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1

As Andrew's answer points out, the 'number of leading zeros' is just a simplification, so I thought I would give an example to more concretely illustrate this: Block hashes are usually represented in hex format, which utilizes the character set [0,1,2,3,4,5,6,7,8,9,a,b,c,d,e,f]. But for simplicity, we can just use a base 10 number set [0,1,2,3,4,5,6,7,8,9], ...


4

Contrary to popular belief, the target is not actually based on the number of leading zeroes. This is a major simplification that is used to get the general idea across, but is not actually how the code works. Instead, the target is just a number that is adjusted by the ratio between the actual time between blocks and the expected time between blocks (with ...


2

It's important to note that "difficulty" as such doesn't actually exist in the system; it's just a convenient way of representing the target value for human consumption. Internally (and on-chain) only the "target" and "nbits" representation are used. Furthermore, the actual difficulty for the genesis block doesn't really matter, ...


2

First of all, "difficulty" as a concept does not exist in the protocol. It's a unit intended only for human consumption. Internally, the value that corresponds with it is the target. The target is a 256-bit number, computed for every block, and a block is valid if its hash (interpreted as 256-bit number as well) is less than or equal to the target. ...


0

While it's possible to estimate the current hashrate from the difficulty, they are two different measures. You can find an estimate for the global hashrate on the same site where you found the difficulty. The current estimate is 162 EH/s (162,000,000 TH/s). Using a similar approach as proposed by you, we can estimate an upper bound of 162,000,000 TH/s / 110 ...


0

The mining difficulty adjusts according to a specific algorithm. The difficulty adjusts such that, regardless the hashrate, the average time between blocks is approximately 10 minutes. The difficulty also only adjusts when there are changes to hashrate. As miners go offline, it will adjust down to become easier to mine. As miners come online, it will adjust ...


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