The algorithm self adjusts.
The speed at which the next batch (which is called the reward) of bitcoins are mined are based on the amount of computing power that is (globally) thrown at it. The difficulty rate is chosen automatically by the bitcoin algorithm adjusts based on the average of how long it took over the last 2 weeks to mine. If there was a spike in electricity costs, people would mine less and the bitcoin rewards would have come slower, so the difficulty is automatically dialed down, and vice versa.
The algorithm self adjusts.
The speed at which the next batch (which is called the reward) of bitcoins are mined are based on the amount of computing power that is (globally) thrown at it. The difficulty rate is chosen automatically by the bitcoin algorithm adjusts based on the average of how long it took over the last 2 weeks to mine. If there was a spike in electricity costs, people would mine less and the bitcoin rewards would have come slower, so the difficulty is automatically dialed down, and vice versa.
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