Re: [XPM] [ANN] Primecoin Release - First Scientific Computing Cryptocurrency
The growth of mining power on the primecoin network is enormous that I am speechless right now. This is due to a combination of more computers joining the network and continued miner improvements.
Some people raised the question that why difficulty is not adjusted fast enough. The difficulty adjustment speed is calibrated to maximize security while keeping a reasonable adjustment speed. If it adjusts too fast it would be easier to manipulate difficulty for the purpose of reducing the cost of 51% attack, and other oscillation inducing mining exploits.
The current difficulty is approaching the step-up to difficulty 8 (about to happen today). This means within the first week the difficulty already adjusted by about 30x, from initial difficulty 7 at the release, not all that slow at all. However, the mining power on the network has grown about 1000x from the first day of the network. That's why we are seeing the block spacing gradually dropping to the seconds range. The orphan rate on the network is expected to stay relatively high for the next couple of days, while difficulty plays catchup to the growth of mining power on the network.
This phenomenon is a one-off occurrence, could last another week. It likely would not happen again in the future.
So let watch and celebrate the cross to difficulty 8 today
Some people raised the question that why difficulty is not adjusted fast enough. The difficulty adjustment speed is calibrated to maximize security while keeping a reasonable adjustment speed. If it adjusts too fast it would be easier to manipulate difficulty for the purpose of reducing the cost of 51% attack, and other oscillation inducing mining exploits.
The current difficulty is approaching the step-up to difficulty 8 (about to happen today). This means within the first week the difficulty already adjusted by about 30x, from initial difficulty 7 at the release, not all that slow at all. However, the mining power on the network has grown about 1000x from the first day of the network. That's why we are seeing the block spacing gradually dropping to the seconds range. The orphan rate on the network is expected to stay relatively high for the next couple of days, while difficulty plays catchup to the growth of mining power on the network.
This phenomenon is a one-off occurrence, could last another week. It likely would not happen again in the future.
So let watch and celebrate the cross to difficulty 8 today