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Crypto Terms:  Letter B

What is Block Time?

Block Time - the time required for a blockchain-based system to generate a new block.
2 minutes

Let's find out Block Time meaning, definition in crypto, what is Block Time, and all other detailed facts.

Block time defines the time it approximately takes to generate a new block on a blockchain-based system. Once a block is completed, it shows up as the verified copy of a transaction bundle on the ledger. The process of producing the following block then starts.

One of the strategies that can be applied to lower block time is increasing the block size. However, there are speculations on what influence this strategy would have on the security of decentralized networks.

Some, like BTC contributor Greg Maxwell, believe that a higher block time keeps the number of rejected blocks low and provides enough time for node updates.

Block time can also refer to the time required by a validator to solve a transaction hash. This time may vary depending on the difficulty of the mining process.

Block time is one of the necessary components for improving the scalability of a blockchain. Block time can be impacted by network congestions – time periods when too many users are trying to conduct transactions on the network simultaneously.

Bitcoin (BTC), the first blockchain-based decentralized cryptocurrency in the world has a block time of 10 minutes. One of its biggest market rivals, Ethereum (ETH), has an average block time of 15 seconds.