Difficulty

The difficulty of mining ( Difficulty Difficulty The Difficulty or difficulty indicates how difficult is the mathematical puzzle that bitcoin miners must solve to find the next block in the blockchain. The higher the difficulty, the more computing power is required to solve the puzzle. unload and find the block ) is another important factor that influences the amount of the mining fee. Mining difficulty is a measure of how difficult it is to find the right hash with Proof of Work Proof of Work A consensus mechanism based on cryptographic calculations that are difficult to solve, but where it is easy to prove the solution. The goal is to find a SHA-256 hash that meets certain conditions. Whoever solves that math problem first may add a new block to the blockchain and receive the block reward for this. . The network strives for an average block time of ten minutes, the difficulty level is adjusted every 2016 blocks (about two weeks). This is called the difficulty adjustment. If the average block time is longer than ten minutes, finding the right hash becomes a little easier for the miners and vice versa.

The most recent difficulty adjustment breaks the three-month downward trend, meaning more mining equipment has been activated on the network.

When new miners join the network shortly after a difficulty adjustment and the total computing power (hash rate) is increased, the block time temporarily decreases. After all, for a number of blocks (until the next adjustment) the miners have more computing power than necessary to find the correct hash in about ten minutes. Due to the low block time, the network processes transactions faster, which temporarily results in very low transaction costs.

Learn more about transaction costs, mining and the difficulty adjustments here.

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