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315 sats \ 2 replies \ @muteness11 2 Dec 2023 \ on: Not a bitcoin block was mined in the last 2hs! bitcoin
To summarise it and to simplify it, miners compete between each other to solve a mathematical puzzle (the first one who does wins a block (6.25 BTC + fees) and this could happen in 1 minute or much longer.
Governance mechanism: The target for increase/decrease difficulty (to mine a block) is 10 minutes... so every 2016 blocks (~2 weeks) if the average is more than 10 minutes (hard to mine) then the difficulty decreases , if its less than 10 minutes (easy to mine) then it increases
hope that helps
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0 sats \ 1 reply \ @IgnaciobTato OP 2 Dec 2023
Thanks. So the difficulty had to be incredible high even if we are at a rate of ATH hashrate.
Mathematics are amazing in the terms that the algorithm can add inifinity difficulty if hashrate continue rising.
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0 sats \ 0 replies \ @muteness11 2 Dec 2023
LOL yup .... same applies to miners (i work in the space) so their prices changes literally every day and sometimes within hours
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