The network needs 101 blocks until they are confirmed, the blocktime is VERY long, between 30-60 minutes, increasing as the miners are leaving the network. Right now there are 53 blocks since the diff increase that happened 20 hours ago, so my estimation is that the newly mined blocks would take roughly 2-3 days to confirm.
When the diff drops after 3-4 days or so, the blocktime should decrease.
When the diff drops after 3-4 days or so, the blocktime should decrease.
Can you please explain (if you have information) how the diff is working for this coin? Everyone said the diff will increase in the past days and it become true. Is there any website I can find information about the diff changes? And why is it obvious that the diss will decrease after 3-4 days?
Thanks
I did a further research. Basically, we are screwed.
The difficulty changes every 2016 blocks, because it uses either Bitcoin's blockchain or is based on it (14 days per diff increase @ 10 min blocktime). Unfortunately, there is no time limit on the blocks, so when there is a sudden influx of users - the blocks are discovered much faster, and vice versa.
This is where it gets bad. If we need 1 hour to discover a block, the difficulty will adjust only when there are 2016 blocks mined after the previous increase. There are 53 blocks for 21 hours after the increase, or ~61 blocks per day. This means that the next diff adjustment will happen roughly in ~33 days, assuming that the network hashrate stays constant. Unfortunately, the hashrate constantly drops, the blocktime increases along with the time until the next difficulty adjustment. So those 33 days might be double by tomorrow.
Please correct me if my calculations are wrong.