Bitcoin mining difficulty factor

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Bitcoin maintains its block time to be around 10 minutes with its difficulty adjustment algorthim. So why not 1 minute? Or one hour? Because Satoshi never explained why block times need to average 10 minutes, we can only assume why this was chosen. One explanation is that 10 minutes is a sufficient amount of time for nodes to propagate blocks to all other nodes in a peer to peer fashion.

After a Bitcoin block is mined, it takes time for other miners in the network to find out about it, and until then, the miners are actually competing against this new block instead of adding to it. If someone mines another new block based on the old blockchain state, the network can only accept one of the two, and all the work that went into the other block gets wasted.

Lengthening the time between blocks reduces this waste. What is a difficulty epoch? Each block interval is known as a difficulty epoch. With an average block time of 10 minutes, this averages to a two week period. At the beginning of every epoch the Bitcoin network recalculates the difficulty. Due to a longstanding bug in the Bitcoin source code, the time spent mining the first block in each difficulty epoch actually has no effect on the next difficulty calculation. Even if this block somehow took an entire year to mine, it would not cause the next difficulty to drop, believe it or not!

The calculations on this site take this bug into account to help produce the most accurate difficulty estimate possible. For more information on this bug, please refer to this section of Andreas Antonopoulos's book, Mastering Bitcoin. Without such a system in place, blocks would likely be discovered faster and faster as more miners joined the network with increasingly sophisticated equipment.

How frequent is bitcoin mining difficulty adjusted? This is why each 2, block interval is called the difficulty epoch, as the network determines whether the activities of miners for the last two weeks have reduced or increased the time it takes to mine a new block. If the time it takes is below 10 minutes, the mining difficulty will be increased. The opposite occurs when the block time is above 10 minutes. How is bitcoin mining difficulty calculated?

Bitcoin mining difficulty is calculated with various formulas. Note that the Difficulty Target is a hexadecimal notation of the target hash whose mining difficulty is 1. In contrast, the current target is the target hash of the most recent block of transactions. When the two values are divided, it yields a whole number which is the difficulty level of mining bitcoin. For instance, if the answer is 24 trillion, then a miner is expected to generate approximately 24 trillion hashes before he can find the winning hash.

Of course, sometimes miners can get lucky and find it with significantly fewer guesses. How bitcoin mining difficulty is adjusted Mining difficulty adjustments are made by comparing the standard time it should take to find 2, blocks of transactions on the Bitcoin network to the time it took to find the last 2, blocks.

Keep in mind that the accepted block time is 10 minutes. Therefore, the expected time for mining blocks is 20, minutes that is, X 10 minutes. The network calculates the total time it takes to mine the last 2, blocks. The ratio of the standard 20, minutes 10 minutes x 2, blocks to the time it took to scale the last difficulty epoch is then multiplied by the most recent difficulty level.

The calculation yields a result that will determine the required percentage change in the mining difficulty that will bring the block time to the desired 10 minutes. That said, an error in the original Bitcoin protocol makes difficulty level adjustments based on the previous 2, blocks instead of the theorized 2, blocks.