POW mechanism: the first difficulty growth of bitcoin network

B.T.[09.00.03]

On 00 / 03 / 09 and December 30 / 2009 (Beijing time), BTC network POW governance and regulation mechanism triggered, BTC ushered in the first difficulty adjustment in history, and mining difficulty increased from 1 to 1.1829.

Since then, the mining difficulty of bitcoin has been increasing year by year. The most exaggerated one is the two years when the mining equipment was upgraded. In 2010, GPU joined the mining arms race, making the annual growth rate of mining difficulty as high as 1224363%. Secondly, the mining difficulty in 2013, when ASIC came on the stage, also increased nearly 400 times.

POW mechanism is workload proof mechanism. , which is the governance mechanism of bitcoin network. One of its functions is to give incentives intelligently according to the contribution of miners, and the other is to adjust the difficulty spontaneously according to the increase of computing power, so as to ensure the balance between the whole network's block incentive and token measurement.

 Notes

1.The t-yuan calendar refers to the time ecological calendar, with January 1, 2019 as the first day of t-yuan, and the former as the first day of t-yuan;

2.T index, the whole time ecological evaluation index, which refers to the traceability reliability evaluation of time ecology;

3.The traceability link can be verified by clicking, and the time event record must be open, transparent and verifiable;

4. The information in this paper is carefully verified, and the necessary information must be stored on the chain, and must be recorded permanently;