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The difficulty is adjusted such that a block is generated every 10 minutes.

What would be the consequences to lower the difficulty such that a block is generated every 5 minutes?

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The most important consequence:

It would increase the orphan rate, which gives big miners more chance to mine (because they run their own ISP, while a miner with 0.1% hashrate of the network probably doesn't), and this leads to centralization.

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1) More transactions can be handled in a shorter time.

2) The difficulty would decrease (as you said).

3) More blocks are created -> the size of the blockchain grows faster.

4) The whole 21,000,000 are available earlier because someone would get 12.5 BTC each 5 minutes instead of 10 minutes.

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  • What about the 51% attack? – Ortomala Lokni Dec 17 '17 at 10:18
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    51% attack means that one mining company has more than 50% of the whole hashing power, but the percental hashing-power per company stays the same if you decrease the difficulty. So I don't see the danger of a 51% attack in this szenario. – ndsvw Dec 17 '17 at 10:28

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