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Everybody has the idea that everyblock is mined in 10 minutes, but that is an average. There are blocks mined in 1 minutes and others can be mined in 2hs. However this is the rarest and there are many reasons for it.
If more advance users can explain the reasons of such a delay in the mining of a block we will be grateful. Also to explain if this affect in any aspect.
Blocks are mined by guessing many many times and found by luck. The more guesses a miner makes, the greater the chance that they'll be lucky enough to find a block. Sometimes despite making many many guesses no one gets lucky.
You can think of it like a lottery. Lotteries sometimes don't have winners. Each additional set of lottery numbers you buy increases your chance of winning but only marginally.
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To summarise it and to simplify it, miners compete between each other to solve a mathematical puzzle (the first one who does wins a block (6.25 BTC + fees) and this could happen in 1 minute or much longer.
Governance mechanism: The target for increase/decrease difficulty (to mine a block) is 10 minutes... so every 2016 blocks (~2 weeks) if the average is more than 10 minutes (hard to mine) then the difficulty decreases , if its less than 10 minutes (easy to mine) then it increases
hope that helps
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Thanks. So the difficulty had to be incredible high even if we are at a rate of ATH hashrate.
Mathematics are amazing in the terms that the algorithm can add inifinity difficulty if hashrate continue rising.
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LOL yup .... same applies to miners (i work in the space) so their prices changes literally every day and sometimes within hours
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Last weekend I think we had four blocks in less than 10 minutes at one point.
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It happens sometimes. Rarely over 2 hours though!
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Many look at this and say it's flawed, but Bitcoin is working exactly as intended.
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And once again another validation of one of the most important flaws of Bitcoin. THIS. This is why Bitcoin will fall short of other cryptocurrencies in the long run that doesn't have this problem. No one is going to want to wait hours or even minutes for their money to be available (most wallets don't allow you to spend unconfirmed coin..) when other cryptocurrencies confirm transactions instantly or within seconds. THIS IS A MASSIVE PROBLEM AND ONE OF THE MOST IMPORTANT THAT MUST BE ADDRESSED. BITCOIN IS NOT FLAWLESS LIKE YOU BRAINWASHED MAXI'S THINK IT IS. WAKE UP.