I am new to this mining business and I would like to ask some weird questions :
How is the peercoin difficulty and block reward adjusted (based on what and please include an equation) ,and the same question for primecoin
if someone had billions of mining devices , each one having unlimited GH/s , this way he should virtually be capable of finding millions of billions of blocks every second , no matter how hard mining gets ??? ??? , so is there a limit to the number of blocks that can be generated worldwide per second? (If his superminers can find million blocks per second they can defreeze them , but is there that many blocks in existence?)
3.same as question 2 but for Primecoins
4.can someone have 0.00000000000000000000001 peercoin or primecoin :o :o :o?
5.the person in question 2 and 3 will most likely exceed the 2 billion peercoin soft cap (and whatever cap primecoin has) in few seconds , what would happen next?
Please :’( don’t ridicule my questions or just say : " but no such technology exists 8) " or such , please give me a serious answer to this assumption that someone has this technology in the present time ,
Yours ,
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when someone starts mining with unlimited hashrate, difficulty goes up to adjust the blockspace (time between blocks), so the average time would be 10 minutes, or 1 minute for primecoin (different algorithm there tho), in these two coins not only does the difficulty adjust (every block), also the blockreward adjusts, goes down when difficulty goes up,
[quote=“detail3”]Proof of stake blocks and Proof of work blocks both started at 256, but adjusted fairly independently of each other after that.
proof-of-work mint formula is: difficulty == (9999 / (mint per block)) ** 4
Proof-of-work mint rate is a function of difficulty (every 16x in difficulty mint rate is halved).
As ppcoin has two type of blocks, proof-of-work block and proof-of-stake block, each type has its own spacing target. Proof-of-stake blocks have a constant spacing target of 10 minutes. Target spacing of proof-of-work blocks are variable, with a minimum target of 10 minutes, and a higher target spacing when proof-of-stake block spacing approaches 10 minutes. When proof-of-stake blocks become abundant, (Sunny) estimates that proof-of-work block spacing would eventually settle around 30 minutes. The purpose of this design is to reduce the variance of block spacing and maintain overall spacing target around 7.5~10 minutes.[/quote]
If he had a very large but constant mining power the difficulty would rise quickly and stabilize so that he would still get only 1 block every 10 minutes on average. If his mining power overwhelms everyone else he would almost be the only one finding Proof of Work blocks. Proof of Stake blocks would not be affected (they have their own difficulty).
since the adjustment is capped at bnProofOfWorkLimit and thus adjust slowly to fluctuations, it was noticeable that the jump in hashrate caused a peak in inflation rate as more pow blocks were found in an avg of 350-400 seconds. (Normally it sits around 500 sec on avg). After a while the system corrected itself to be around 500 sec again but there is a lag for sure. (Btw the 10 min you see mentioned in other posts is pos target, pow target is such that ideally there is 1 pow blocks out of 11 blocks or ~9%. So tot. avg comes down to 500s between blocks.)
So what you as a miner can do, and you (used to) see this in btc mining too since there is a fortnight adjustment set up, is turning off all your asics for 2 weeks, switch it on when the diff adjust on the downside, have it run until the next adjustment. Rinse, repeat.
In ppc context, this is how to mine more coins: turn on all your rigs, watch the avg secs between blocks drop until it adjust back to normal and turn them all off again and watch to avg secs to jump up. Rinse and repeat when avg is back to normal again.
PS: if this would truly happen, in theory it could as I’ve seen some pictures of some big ass farming rigs, I guess many minters would scream for a hard fork to turn off pow and go full pos. In ppc context, minters are the ones securing the network thus calling the shots, not miners as supposed to btc.
[size=36pt]Please reply to the next arguments/questions as for both peercoin and prime coin[/size]
difficulty == (9999 / (mint per block)) ** 4
The minimum Peercoin amount is 0.000001
But this means that block reward will reach 0.000001PPC once the difficulty reaches 9.67759621×(10^39) , what will happen if someone adds more power after that point will the reward become 0PPC , stay at 0.000001PPC , or just go lower than 0.000001PPC and then you need to collect several hashes to reach 0.000001PPC ?
since the adjustment is capped at bnProofOfWorkLimit and thus adjust slowly to fluctuations
Just how slowly does it adjust , say if the person in the original question (the one having unlimited mining power suddenly entered the mining network , when will the network realise that and increase difficulty beyond our abilities?
AGAIN Please dont just tell me that this point may never be reached or something , please give an answer assuming this actually happened
To be clear, we’re talking about Proof-of-work mining for fair coin distribution, which ends eventually and we switch to pure Proof-of-stake, correct?
It is just the Proof-of-work mining that your question pertains to?
I assume yes. It could help in answering your question if you give us an idea of a real world case scenario that you’re worried that could arise eventually?
To be clear, we're talking about Proof-of-work mining for fair coin distribution, which ends eventually and we switch to pure Proof-of-stake, correct?
Yes I am talking about POW only , and I believe that POW does not have a hard cap so why have you determined that it will end?
It could help in answering your question if you give us an idea of a real world case scenario that you're worried that could arise eventually?
Two senarios :
1 . self adjusting unlimited computing farm : this is what I asked in the first question in this thread , when the difficulty rises , the farm adds more computing power to the mining , with unlimited potential (its a 256 code not 512 , so a few billion super mining devices can exceed maximun possible difficulty .
2 . Super-Quantum computers : say if some organisation secretly built and used an 8192 qubit quantum compuer , these things can decrypt hashes easily and at very short time .
sorry saw the capitals but still not a xpm expert, so here is a thought experiment on ppc as per your request.
so suppose electricity is free and quantum computing exists, the pow reward will drop to its absolute minimum of 0.000001 and pow blocks are found below the minute as it stays below the desired 20min target.
it could be said that the inflation is still low given that the reward is a CENT. If the hash rate were to be even much higher so that 1 million pow blocks per second were found. it can be said that each second exactly 1 ppc is mined. In a day, this amounts to 86400 coins. Thats what 14% inflation annually when done today?
ps: wonder what the size of the blockchain is by then
Font size 36, really? That’s disruptive, please heed this as a warning to not do that again. You can ask people to respond to both of your questions, but you cannot demand it and annoy people unless they behave the way you want.
If you want honest answers, then please be patient with the community. Font Size 36 is incredibly rude and uncalled for…
In Peercoin, if I am reading it right, there is maximums that can be generated by proof-of-work. After that we’ve switched to proof-of-stake. I think you can still earn destroyed transaction fees, but you can’t generate additional block rewards beyond MAX_MONEY.
Now while both of these systems do permit mining for “destroyed” transaction fees after max_money has been obtained, the reward is nominal at this time.
It appears that you’re rushing into trying to make some point of a perceived flaw (not yet proven) with an ulterior agenda.
What is the ulterior agenda? Are you trying to design a new coin that doesn’t have similar design?
Are you doing a college whitepaper or newspaper article and have a deadline in the next 24 hours (and that is the reason for the 36 point font?)
Did you look in your neighbor’s garage and he says he’s been building a super quantum computer and he’s going to destroy the internet as we know it?
I apologise , I didn’t know this was considered rude , I just wanted this sentence to stand out from the rest of the post , and for me , computer screens are small , that’s why I write my posts in font 24 , please accept my apologies.
What is the ulterior agenda?
An ulterior agenda??! :‘( :’( ???
Anyways , it’s kind of reason 2 , I am collecting info about cryptocurrency for research ,don’t worry , I am not trying to compete with PeerCoin , and I don’t have neighbours. ;D
Fully accepted, and appreciated, thank you as well.
An ulterior agenda??! :‘( :’( ???
Good to hear on both counts. Thanks for taking my reply to you after wards in stride.
However your post reminded me of some one that came in the forums once talking about the network. They said, ok, listen, if there is a war and 3/4 of the world blows up, this could affect the peercoin network, right?
They where so eager to be right, they came out with illogical situations that we should plan for… Listen, if 3/4 of the world is gone tomorrow, I think the peercoin network might be lower on our list of priority of things to worry about.
One of the great things about Peercoin, is how we’ve been here since 2012, going strong, and we have fantastic community participation and great developers on board. That’s a recipe for success.
The current price at coinmarketcap is nothing more than a sign that we need to promote and educate more. It’s that simple. We’re definitely under valued.
If you scroll back through old posts, you will find tons of people complaining they didn’t get in on time when we reached $7/coin in November 2013. Those same people have buying opportunities while Peercoin is now again 74 cents USD/coin. I wonder if they are smart enough to add us to their portfolio this time around.
