RE: F2 mining pool/unknown miner clears more than half mining blocks in 3 hours25 May 2023 22:23
"So....... Would the hash rate still need to be higher than 2022 to show an improvement? Or could the slower hash rate still win the race every time?????"
Network Hash Rate is calculated by:
Bitcoin Hashrate = [(blocks solved over last 24 hrs/144) * difficulty * 2^32 ]/600
The Network Difficulty is calculation:
old difficulty x (2016 blocks / time taken to mine last 2016 blocks)
Where 144 is the expected number of blocks in 24 hours based on a Block pace of 1 every 10 minutes. If you insert the formula for Network difficulty into the Network Hashrate formula, you get:
Bitcoin Hashrate = [(blocks solved over last 24 hrs/144) * (old difficulty x (2016 blocks / time taken to mine last 2016 blocks))* 2^32 ]/600
To answer your question, the Network difficulty is recalculated every 2016 Blocks, or approximately every 2 weeks and the Previous difficulty is used in the Current difficulty calculation; The current difficulty is used in the Hashrate calculation, so any Hashrate, or difficulty, from a year is irrelevant as it isn't used in the calculations.
Fun Facts:
The current block is 791386, if you divide that by 2016 you get 392.553. If you round that up to 393 and multiply it by 2016, you should get the Block for the next difficulty change (792,288).
If you now divide 791386 by 210000 you get 3.768, which tells you that the next halving will be the 4th and will occur at Block 840,000. Because the halving occurs approximately every 4 years, it means Bitcoin has been in circulation for approximately (4*4) =16 years around next April.
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