Adjustment at block height 818496. The mining difficulty was raised by 5.07% to 67.96 T, continuing to hit a record high. The current average hashrate of the entire network is 504.80 EH/s.
The BTC hashrate and difficulty are fundamental concepts within the Bitcoin network, playing essential roles in the operation and security of the blockchain.
Hashrate: The hashrate represents the computational power being expended by miners within the Bitcoin network. It measures the speed at which mining machines are performing operations to validate and process transactions, as well as to solve cryptographic puzzles required to add new blocks to the blockchain. Hashrate is typically measured in hashes per second (H/s), or more commonly in the context of Bitcoin, in terahashes per second (TH/s) or petahashes per second (PH/s) due to the immense scale of computational power involved.
A higher hashrate indicates a greater amount of computational power dedicated to securing the network, which generally contributes to a more secure and resilient blockchain.
Difficulty: The difficulty is a parameter in the Bitcoin network that adjusts approximately every 2 weeks (or every 2016 blocks) to ensure that blocks are mined at a consistent rate. This adjustment is designed to maintain an average block production time of around 10 minutes, irrespective of changes in the total network hashrate.
When the hashrate increases, resulting in faster block production, the network's difficulty level also increases. Conversely, if the hashrate decreases, the difficulty level will decrease, adjusting to ensure the continued maintenance of the 10-minute block time target.
The difficulty is a crucial component of Bitcoin's consensus algorithm, as it helps regulate the rate of block production and maintain the integrity and security of the blockchain.
Both hashrate and difficulty are closely intertwined and are pivotal for maintaining the stability, security, and reliability of the Bitcoin network.
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