Linked Questions

4 votes
2 answers
633 views

What is the mechanism by which the 'system' adjusts the difficulty of finding blocks so one is found on average every 10 minutes? [duplicate]

Here we read: In the Bitcoin network, only blocks with certain hashes get accepted and included in the official list. The criteria for which blocks "count" is that their hash has to be ...
hawkeye's user avatar
  • 169
2 votes
1 answer
801 views

How is the hash target set and verified by all nodes? [duplicate]

As in the title - I understand that nodes look at the last two weeks of calculated hashes and adjust the difficulty to bring the average time to 10 minutes. But how exactly is this done? In ...
user1936752's user avatar
0 votes
1 answer
877 views

What happens if everyone suddenly adops bitcoins, or it becomes very easy to create blocks [duplicate]

I understand that bitcoins are currently produced at ~25BTC/10 min If I understand correctly how fast a block is created is what determines how fast bitcoins are created. If everyone starts using ...
evan54's user avatar
  • 103
1 vote
1 answer
105 views

bitcoin block time after halving? [duplicate]

I would like to know why the bitcoin block time is taking longer than 10 minutes, I know that bitcoin halving had decrease reward and increase difficulty but according what I read the blockchain ...
andrew007's user avatar
0 votes
1 answer
72 views

What is the algorithm that adjusts the difficulty of the proof of works in a proof of work based cryptocurrency? [duplicate]

For instance, Bitcoin has a proof of work based consensus algorithm, it's how Bitcoin chooses a node to create the next block in Bitcoin's blockchain. In this way the network is in consensus about the ...
Steve Mucci's user avatar
0 votes
1 answer
51 views

How are difficulty level and block reward determined and stored in decentralized fashion in Bitcoin? [duplicate]

I know the difficulty level and block reward are periodically adjusted in Bitcoin to keep the block time approximately to 10 minutes. I guess these are not determined by a central authority but ...
kee's user avatar
  • 177
71 votes
2 answers
95k views

Can someone explain how the Bitcoin Blockchain works?

I'm trying to figure out how the blockchain works and how to read it via blockchain.info website. Is there a laymen way of explaining how the block chain works and how to read the blockchain to trace ...
Patoshi パトシ's user avatar
21 votes
5 answers
11k views

Shortest and Longest block interval time ever recorded in Bitcoin

Bitcoin block interval time is on average 10 minutes, that is the difficulty is adjusted in such a way that every 10 minutes a miner will manage to find the right hash. This is just an average time ...
Rexcirus's user avatar
  • 381
3 votes
2 answers
2k views

As transactions are getting increasingly slow and expensive, how can Bitcoin compete against newer better currencies? [closed]

If I understand correctly, every transaction needs new blocks to be created (mined), which is becoming increasingly hard, slow and expensive. Not mentioning the massive energy consumption, already ...
Dmitri Zaitsev's user avatar
1 vote
3 answers
3k views

Who decides that the new block is ready to hash?

I know that new blocks are relayed one block per 10 minutes but that time is not exact but average so: Who decides that the new block is ready to hash?
Sebastian Xawery Wiśniowiecki's user avatar
3 votes
2 answers
1k views

What is the point of keeping transactions if they are hashed?

In the blockchain people keep saying that all of the transactions are listed. Then why are they hashed? What's the point of hashing them if you can't check the blockchain afterwards.
adam eliezerov's user avatar
9 votes
1 answer
691 views

Why would increasing the Bitcoin block size lead to a more centralised system?

Why does Bitcoin Core contributor Peter Todd think that increasing the Bitcoin block size would lead to a more centralised system? “The system doesn’t scale, and you just have to accept that and do ...
Derek Mahar's user avatar
2 votes
1 answer
443 views

How does solving a block work in relation to the first letter/number after the 0's?

I did a terrible job of explaining it in the title so I'll explain here. Say the target hash to solve for a block is 00004aef... etc. does that mean that you can't solve the block if you get 00005fad (...
L M 's user avatar
  • 79
1 vote
1 answer
3k views

Why is Bitcoin's unconfirmed transaction count rising and what effect does it have on the network?

I see that blockchain.info is reporting a large and steadily growing number of unconfirmed transactions. I assume that these are all transactions broadcasted to the network but never confirmed as a ...
Qix - MONICA WAS MISTREATED's user avatar
5 votes
1 answer
805 views

How does mining process takes Approximately 10 minutes?

I don't think that I fully understood the "difficulty" topic in blockchain, and therefore I don't understand how mining process takes close to 10 minutes. If I have "Target" value (some hash value, ...
Roy Kuper's user avatar

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