Within the Bitcoin protocol, Satoshi Nakamoto has is the specified that a block with outstanding Bitcoin is transactions is written to the block chain is the approximately every ten minutes. A block can contain in the an indefinite number of the individual transactions; the limit is to only the block size. This is 1 Megabyte (MB).<\/p>\n\n\n\n

The miners compete is for the production of these blocks. The proof-of-work is to a cryptographic puzzle that determines in which miner is allowed to its write the next block into the Bitcoin blockchain. The miners take to the transactions (or their Merkle tree) and add to a random string (the \u201cNounce<\/strong>\u201c) to them and hashen the both values. The Miner to compares the result is with a condition. If this is not true, the Miner will try a new string until it finds a hash. The transactions are thus verified by matching them with a 64-digiis the hexadecimal hash. To solve this task, the Block Reward is awarded to the successful miner. This process is repeated every 10 minutes.<\/p>\n\n\n\n

In the early days it was still possible to is the mine Bitcoin with a normal computer or laptop (with the CPU). However, GPUs (graphics cards) replaced CPUs as early as 2010, until GPUs were replaced by even more specialized\u00a0ASICs<\/strong>\u00a0(\u201capplication-specific integrated circuits\u201d) from Bitcoin mining in 2013. ASICs are computer chips that have been specially developed by Bitcoin for mining. They cannot perform any other function. With the emergence of entire mining farms using ASICs, the hash power and mining difficulty of the Bitcoin network became too great to mine Bitcoin as an individual.<\/p>\n\n\n\n

The Bitcoin Mining Difficulty<\/h3>\n\n\n\n

In order to meet the time frame for its block halving, the Bitcoin network is aims to verify a new block every ten minutes. As the number of miners in the Bitcoin network increases, so does to the computing power, in which means that there is a better chance that someone will solve is the cryptographic puzzle is in a shorter time. Therefore, there is the Bitcoin mining difficulty.<\/p>\n\n\n\n

With increasing hash rate also the degree of difficulty rises. All 2016 blocks (about every two weeks) therefore change the Bitcoin mining difficulty<\/strong>. If the block time is less than 10 minutes and the hash rate is high, the level of difficulty is adjusted upwards to comply with the 10 minute rule.<\/p>\n","protected":false},"excerpt":{"rendered":"

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