Litecoin December 2013 hash rate increase analysis
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From 2nd December 2013 to 22nd December the Hash rate mining Litecoin went up by 300% from a steady 34 GHash/day in September to 95 GHash/day 23rd December 2013. It then remained steady until 4th January and has then continued to increase. This has resulted in a difficulty increase from 1,500 to 3,800.
As I know of no spare GPU mining capability, can I assume that Scrypt ASICs have already started to come online? Or have the number of Scrypt miners trebled in 3 weeks?
https://coinplorer.com/Charts/Difficulty/LTC
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My guess would be the massive spike in coin prices early November created a large spike in GPU mining rigs that started going online near end of November and throughout December.
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My take on this is that due to the news of Scrypt asics coming online mid this year, people are A. making the move from mining Bitcoin to Litecoin and B. more new people are coming onto the scene. Everyone knows that the scrypt asics will push up the price of any scrypt alt but it will effect Litecoin predominantly.
Naturally any new miners would go for ltc before any other alt’s as they would have more confidence in it due to the fact that they are somewhat uneducated with the other alts potentials.
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Surely there was no one left GPU mining Bitcoins? They moved over to ASICS last April. That’s why Litecoin and Feathercoin mining took off then.
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Closer examination of the chart shows a definite pattern. From the chart, I would deduce the unit is either 5 GHash or a 10 GHash/s unit.
The first unit came online on the
+10 GHash 13th November 2013
+10 GHash 26th November 2013
+10 GHash 30th November 2013
+20 GHash 4th December 2013
+10 GHash 10th December 2013I’d say they had trouble with one unit from 13th to 29th December 2013. They were then back to schedule
+10 GHash 2nd January 2013
+10 GHash 6th January 2013…Just speculating …
Litecoin 120 GHash by 21st January 2014?
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On the other hand 10 MHash to 25 MHash is the biggest proposed Scrypt miner, so it must be due to other causes.
[b]List of LTC FPGA/ASIC-miner-developers (Read 44263 times) [/b]
https://litecointalk.org/index.php?topic=6506.0Increase in gamers mining Litecoin?, Bitcoin miners switching on old GPU rigs to Litecoin?. A quick bunch of new miners…??
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I’m going with bunch of new miners/miners increasing their GPU counts, given that during Nov/Dec it was getting impossible to buy GPU’s
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I’d say a bunch of new GPU rigs, and some new big GPU farms.
As it was very difficult to get any type of GPU during December.In my opinion we will see a much larger increase in hash when asics come online.
I love the analysis wrapper. ;) -
The only argument against that (bunch of Litecoin miners influenced by price increase to invest) is that the Litecoin hash rate was going up before the price rise. The Litecoin Hash has also continued to rise after the price stabilised (down) …
It must therefore be due to a Bitcoin influence, to motivate the miners?
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Bitcoin difficulty analysis.
Since September / October 2013 the Bitcoin network hash rate increase from 1 to 10 PHash/s … That is up by 1000% in 3 months.
October + 3 PH/S
November + 3 PH/S
December + 6 PH/SI Predicts 16 PH/S 1st Feb 2014
Some of those must have forced out the last GPU miners over to Litecoin.
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