Question: How does the Bitcoin algorithm keep the average amount of time to add a new block close to 1 0 minutes, regardless of the combined
How does the Bitcoin algorithm keep the average amount of time to add a new block close to minutes, regardless of the combined compute power of the mining community? Suppose Bitcoin changed the hash algorithm to be say, times faster to compute. How would this affect the total amount of energy consumed by the mining community?
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
