Explain it like I’m Five – Bitcoin Mining Difficulty LevelThe Bitcoin difficulty level recently increased by 7.09% recently. What is difficulty level and why is is important?
Bitcoin is probably the first decentralized, distributed open source digital currency protocol to gain massive adoption. No sooner the concept of digital currency was introduced by Satoshi Nakamoto in his whitepaper, it garnered a lot of interest from computer scientists and cryptographers. Some of these people had already tried creating a digital currency system with limited success. But Bitcoin offered a solution to many problems that were faced by the researchers until then. These very solutions were the reason for Bitcoin to become one of the widely adopted digital currencies in the world till date...
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