Why is Bitcoin’s computing power increasing (Bitcoin mining difficulty increase)?

08/18/2023 03:47 • NFT Newsflash • 161 views

Why is Bitcoin’s computing power increasing? Why is Bitcoin’s computing power increasing?

According to the International Data Corporation (IDC), Ethereum’s network currently accounts for over 90% of transaction processing. Bitcoin, on the other hand, is used to describe the technical principles behind the concept of “cryptocurrency”: achieving trusted data transfer through computer programming languages. This software can send information of specific numbers to a system or organization for verification and storage, such as generating blocks, broadcasting messages, etc. However, due to the relatively fewer nodes on the Bitcoin blockchain and the inability to track external addresses, they can only receive a small amount of information and submit it to the main nodes. Therefore, to view the hash value of a specific entity, confirmation of the transaction is required, or directly search if the account belongs to one of the applications running on this platform, and then the status of the transaction can be seen after completion. Bitcoin can provide users with an efficient way to understand what they want. So what functions does Bitcoin have?

1. Smart contracts. Bitcoin has its own protocol framework. It utilizes its unique algorithm design that allows developers to be rewarded for creating complex applications. 2. Mining pools. Miners rely on powerful computing power to participate in mining. For example, a contributor from the Bitcoin Core team once stated, “When you purchase a device, your machine will automatically generate a large number of new coins.” 3. Artificial intelligence. Bitcoin adopts advanced artificial intelligence algorithms to analyze human behavior and its patterns. “AI=AI+Cloud” is a theoretical model created by computer science professors, which contains a great deal of knowledge and experience. Additionally, artificial intelligence provides a range of other technologies such as deep learning and robot training. 4. Quantum economics. As more research shows the need to introduce a completely new economic model, people are paying attention to what may happen in the future. Although this new economic incentive system may increase production costs, it may also lead to inflation and may change our lives. 5. Mathematical logic. We know that many people believe that mathematics is a natural phenomenon consisting of a series of random numbers, and it is the result obtained through cryptography. However, in reality, only a small proportion of people’s cognition can correctly understand each basic element of mathematics and derive the correct result. For ordinary people, there is no way to truly understand all factors. For example, some people choose relatively accurate time frames when predicting the market, while another person may not attach as much importance to this point when considering investment portfolios. 6. Statistics. Bitcoin has a very strong ability to identify certain objects and determine the optimal buying or selling price range without affecting the price, thus avoiding incorrect decisions. 7. Social engineering. Many tasks in real life are based on mathematical processes because the longer the time, the higher the value generated.

Bitcoin mining difficulty increase

According to reports, based on Glassnode data, the mining difficulty of the Bitcoin network has increased from a high point of 24,000T on March 17 to a historical high of 46,000T at the end of June. The current average block time on the network is 17.67s, and the hourly reward is 0.00000825BTC (approximately $7.66). Since then, miners have taken about 18 months to reach this new height, indicating that they have more funds to purchase and maintain blockchain nodes and engage in transactions. (cryptoslate)

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Why is Bitcoin’s computing power increasing (Bitcoin mining difficulty increase)?

Bitcoin mining difficulty increase

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