Archive for the ‘General Info’ Category

bitcoinclassic-logo

The Bitcoin Blocksize debate has been going on for quite some time already with different opinions on how it should be increased from the current limit of 1 MB, one thing is clear however in all the discussions – we must increase the Blocksize in order to accommodate the increasing number of transactions. Looking at the average BTC Blocksize we are already seeing that at peak periods with more transactions we are easily hitting 0.8 MB with 500-700 KB seeming quite normal sizes for blocks in the last few months, so we are looking at 1 MB Blocksize to become too small pretty soon and we need a solution for that problem fast in order to avoid possible issues with the Bitcoin network. While there might not be a consensus on how the Blocksize should grow in the future and what should the Blocksize change over time, we need to increase the limit now.

Doubling the Bitcoin Blocksize to 2 MB with a hard fork what the Bitcoin Classic project has as a goal is something that can be the immediate solution that we need, but still this will not be enough for the long term future of BTC. Increasing the Blocksize to 2 MB is the short term solution that could allow the Bitcoin network to continue growing and functioning normally while we figure out what should the next step be in order to ensure the future of Bitcoin. Bitcoin Classic is already supported by major developers, many of the large mining operators, mining hardware makers and Bitcoin-oriented companies. The project has not yet made a release, but the source code is available on GitHub, so you might want to keep a track on how things are developing.

For more details about the Bitcoin Classic project for increased 2 MB Blocksize…

bitcoin-blockchain-data-size

The size of the Bitcoin Blockchain data files continues to rise rapidly hitting 60 GB already, up with 10 Gigabytes for a bit less than three and a half months when it was just about 50GB and up with about 20 GB for the last about 7 months and most likely doubling in size in the last 1 year. The increase in size is to be expected with more transactions happening on the Blockchain as more users are getting interested in Bitcoin and the continuing adoption of the crypto currency by more users. The big size of the complete Bitcoin Blockchain data however is already a bit of a problem for some users that don’t have that much free space on their computer and want to run the Bitcoin Core wallet with the full local copy of Blockchain or people that want to be providing a Full Bitcoin Node. If the trend remains the same we are looking at about 120 GB or more n terms of size for the BTC Blockchain in just about a year, so there is something to think about…

bitcoinwisdom-difficulty-chart

With the release of the latest generations of powerful mining hardware such as the Bitmain AntMiner S7 and Avalon 6 that is available to normal miners and not only to large mining operations along with the increase of the Bitcoin price lately mining for Bitcoin has started to become profitable again. As a direct result of the new hardware getting released and the price increase there was the inevitable total hashrate and thus difficulty increase in the Bitcoin network and that increase has been quite significant. If you take a closer look at how difficulty has risen in the last month and a half or so you will notice that the things have developed quite rapidly with close to 50% increase and the rise will apparently continue with a lot more more new hardware still getting added. So while it is still quite profitable to mine with new hardware such as the latest ASIC miners mentioned above and fast ROI times for these devices the miners with older hardware might already be struggling to make a profit. So you should be careful with making investments in new mining hardware even though at the moment things look quite nice if you do the math.

Do note forget that in a couple of months, roughly this summer, another halving of the Bitcoin reward is expected and even though it will most likely be coming with another significant increase in the price of BTC you should still have it in mind. The current situation on the Chinese financial markets are also significantly influencing the price of Bitcoin with many people saying that the trouble in China are also responsible for many people turning to BTC and thus further increasing the price of the crypto currency. This all means that we have an interesting year ahead of us with many expecting to see Bitcoin price getting back to levels like $1000 USD per BTC when the reward halving occurs and even more by the end of the year. Still this does not mean that there could be some negative surprises as well, so you should be carefully and not rush into buying Bitcoin or getting back into mining it without thinking things through first.


top