Input: a miner's hashrate. Output: an expected profitability of mining ravencoins (like whattomine does). Questions: Is there a formula that allows me to calculate an expected profit by a miner's hashrate? Is there a formula to get a network hashrate by a given network difficulty? Something similar to this answer, but for a Ravencoin. I know there are a lot of similar answers here. But I would like to understand exactly in the case of Ravencoin. Thank you!
I read today in a paper that for BTC every hash has a probability of yielding a valid block and that this is approximated by most of the time. Can someone explain to me how to come up with this formula? Is this something specific to BTC?
Long time ago I transferred my wallet on My Passport an external hard disk. I have not opened bitcoin core for over 8 months. I opened it 2 days ago, the dialog box opened, which normally doesn’t and I was asked to choose where to open bitcoin core. I chose the external disk.Something went wrong. Finally I understood that there was a problem with the disk and was not mounting on my macbook pro. I fixed that problem. However bitcoin core continues to open at the default file on my mac which is empty. My wallet shows no transactions and…
If the target hash were artificially low, i.e. 3, how do miners know if there will ever be a nonce that produces such a hash?
I am relatively new to understanding the fundamentals of the Bitcoin network, and I couldn't find the answer to my question. I understand how mining difficulty/target is decided and calculated in the block header. (hashrate of previous 2015 blocks...) Since the larger the target is, the easier it is to mine the new block, what stops a miner from cheating by giving himself a large target, so that he can mine this new block very fast? Does every node check the target value when they are validating a new block? Thank you