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Determining the difficulty: The difficulty of Bitcoin mining changes every 2016 blocks. The time to mine 2016 blocks of Bitcoin is around two weeks. This signifies that the difficulty of Bitcoin mining is re-calculated about once every two weeks. The formula to calculate the difficulty of Bitcoin mining is shown as: new_difficulty = (old_difficulty * 2016 * 10 min) / (total time to mine previous 2016 blocks) Here, 2016*10 min is exactly two weeks, 2016*10 = 20160 min = 20160/60 (hours) = 336 hours = 336/24 (days) = 14 days = 2 weeks Therefore, it would take around two weeks to mine 2016 blocks if a block were created exactly every 10 minutes. The difficulty of the mining process is self-adjusting to the accumulated mining power of the network. If more miners join the network, the difficulty gets increased, and it will be harder to solve the problem; if many of them drop off, the difficulty decreases, and it will get easier [18]. The difficulty rate has to be increased or decreased in order to control the new block creation speed. Mining Methods There are two different types of mining methods that are used to mine bitcoin. One method is solo mining, and the other is pool mining. Solo Mining Solo mining refers to mining of Bitcoin by an individual using their hardware resources and working independently. Since solo mining refers to individual mining, it requires a lot of resources in terms of hardware to compete with other miners and get the mining reward for solving the block. The reward is 29PDF Image | Analysis of Bitcoin Cryptocurrency and Its Mining Techniques
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