Clear DefinitionsMining Difficulty
1 min read
Pronunciation
[mīn-ing dif-i-kul-tee]
Analogy
Mining difficulty is like the grade of a ski slope: higher grades (difficulty) demand more skill (hash power) to descend successfully.
Definition
A specific application of difficulty in proof‑of‑work networks, quantifying how challenging it is for miners to find a hash below the network’s target.
Key Points Intro
Mining difficulty functions through these principles:
Key Points
Hash target: Defines the upper bound for valid block hashes.
Dynamic adjustment: Changes with total network hash power.
Difficulty 1 baseline: All values measured relative to an easy target.
Network security: Higher difficulty implies greater attack cost.
Example
If Bitcoin’s difficulty is 30 T (30 trillion), a miner’s chance per hash is 1 in 30 trillion of finding a block.
Technical Deep Dive
Difficulty = difficulty_1_target ÷ current_target. The 4‑byte “bits” field in each block header encodes the compact representation of current_target. Nodes compute the next difficulty using the median time past of recent blocks and a dampening factor to limit adjustment magnitude.
Security Warning
Artificially low difficulty after a hash rate drop can invite selfish mining attacks until difficulty readjusts.
Caveat
Not all PoW chains use identical retarget algorithms; specifics vary (e.g., Kimoto Gravity Well, DGW).
Mining Difficulty - Related Articles
No related articles for this term.