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A bit is a value which adjusts the level of hash computing difficulty by the information, which enters the block header in Bitcoin, which uses PoW consensus algorithm. Bitcoin is designed to create one block every 10 minutes. So, it takes two weeks to create 2016 blocks, and the Bitcoin difficulty changes every two weeks. But if the 2016 blocks are mined before two weeks due date, it is thought to be failed to reach the 100% completion and the difficulty increases which is controlled by the value, Bits.

The formula for the difficulty is as follows.

Here, the bits need to be converted to hexadecimal value to get the current target. The current target can be obtained by first separating the hexadecimal bits into the previous two and the following six numbers and putting these into the target formula to convert. Here, 0x0404cb is the sum of the previous two numbers and the following six numbers of the hexadecimal bits.

The value, 0x0000.... is the current target calculated from bits.