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Topic: Mining difficulty explained (Read 64 times)

legendary
Activity: 2380
Merit: 5213
November 28, 2022, 04:47:38 AM
#2
Bitcoin mining difficulty is  an expression of how many hashes a miner needs to produce a cryptographic string, these strings then earn the right to add the next block transactions to the chain.    
This is not true. Bitcoin difficulty determines how difficult it is to mine a block. But there is no way to know how many hashes a single miner should generate to solve a block.
It's possible that a miner with the hash power of only 1 MH/s can find a block.

This readjustment depends on how many miners are operating in the network and their combined hash rate in the mining network. This ensures the steady discovery of blocks.
It doesn't matter how many miners are trying to solve the blocks. There is no way to know that at all.
newbie
Activity: 26
Merit: 1
November 28, 2022, 04:29:34 AM
#1
      Bitcoin mining difficulty is  an expression of how many hashes a miner needs to produce a cryptographic string, these strings then earn the right to add the next block transactions to the chain.    

       Mining difficulty allows miners to solve and generate a new block approximately every 10minutes, and is readjusted every 2.016blocks (approximately 2 weeks). This readjustment is controlled by an algorithm that was hard-coded into the source code by the creators of bitcoin. This readjustment depends on how many miners are operating in the network and their combined hash rate in the mining network. This ensures the steady discovery of blocks.
    
     Mining difficulty is on the hash power of the miners, the total computing power of a miner or a mining pool.
       The hight the hash rate, the more difficult it is for scammers or fraudsters to control the Blockchain. Since more mining power means miners now hash transactions faster, the block rate also goes up, the network increases the difficulty. So naturally, a declining hashrate can lead to negative adjustments in the difficulty.
    
     If you desire to research more on this click on the links below
https://en.bitcoin.it/wiki/Difficulty

https://www.blockchain.com/charts/difficulty

https://www.coindesk.com/learn/bitcoin-mining-difficulty-everything-you-need-to-know/

  
      
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