Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: Tamsialu$$ on October 20, 2021, 02:05:07 AM
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Hashrate and price are both on the way up. Bitcoin's code has been around since 2009, but roughly every two weeks the algorithm changes just a bit to make it either easier or harder to mine.
The network difficulty today became 1% tougher. While that's not a huge jump, it's the seventh straight increase since late July. According to Arcane Research, the last time that happened was in 2019. Bitcoin mining difficulty adjusts in order to keep blocks processing at a rate of one every 10 minutes. In proof-of-work blockchains, such as Bitcoin, miners compete with one another for the responsibility of validating transactions so that they can unlock the freshly minted BTC created with each block. To get that chance, they race to be the first to solve a cryptographic puzzle. The more computing power they bring to the table, the faster they can solve it.
So, one can imagine that, as everyone brings more computing resources, or hashpower, to the table, that puzzle is going to be solved quite quickly. Instead of a slow drip of Bitcoin into the crypto economy, there'd be a deluge.more (https://decrypt.co/83834/mining-bitcoin-profit-getting-harder-why)