It is not difficult to see that the algorithm of the Bitcoin network has become more difficult to solve, which increases the amount of work required to find new blocks. On the other hand, the increase in mining difficulty also indicates that there are more miners participating in the network, which helps ensure the security and decentralization of the network. More computing power means that the network is more difficult to manipulate or suffer a 51% attack.
1. Higher computing power requirements: In order to successfully mine a block, miners need to perform more hash calculation attempts. This is because the increase in difficulty adjusts the target value of the mining algorithm, making it more difficult to achieve, thus requiring miners to have higher computing power.
2. Increased competition: More miners or more powerful mining machines join the network, increasing the overall computing power of the network. This means that the chances of a single miner successfully mining a block become smaller because the competition is more intense.
3. Increased energy consumption: As mining difficulty increases, miners need to run more equipment or longer to find new blocks, which usually leads to increased energy consumption.
4. Rising costs: As more electricity and hardware are required, the cost of mining has also risen. For small-scale miners who cannot afford the higher costs, this may mean that their profit margins are shrinking, or they may even be forced to exit the market.
5. Higher hardware requirements: In order to remain competitive, miners may need to invest in the latest and most efficient mining hardware so that they can still operate effectively at higher difficulties.
6. Network stability: From another perspective, the increase in mining difficulty also indicates that the network has more miners participating, which helps ensure the security and decentralization of the network. More computing power means that the network is more difficult to manipulate or suffer a 51% attack.
The Bitcoin network has designed a self-regulating mechanism that automatically adjusts the mining difficulty every 2016 blocks (approximately two weeks) based on the average block generation time over the past period of time.
The purpose of this is to ensure that no matter how the network computing power changes, the block generation rate can be maintained at a relatively stable level, that is, a new block is generated approximately every 10 minutes. This mechanism helps maintain the robustness and reliability of the network.
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