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Difficulty in Mining

Drhiggins posted this 10 years ago

Drhiggins | 10 years ago

So I have a few questions if anyone cares to explain it to me. Its regarding the ever changing rate of Difficulty when mining. I've been mining for a few months now and still very new to it. I've looked at this chart http://chainradar.com/xmr/chart and looked at the history of the Difficulty rate over time. My question is how is this calculated and what affects this rate or causes it to change? Is it the value of the coin? Is it how many coins have been unlocked or released by mining? Is it the amount of people mining?

I realize its some kind of mathematical formula but is it simply a math formula that runs with no outside influence or is there more to it? I'm not a programer but just want to understand a little more about this part of Monero.

Thanks

Replies: 2
netmonk edited 9 years ago Replies: 1 | Weight: -812 | Link [ - ]

Hello DrHiggins,

It is very easy to understand: xmr network must find a block every minutes. So to sustain this goal, the difficulty is adapted belonging the global hashrate at the moment, and the average time of the last 2000 block founds. The more hashrate, the faster to find a valid block, at same difficulty. So the difficulty raises to counterbalance the raise of hashrate, and the difficulty lower to counterbalance the decline of hashrate.

This to ensure that a block is found every minute (more or less)

Reply to: netmonk
Drhiggins edited 9 years ago Weight: -813 | Link [ - ]

Thanks for this. Its all clicking together now in my pea sized brain LOL.