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Bitcoin
$53,640.02 -5.20%
BTC · 1w

Bitcoins difficulty adjustment is its most important feature

I was recently reading about the bitcoin difficulty adjustment and thought i would share for those less familiar. In my view the difficulty adjustment is bitcoins most important feature. Miners compete to find the next valid block in the bitcoin blockchain. Satoshi included code in the protocol that adjusts the difficulty for finding this valid block. Every 2016 blocks the protocol will calculate what value the difficulty rating needed to be in order for those previous 2016 blocks to have been found exactly 10 minutes apart. This rating is then applied to the network for the next 2016 blocks (roughly 2 weeks). This feature is ultimately what gives certainty to bitcoins supply schedule. Beautiful.
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