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switching back to hexadecimal: ⇒ target = 0x0000000000000003A30C00000000000000000000000000000000000000000000 This means that a valid block for height 277,316 is one that has a block header hash that is less than the target. In binary that number would have more than the first 60 bits set to zero. With this level of difficulty, a single miner processing 1 trillion hashes per second (1 tera-hash per second or 1 TH/sec) would only find a solution once every 8,496 blocks or once every 59 days, on average. Difficulty Target and Re-Targeting As we saw above the target determines the difficulty and therefore affects how long it takes to find a solution to the Proof-of-Work algorithm. This leads to the obvious ques‐ tions: Why is the difficulty adjustable, who adjusts it and how? Bitcoin’s blocks are generated every 10 minutes, on average. This is bitcoin’s heartbeat and underpins the frequency of currency issuance and the speed of transaction settle‐ ment. It has to remain constant not just over the short term, but over a period of many decades. Over this time, it is expected that computer power will continue to increase at a rapid pace. Furthermore, the number of participants in mining and the computers they use will also constantly change. To keep the block generation time at 10 minutes, the difficulty of mining must be adjusted to account for these changes. In fact, difficulty is a dynamic parameter that will be periodically adjusted to meet a 10-minute block target. In simple terms, the difficulty target is set to whatever mining power will result in a 10-minute block interval. How then is such an adjustment made in a completely de-centralized network? Diffi‐ culty re-targeting occurs automatically and on every full node independently. Every 2016 blocks, all nodes re-target the Proof-of-Work difficulty. The equation for retar‐ geting difficulty measures the time it took to find the last 2016 blocks and compares that to the expected time of 20160 minutes (two weeks based upon a desired 10 minute block time). The ratio between the actual timespan and desired timespan is calculated and a corresponding adjustment (up or down) is made to the difficulty. In simple terms: If the network is finding blocks faster than every 10 minutes, the difficulty increases. If block discovery is slower than expected, the difficulty decreases. The equation can be summarized as: New Difficulty = Old Difficulty * (Actual Time of Last 2016 Blocks / 20160 minutes) Here’s the code used in the Bitcoin Core client Mining the Block | 199PDF Image | Mastering Bitcoin
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