Bitcoin difficulty as a precise index of your opportunities in mining
Current bitcoin mining difficulty is rather high and it is obvious even for people who are not good at Math and have never seen special graphics, tables and diagrams. Even schoolchildren who had illusions about the possibility of getting rich just with the help of a graphic card left this idea. Faucets and stock exchanges are the only way to get BTC for beginners without significant starting capital.
Hype around BTC played its part and not long ago the unknown coin rushed to the highest position in the list of cryptocurrencies. Now to become a full participant in the process of BTC mining one needs to be armed to the teeth – to have a powerful farm with a lot of modern equipment and to understand the subject well, that is to be a brilliant mathematician himself.
Where were you in 2009?
Probably an anonymous “father” of bitcoin, who is hiding under the pseudonym Satoshi Nakamoto knew that sooner or later the society will face the current bitcoin challenge, but clearly not in the distant 2009. That’s the same time the golden virtual coin was presented. The history of BTC is rather interesting and we are not going to describe it in details. We know one thing that many users who were skeptical about the project 9 years ago now regret about their jump to conclusions.
Those enthusiasts who were interested in the new project nowadays are active participants in the forums and experienced users of the system. It seems amazing that in the period 2008-2012 difficulty of bitcoin mining was on the level which gives real chances to get 50 BTC for mined block! Until 2017 you could got in the nick of time, and now beginners make a lot of effort and the most of it in vain.
What is bitcoin difficulty?
Mining difficulty is a complex term. Users who are involved in the process must constantly monitor transactions, make calculations and compare them with costs. As a reward they will eventually receive coins. Bitcoin like other cryptocurrencies is protected from inflation therefore the maximum amount of BTC is fixed at 21 million.
According to statistics, every 10 minutes the system issues 12.5 bitcoin. The higher the processing power is the greater the chance of earning. It is logical that the higher the number of miners the less profit will be received by each of them. The mathematical sequences for signing the block become more and more complicated.
So BTC difficulty is determined by the complexity of solving a mathematical problem. The complexity is recalculated after a certain period of time. In the case of the BTC it has got 2016 blocks. About two weeks is spent on their mining and the system has got its own special program code which regulates the process.
An interesting fact is the less time is spent searching for blocks, the greater total computing power is required. Conversely if the search slows down, it indicates a reduction in the hash rate and a decrease in power. Strict control over the emission of new coins is vital.
Where to find the information
A professional miner should monitor how much bitcoin mining difficulty changes. This will provide an opportunity to respond in time to changes and adapt to them. But all this is available only with the availability of serious equipment. For monitoring the situation it is convenient to use the graphs, which are contained on special Internet resources. Alternatively, you can use bitcoin command getDifficulty.