Concept
How does bitcoin keep block production on schedule?
chapter 5 / Building the Blockchain
"Anyone can become a miner, so the network’s total computing power can increase as more participants join or acquire faster equipment. Bitcoin automatically measures the network’s combined hashing capacity and adjusts the difficulty of the mathematical puzzle so that blocks continue to be produced at roughly ten-minute intervals. This adjustment also supports a predictable schedule for issuing new bitcoins over the currency’s programmed monetary period."
Related Ideas
- How does proof of work seal a new block?chapter 5 · Building the Blockchain
- What work do bitcoin miners perform?chapter 5 · Building the Blockchain
- How do other miners confirm a winning block?chapter 5 · Building the Blockchain
- What role does the Internet play in decentralized money?chapter 5 · Building the Blockchain
- Why does each block link to the previous block?chapter 5 · Building the Blockchain
- How does the blockchain prevent double-spending?chapter 5 · Building the Blockchain
- How does the Yap ledger illustrate decentralized record-keeping?chapter 5 · Building the Blockchain