Lower hash rates, higher block times, more work_ _ bitcoin bitcoin chart dollar

Lower hash rates, higher block times, more work_ _ bitcoin bitcoin chart dollar

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As I understand, the hash rate is the level of quickness a computation occurs

No, hash rate is just the overall number of hash calculations performed per unit time, which is inferred from looking at how many blocks have been found over a given time window.Bitcoin chart dollar note that since the average block finding time is expected to be ten minutes, in order to reduce the variance caused by randomness, your hash rate measurement window needs to be fairly large, like at least a day.

Is the implication here that more work will mean we’ll have to have a higher price of bitcoin in the long run to justify that work

Nope. Hash rate follows price, not the other way around. If the hash rate is low for a given price then more money will be invested in miners, because it is more profitable, and the hash rate will rise. If the hash rate is high for a given price then investment will lag and some miners who have expensive electricity may turn off entirely, and the hash rate will remain stagnant.

The price is bitcoin is driven almost purely by market effects of supply and demand.Bitcoin chart dollar mining is its own little independent ecosystem that doesn’t affect prices, because the rate of bitcoin creation is essentially constant regardless of hash rate thanks to the self-adjusting difficulty level.

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From vinny on twitter:

Bitcoin hash rate down more than 10% since halving. Block times increasing. Experts were wrong so far…

Different experts were predicting different scenarios. Some were wrong and some were right (so far).

As I understand, the hash rate is the level of quickness a computation occurs, so to say the hash rate is slowing and the block times are increasing indicates more work is happening.

The amount of work being done is determined by the difficulty value. Longer average block time simply implies that the work is being done more slowly.

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Reading between the lines of this tweet and post (assuming my definitions are correct), is the implication here that more work will mean we’ll have to have a higher price of bitcoin in the long run to justify that work?

The price is determined by supply and demand. It is not determined by the amount of work done. The opposite is true. The amount of work done is indirectly determined by the price.

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