Bitcoin is a fast and convenient cryptocurrency that allows for instant transfers and payments anywhere in the world. However, for a transaction to actually be sent to the recipient, it is not enough to simply specify the recipient’s address and send the amount; the transaction must be validated and included in a new block added to the blockchain.
Meanwhile, miners performing this validation process are competing globally to be the first to generate a block.
This is because only the miner who is the first to provide the correct computational answer required to generate the block is awarded Bitcoin as a reward.
The generation of one block is adjusted so that it occurs approximately once every 10 minutes, with the difficulty level fluctuating.The 256-bit data used to calculate the mining difficulty is called the "target," and it serves as the upper limit for the hash value that is searched for during mining.
Miners compete to find a hash value smaller than the target value using the CPUs of high-speed computers; the lower the target is set, the higher the mining difficulty becomes, making mining more challenging. In Bitcoin, the target is adjusted
every 2016 blocks, or approximately every two weeks.
