Crypto Master Andreas Antonopoulos Speaks About Bitcoin Mining’s Adjustment Difficulty Metric
Well known Bitcoin evangelist and author, Andreas Antonopoulos, recently spoke with members of the cryptoverse regarding the various difficulties involved in mining BTC. Answering public questions via a Youtube Q&A session a few days back, Antonopoulos spoke about the many issues affecting miners today and why a single BTC block is mined every 10 minutes.
Elaborating further on the matter, the author said that the 10 minute average has been derived using computational data from the BTC network (that forms blocks every two weeks).
Additionally, Andreas also went on to add that:
“The rule in Bitcoin is [about] the difficulty of doing the calculation, which is adjusted every two weeks. The average number of blocks in a period of time [will] equal a block about every ten minutes.”
More On The Matter
When questioned regarding the overall viability of mining BTC in this day and age, Antonopoulos said that due to increasing hash power and energy commitments involved with the entire operation, it is becoming a little more difficult to yield profits effectively when procuring BTC these days.
On the matter, he further stated:
“Let’s say that instead of 2016 blocks, we had 2217 blocks, or effectively 10% more blocks. The network [would adjust] the difficulty [to be] 10% [more difficult], the same ratio as the [percentage] of extra blocks we had versus the number of blocks we should have. Similarly, if we were 10% short, we would adjust by about 10% in the difficulty target. That calculation happens every two weeks, at exactly the same block, and affects the difficulty of the next block across the entire network [of nodes].”
As many of our readers already know, 2018 has seen Bitcoin face severe market pressure (with the premier bitcoin currently trading at a measly price point of $3,800).
However, moving forward, it is being predicted by many experts (including Fundstrat’s Tom Lee and Galaxy Digital’s Mike Novogratz) that within the coming 6-12 months, Bitcoin will once again make a comeback and scale beyond its previous ATH of USD$20,000.