Nothing schedules Bitcoin blocks. Yet they arrive at a steady pace through wildly different amounts of competing hardware, because every 2,016 blocks each node independently measures how long that stretch took and retargets the difficulty so the next stretch should take two weeks. Because every node performs the same calculation on the same chain, no coordination is required.
Difficulty adjustment
The automatic recalibration, every 2,016 blocks, that keeps blocks arriving roughly ten minutes apart.
Also called: difficulty retarget
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Fee rate
What a transaction pays for block space, quoted per unit of size rather than as a…
Full node
Software that independently verifies every rule of the Bitcoin protocol rather than trusting anyone else's word.
Halving
The scheduled event, every 210,000 blocks, at which the reward for mining a block is cut…
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