A Bitcoin Block Takes Over an Hour to Mine
In November, a Bitcoin block took over an hour to mine, despite the protocol aiming for a 10-minute block time. This outlier event generated press speculation and media coverage, which happens once or twice a year. The story spread widely on social media, catching the attention of Lighting Network founder Tadge Dryja.
Dryja’s Response
Tadge Dryja pointed out that longer block times are not uncommon and occur every 34 days on average. He questioned whether this would become a monthly feature for the publication.
Understanding Block Times
The probability of an hour-long block occurring is relatively low but higher than expected. Longer blocks often go unnoticed unless someone stumbles across them, leading to discussions. In the past 12 years, there have been 190 blocks that took 106 minutes or more to mine.
Unusual Blocks in Bitcoin’s History
Some notable blocks in Bitcoin’s history include the second block, which was mined six days after the Genesis Block. The time interval between these two blocks remains the longest in Bitcoin’s history. There are also blocks with inaccurate timestamps, likely due to miscalibrated mining equipment.
The Stability of the Bitcoin Network
The number of miners on the network fluctuates, but the system adjusts mining difficulty every 2,016 blocks to maintain a 10-minute average block time. The math behind the targeted block time has held up well over the past 12 years. The Bitcoin network has become more stable and reliable over time, with only a few exceptions.
The Self-Correcting Nature of Bitcoin
During periods of significant events or changes in mining power, such as China’s ban on Bitcoin mining in 2021, the network’s block times may deviate from the target. However, the network has consistently self-corrected and returned to the 10-minute window.
Hot Take: Bitcoin’s Block Times Are Generally Stable
Despite occasional longer block times, the Bitcoin network has proven to be a self-righting machine that maintains its stability and reliability over time.
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