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192 sats \ 3 replies \ @jakoyoh629 31 Aug \ on: Hashrate is like the rate that miners pick numbers out of a hat bitcoin_beginners
I like that analogy. So, where does mining difficulty fit into that?
It's more accurate to say "picking one of the right numbers" which has to be below a certain threshold. Difficulty is how low that threshold is. Imagine a hat with a million numbers in it. Its much easier to find one < 100,000 than finding one <10
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Difficulty is the threshold of correct number. If there is a
realized reachrate of 1 per 10 minutes then the difficulty is 100% - any number is a correct number. If the realized reachrate is calculated as 10 per 10 minutes then the difficulty is the top 10% of numbers in the hat... and so on.reply
mining difficulty
natural selection
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