Mining new Bitcoins is one of the most important and interesting processes in the crypto world. Allowing operations within the BTC Blockchain to run, while rewarding those who lend their computing power to make this happen. Mining approximately one block every ten minutes. However, an anomaly occurred yesterday, when four new Bitcoin blocks were mined in just 43 seconds.
How does Bitcoin mining work?
Without mining, it is impossible for cryptocurrencies to exist. Well, it is through this process that users of the crypto world lend their computing power to the network of a virtual currency. The transactions carried out in it are executed, and receiving in exchange a certain amount of cryptocurrency tokens for their service.
In this way a totally decentralized transaction execution system is created, and regulated only by the code set in the Blockchain. Which, in the case of Bitcoin, also determines the difficulty of mining each block in the chain. In this way, adapt the mining rhythm of new blocks, with the computing power that is currently available on the network.
This self-regulation in the mining difficulty occurs every 2016 Bitcoin blocks, or what is the same, once every two weeks. And thanks to this, a constant mining rate of around 1 block is maintained every 10 minutes. This guarantees a certain stability and predictability in the development of the chain.
Four blocks in 43 seconds
However, this rhythm was altered this May 1st, when an anomaly in the Bitcoin chain led to 16 blocks being mined in just 63 minutes. Peaking when 4 Bitcoin blocks were mined in 43 seconds, an indication that the Blockchain’s mining difficulty might be too low, compared to the computing power available on the network.
Étienne Larrivée, a developer at the Canadian company Satoshi Portal, was the one who first perceived this anomaly on the Bitcoin Blockchain. Immediately alerting it to CoinDesk, while remarking that such a fast mining rate is not natural.
Until now, it is not known with certainty what could have caused this variation in the number of blocks mined per hour. Which also coincides with a peak in the number of unconfirmed Bitcoin transactions stored in your Mempool, according to data from Blockchain.com.
Just as with the upcoming arrival of Bitcoin Halving. So the development of the BTC blockchain will have to be monitored over the next few days, to know the repercussions that yesterday’s events may have on the cryptocurrency.