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An automatic recalibration of how hard it is to mine a new block, ensuring consistent block times regardless of how much mining power joins or leaves the network.
Definition
An automatic recalibration of how hard it is to mine a new block, ensuring consistent block times regardless of how much mining power joins or leaves the network. Bitcoin adjusts difficulty every 2,016 blocks (about two weeks). This mechanism is crucial for maintaining a predictable supply schedule.
Related Terms
Using computational power to validate transactions and create new blocks on proof-of-work blockchains.
The total computational power securing a proof-of-work blockchain.
The average time it takes to produce a new block on a blockchain.
Application Binary Interface.
A way to make crypto wallets behave more like normal apps by turning every account into a smart contract.
The Ethereum standard for account abstraction without changing the core protocol.
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