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January 30, 2016, 06:46:29 PM |
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Briefly, yes. Transactions confirm when they are included in a block. The difficulty of finding a block of dependant on the hash power, which is partially dependent on the number of miners. The target is to find a block every ten minutes on average. The difficulty to force that target time changes every 2016 blocks which should be roughly 2 weeks. If a number of miners dropped off, then from the time to the next difficulty retarget, the confirmation times will be longer due to a high difficulty and a lower hash rate since blocks are being found less quickly. However after the difficulty retarget confirmation times will go back to normal.
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