4 ms·
With Bitcoin today, instead of needing 4 leading zeroes you need something like 17 leading zeroes (in hex, or ~1 in 2^68 chance of finding a block). Every 2016
by Taek 10y ago
With Bitcoin today, instead of needing 4 leading zeroes you need something like 17 leading zeroes (in hex, or ~1 in 2^68 chance of finding a block).
Every 2016 blocks, the difficulty adjusts. This is supposed to take 20,160 minutes, but if the timestamps indicate that it took less than that, the difficulty will increase, requiring more leading zeroes. If it takes more time than 20,160 minutes, the difficulty will decrease, essentially requiring less leading zeroes.
Also worth pointing out that the hash can be evaluated as an integer. Instead of requiring an exact number of leading zeroes, you require the hash to have an integer representation than is lower than a certain value.
There's actually a lot of work that has gone into Bitcoin to make sure that having higher hashrate and higher influence does not make it more likely so that you can find a block. Ideally, if you have 0.01% of the hashrate, you have a 0.01% chance of finding each block, and if you have 33% hashrate, you have a 33% chance of finding each block. In reality, Bitcoin is not quite this perfect, but it's pretty close. The 33% hashrate miner may have a 34% or 35% of actually finding each block.
- sneak 10y agoThis, in my opinion, is one of the true core innovations in bitcoin: the negative feedback of collective hashpower causing the block target to shift. It's absolutely brilliant. Blocks come at approximately 10 minute intervals whether it's just two people cpu mining in their basement or a global network of ASIC farms consuming megawatts. It's certainly been fun to watch. When I started mining on the very first publicly released GPU miner, my ~$500USD ATI PCI GPU yielded a block (each with a 50 bitcoin reward) every hour or two. I was mining somewhere around 10% of all the blocks in the chain. Now, doing that very nearly requires owning a hydroelectric dam.