Miners rejoice! Bitcoin mining just got a tiny bit easier.
The average hash rate over the past two weeks fell to 197.19 exahashes per second , making the average block time exceed the 10-minute target at 10 minutes 9 seconds. As a result of the difficulty adjustment, miners competing to solve the next valid block found it marginally easier.The difficulty adjustment is one of the Bitcoin protocol’s most prominent
. Every two weeks or 2,016 confirmed blocks, the difficulty for mining a new block “adjusts” based on the average of the past 2,016 blocks, making it easier or more difficult to mine blocks., “the proof-of-work difficulty is determined by a moving average targeting an average number of blocks per hour. If they're generated too fast, the difficulty increases.”
By inference, over the past 2,016 blocks, blocks were generated too slowly at an average of 10 minutes 9 seconds. As a result, the difficulty adjustment automatically decreases and miners will, henceforth, find it marginally easier to solve valid blocks over the next 2,016 blocks. According to Denver Bitcoin, a well-known Bitcoin miner, the -1.49% correction could be the only one for the year.Will it be the only downward adjustment of the year?
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