Hi BTC community,
I'm making a free tutorial on how BTC is working for beginners...
Thus, I would like to cover many subjects, among which the "Mining Difficulty".
I understood that the Difficulty = Current Target / Max Target
Questions
- Where can I find the Current Target? How is the current target defined?
- Why is the MAX target fixed at 00000000FFFF00000000000000000000000000000000000000000000000000000 and not F's only? which would be the highest hexadecimal figure
- How to interpret the Difficulty figure?
- For instance, today we have a difficulty of 36,950,494,067,222.
- What does this figure mean exactly?
- Does it mean that we would need an average of 36.950 TH as hash power to find the target hash?
- I can see that an average ASIC has a hash power of 166TH/s, thus, it would take 0.21s to find it out... which is not logical... where am I wrong? :-D
- (Current difficulty source: https://api.blockchain.info/charts/preview/difficulty.png?timespan=1year&h=405&w=720)
Where can I find resources detailing these concepts? I could not find resources explaining such details...
thanks in advance for your help
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