Bitcoin’s block-time issue

Published: July 26, 2019 (Medium)

3 minute read

It’s no secret that Bitcoin has flaws, the concept works, but needs upgrades. Long-thought beliefs are becoming obsolete as with outdated software. This is the inherent nature of the industry, push new boundaries and test the untested, depreciate and disregard old methods.

After careful review, testing and development; The Profit Hunters Coin development team have identified and fixed a major flaw found in the base Bitcoin source code and all forks thereof. This flaw has pushed difficulty to extreme heights over the last decade, creating incentive for monopolistic mining by power brokers and huge hardware investments.

CPU mining became obsolete when GPUs were reconfigured to generate the hashes required to validate a block. The mathematical formula is designed to stop blocks from being created too quickly, therefore making it work harder the next time; In the process (in theory) slowing down the block times. This formula is effective to a certain point, at least when re-targeting is set to 1 block and not 2016 like in Bitcoin.

ASIC hardware eventually forced all new blocks to be created by a few large mining pools producing excessive work as defined by the difficulty algorithm. If someone with a large amount of hash power generates a bunch of blocks, then anyone with a CPU or GPU has to work just as hard if not harder than the ASIC machine prior and in the future for any hope of generating rewards.

As seen in the picture above, the difficulty formula does not ensure accurate block times. Many custom re-targeting algorithms come very close but only deal with half the issue. The generic flaw of not forcing a minimal block space very close to the expected block target time. By allowing unlimited valid blocks consecutively without ensuring proper spacing — this directly pushes difficulty to unreachable levels required to ensure true decentralized mining on a peer to peer network such as Bitcoin. The circles marked in red show block spacing very off from target, orange symbolize minimal discrepancies as green is almost or exactly on target.

Profit Hunters Coin — Block Shield 1.0

The picture above is a screenshot of our Testnet mining. All blocks that are significantly out of time are rejected, regardless of hash power. This ensures that difficulty is NEVER pushed to unreachable levels after re-targeting occurs prior to the following block. Never before in history has a CPU miner and ASIC mining hardware been able to cooperate and validate blocks for the same network, using the same algorithm, without compromising profitability!

Miners will need to be reconfigured to “wait their turn” after the hard fork is activated. The internal mining functions have been restored in the newest version of 1.0.0.7 and will automatically pause for the next expected target time. Brute forcing invalid block times will never achieve successful results.

ASIC Choker functions working in conjunction with Block Shield and Dynamic Distribution, will ensure all miners on the network receive fair compensation for their validations, regardless of efforts from centralized pools.

PHC hard fork will ensure block times are exactly on time, every time… and “1 CPU = 1 vote”, just like Satoshi envisioned originally.