Theus on Nostr: If the #Bitcoin hashtag mining difficulty adjustment is scheduled to occur every ...
If the #Bitcoin hashtag mining difficulty adjustment is scheduled to occur every 2,016 blocks (2 weeks), why did the first adjustment only occur at block 32,256 and almost 1 year later?
Exactly 15 years ago on December 30, 2009, the first Bitcoin network difficulty adjustment occurred.
The mechanism is scheduled to occur every 2,016 blocks, but the retargeting adjustment algorithm only works if the average block time is above 10 minutes.
Until December 2016, the average time to mine a block was over 10 minutes. Between block 1 and block 32,256, the average block time was 16 minutes.
Exactly 15 years ago on December 30, 2009, the first Bitcoin network difficulty adjustment occurred.
The mechanism is scheduled to occur every 2,016 blocks, but the retargeting adjustment algorithm only works if the average block time is above 10 minutes.
Until December 2016, the average time to mine a block was over 10 minutes. Between block 1 and block 32,256, the average block time was 16 minutes.