What is Bitcoin Mining Difficulty?

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What is Bitcoin Mining Difficulty?

Post#1 » Wed Jan 18, 2017 3:38 am

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The Computationally-Difficult Problem

Bitcoin mining a block is difficult because the SHA-256 hash of a block's header must be lower than or equal to the target in order for the block to be accepted by the network.

This problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information.

The Bitcoin Network Difficulty Metric

The Bitcoin mining network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes.

As more miners join, the rate of block creation will go up. As the rate of block generation goes up, the difficulty rises to compensate which will push the rate of block creation back down. Any blocks released by malicious miners that do not meet the required difficulty target will simply be rejected by everyone on the network and thus will be worthless.

The Block Reward


When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. Currently this bounty is 25 bitcoins; this value will halve every 210,000 blocks. See Controlled Currency Supply or use a bitcoin mining calculator.

Additionally, the miner is awarded the fees paid by users sending transactions. The fee is an incentive for the miner to include the transaction in their block. In the future, as the number of new bitcoins miners are allowed to create in each block dwindles, the fees will make up a much more important percentage of mining income.

Thanks

Bestgig27
Posts: 25

Re: What is Bitcoin Mining Difficulty?

Post#2 » Thu Jan 26, 2017 3:10 am

Dobychnoy blok trudno, tak kak SHA-256 khesh zagolovka bloka dolzhen byt' men'she ili raven tseli dlya togo, chtoby blok, chtoby byt' prinyatym v seti. Eta problema mozhet byt' uproshchena dlya tseley ob"yasneniya: khesh bloka dolzhna nachinat'sya s opredelennym chislom nuley. Veroyatnost' vychisleniya khesh, kotoryy nachinayetsya so mnogimi nulyami ochen' nizka, poetomu mnogiye popytki dolzhny byt' sdelany. Dlya togo, chtoby sozdat' novyy okroshka kazhdyy raund, sluchaynoye slovo uvelichivayetsya. Sm Dokazatel'stvo raboty dlya polucheniya dopolnitel'noy informatsii.

phunter
Posts: 55

Re: What is Bitcoin Mining Difficulty?

Post#3 » Fri Jan 27, 2017 4:05 pm



The Bitcoin network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty

james
Posts: 55

Re: What is Bitcoin Mining Difficulty?

Post#4 » Fri Jan 27, 2017 4:06 pm

You can also create an account at a cloud mining service. It's the easiest way to start mining, since you dont have to care about hardware. I'm quite happy there, use Promo Code 652Y8M for a 3% discount (I'll get a small bonus too, which I'm grateful for :-)

sberry
Posts: 55

Re: What is Bitcoin Mining Difficulty?

Post#5 » Fri Jan 27, 2017 4:07 pm

bit coin is at its maturity and one coin is like Bitcoin 2.0 and it's so new it's great time to get in and make 100x back on your initial investment....

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