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Title: [Blockchain Classroom] Lesson 11：Why hasn't Bitcoin been completely mined yet? Post by: BitRabbit_Official on December 26, 2019, 03:11:28 AM The Bitcoin system relies on adjusting the difficulty factor to ensure that Bitcoin will not be mined too quickly.
Every 10 minutes, miners across the network calculate one problem together, competing for bookkeeping rights and Bitcoin rewards. If the computing power of the entire network continues to grow, Bitcoin will be completely mined soon. In order to ensure the mining of one block in about 10 minutes, Satoshi Nakamoto designed the difficulty for miners to obtain bitcoin through mining is dynamically adjusted every 2016 blocks (about every 2 weeks). The expected time to generate a block after adjustment is 10 minutes. The current difficulty coefficient is about 480PH/s, which is about 68 billion times that of the genesis block. In other words, with the current computing power, miners across the network need to go through about 300 trillion trillion hash operations to find a qualified answer and generate a new block. |