The 20 minutes is a long term average, it is not unusual for it to take quite a bit longer or shorter. If there have recently been bigger changes in network hashrate, that can affect things as well.
this post was submitted on 25 Aug 2023
2 points (75.0% liked)
Monero
1667 readers
17 users here now
This is the lemmy community of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all.
Wallets
Android (Cake Wallet) / (Monero.com)
iOS (Cake Wallet) / (Monero.com)
Instance tags for discoverability:
Monero, XMR, crypto, cryptocurrency
founded 1 year ago
MODERATORS
https://www.coinwarz.com/mining/monero/hashrate-chart
The hashrate does seem to be down. So as the price of XMR dips, the miners reduce, and the hashrate reduces, and confirmation times increase?
as the price of XMR dips, the miners reduce, and the hashrate reduces
and difficulty takes some time to adjust, hence confirmation times are longer. I don't remember the exact numbers off the top of my head but it is not instantaneous.
This makes some sense to me as more of a feeling without digging up enough data to confirm the suspicion, but I'd love others with more expertise to chime in.
Isn't part of the price>miners>hash>confirmation feedback loop you're suggesting typically accompanied by corresponding upticks or downticks in interest, use and transaction volume as well?
Plus, I thought the dynamic block size and dynamic fees usually helped smooth this out and keep the confirmation times within a relatively predictable range of upper and lower bounds.
Mining is a random process, so it could happen that 1 confirmation takes 10 minutes or 5 seconds form time to time.
I had 6 confirmations in 5 minutes with my last customer on my website