Network Difficulty
Litecoin LTC Network Difficulty
This chart shows the history of changes in the mining difficulty of LTC at different intervals of time.
If additional power is connected to the LTC network - the network increases the difficulty in such a way as to find a certain number of blocks in the allotted time.
If miners disconnect their equipment - the number of blocks found will decrease, therefore the LTC network will reduce the mining difficulty.
What is Network difficulty?
Network difficulty refers to the difficulty of cryptocurrency mining.
When we speak about the difficulty of mining a crypto coin, we mean the difficulty of the network of this coin.
Network difficulty is the primary network parameter that shows how much work the mining equipment (ASIC, graphics card, processor) must perform to find a block.
The more miners in the network are engaged in mining (mining a particular cryptocurrency), the higher the difficulty.
The higher the network’s difficulty, the more complex the task the miners must solve to find the block.
How is network difficulty measured?
The network’s difficulty shows how often, on average, miners must solve the task (find the hash value) to find a cryptocurrency block.
Divide network difficulty by total hashrate and you will get the amount of seconds it will take to find a block on that network with this hashrate.
The network’s difficulty is a value. For ease of understanding, the value is presented as such:
- 1 KH = 1 000 H
- 1 MH = 1 000 KH = 1 000 000 H
- 1 GH = 1 000 MH = 1 000 000 KH = 1 000 000 000 H
- 1 TH = 1 000 GH = 1 000 000 MH = 1 000 000 000 KH = 1 000 000 000 000 H
- 1 PH = 1 000 TH = 1 000 000 GH = 1 000 000 000 MH = 1 000 000 000 000 KH = 1 000 000 000 000 000 H
The network’s difficulty is constantly changing!
Every cryptocurrency has the preset average block find time managed by a network.
If there are more miners ( network hashrate grows) the actual block time becomes lower than the average value.
The network begins to increase its difficulty. The difficulty increases until the block time is approximately equal to some value set by the coin developers.
The same thing happens if the number of miners reduces.
When the miners stop mining the coin, the network hashrate decreases. So it takes more time to find the block. So the network reduces its difficulty and makes it easier for miners.
How Are Network Difficulty and Network Hashrate Related?
Network difficulty and network hashrate are closely related to each other.
If we divide the value of the network’s difficulty by the value of the network’s hashrate, we will get the average time to find a cryptocurrency block.
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