, the dispute fee goes to the arbitrator, but as the contract is designed, he can only assign the trade amount to either of the traders, not to himself.

    This means it is safe for payment with any nonreversible method, for instance bank transfer or mobile money.

    The fee is 0.25 % for the maker and 0.75% for the taker, total 1%. I think it is well worth it, for the safety and also for the calculation of the right amounts, if you do it manually it is easy to for instance sell for a percentage below, instead of above the market rate.

    Then the spread, if there are few offerers, the price can be say 10% above, and the buying price 10% below. This improves with more traders, but you can also take advantage of it by being the maker and having one or more offers up.

    submitted by /u/ErdoganTalk
    [link] [comments]

    sToRe of vALuE

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