Notes

Features
The blockchain was designed by Satoshi Nakamoto, using a peer-to-peer electronic cash system as the inspiration.: 220 Bitcoin runs as a decentralized digital cryptocurrency without a central bank or single administrator. According to The New York Times, "bitcoins are created as a result of a mathematical process called mining. ... [T]he idea is that [of a decentralized] electronic cash system, in which all transactions are permanently recorded in a distributed digital ledger."

Design goals

The designers of bitcoin chose a proof-of-work system. The miner of a block must proof that she solved a computationally difficult puzzle in order to be rewarded with block reward and transaction fees. This enables the blockchain to grow in a controlled fashion. On average, the difficulty of mining a block is raised at a rate of about two blocks per 10 minutes. This rate is automatically adjusted every 2,016 blocks, or approximately every four weeks, on the assumption that the difficulty is dropping due to increased miner activity. A limit of 1 block per 10 minutes halves the block creation rate and halves the transaction fees each period.: ch.

According to Gregory Maxwell, Bitcoin designer


Because the amount of work required to produce the next block is increasing, it is becoming more and more costly, as measured by the amount of electrical power consumed per block mined. In other words, the block production cost is rising even though the value of bitcoins per block is decreasing. As long as this cost increase is lower than the overall electricity cost, mining profitability increases, and this increases the total amount of bitcoins produced, thus also the total market value. The profitability would decrease if the block production cost increase would exceed the increase of the electricity cost. Bitcoin mining is not a random number generator; the generation of each block is sequential, because bitcoin blocks are not linked. In consequence, when mining a block, the chance of finding a hash below a given target is not equal for all miners. As such, it's only an approximation to say that the block is equally likely to appear to any miner.: 


For the second version of the block chain to be secure, it is necessary that miners do not submit mined blocks more often than every 10 minutes. https://fflixtor.online/ Due to the variance of the random number generator, this is approximately true by the birthday paradox: were the average time between blocks to decrease by more than 10 minutes, there would not be two blocks mined per 10
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