Would someone please explain this to me as if I am 5 years old ?
Discussion
When a new block is found, mining pools send miners a block template with no transactions so they can start searching for the next block as soon as possible. They send a block template full of transactions right afterward, but a full block template is a bigger data transfer and takes slightly longer to reach miners.
In this intervening time, which is usually no more than 1-2 seconds, miners sometimes get lucky and find a new block using the empty block template.
I need a children's level cartoon video explaining this to me.
It's taking too long to hit the blocks so the difficulty needs to be reduced by about 6% at the current rate to make the blocks approximately 40 seconds easier.
Oh I see the underlined 1 tx. Yes that's just an empty block because miners got lucky waiting for the next one.
Blocktime top left should always be 10 min. so that you have a predictable inflation and the network stays the same speed. Next Diff in the top right-hand corner tells you when the difficulty of finding a block is adjusted so that the block time remains at around 10 minutes. If more miners come online, the hashrate increases, i.e. the power with which blocks are searched for, and the blocks are found more quickly. The difficulty is adjusted every fortnight. If, on the other hand, miners leave, the difficulty has to be reduced. The big number in the middle is the current block in the chain. The one (bottom left) was found 2 minutes ago. 1 Tx (red) is a transaction that had an average size of 299 bytes in the last block (bottom right).
Please evereyone correct me if I'm wrong :)