I've done some reading on mining and how it operates, but there are still some concepts that are beyond me; therefore, I need some clarifications.
My main concern is with mining, specifically with how long it takes to mine a block and why we use mining.
- What does the term "difficulty" in mining mean, and why is there difficulty in mining?
It takes +9mins to 'mine a block'
Just consider Bitcoin Mining as a way of working hard with your mining equipment to find or dig out new Gold/Bitcoin which is added to the coin supply. Bitcoin mining is modelled after gold mining to give a feel of a hard money or hardwork based money that's not printed out of thin air like fiat currencies.
Mining difficulty: The more the gold-diggers/miners, the more difficult it becomes to find new gold. The fewer the easier it becomes. Part of the reason for the mining difficult is to maintain the reward time intervals, to keep mining decentralized, balanced and competitive in relation to demand/profit.