Someone help me understand Bitcoin mining a little more clearly: is it proof of work specifically or the SHA256 algorithm that determines the difficulty of blocks are generated too quickly?
Also difficulty will increase over time as machines get more efficient correct?
Proof of work = real world cost, energy input
SHA256 = hashing algorithm
Difficulty is determined by block target times. Under 10 minutes, increase difficulty; over 10 minutes, decrease.
Difficultly is adjusted every 2016 blocks, or ~14 days.
It’s these combined with hard supply cap and strict issuance schedule that = magic internet money.
I’m drunk, let’s hope I got that right.
