Skip to main content

What are bitcoin miners really solving? (collected from web)

What are bitcoin miners really solving?
Here is an extremely simplified sketch of the problem, but it should give a pretty good idea of what the problem is. The data: This is the hash of the lastest block (shortened to 30 characters):  
00000000000001adf44c7d69767585

These are the hashes of a few valid transactions waiting for inclusion (shortened). 
5572eca4dd4

db7d0c0b845

And this the hash of one special transaction that you just crafted, which gives 25BTC (the current reward) to yourself: 
916d849af76

Building the next block: Now, let's use a gross approximation of what a new block might look  like (the real one uses binary format). It contains the hash of the  previous block and the hashes of those 3 transactions: 
00000000000001adf44c7d69767585--5572eca4dd4-db7d0c0b845-916d849af76--

Now let's do mining by hand! Our goal is to complete this block with a  nonce (a piece of garbage) such that the hash of the new block starts  with 13 zeros (considering the previous hash, it seems that 13 zeroes is  the current difficulty!). Mining (trying to finalize this block): Let's try with nonce=1, and compute the hash of the block (I'm using the md5 hash algorithm, but Bitcoin uses double sha256): 
> echo "00000000000001adf44c7d69767585--5572eca4dd4-db7d0c0b845-916d849af76--1" | md5sum 

8b9b994dcf57f8f90194d82e234b72ac

No luck, the hash does not start with a 0… Let's try with nonce=2 
> echo "00000000000001adf44c7d69767585--5572eca4dd4-db7d0c0b845-916d849af76--2" | md5sum 

5b7ce5bcc07a2822f227fcae7792fd90

No luck… … If we pursue until nonce=16, we get our first leading zero. 
> echo "00000000000001adf44c7d69767585--5572eca4dd4-db7d0c0b845-916d849af76--16" | md5sum 

03b80c7a34b060b33dd8fbbece79cee3

For nonce=208, we get two leading zeroes! 
> echo "00000000000001adf44c7d69767585--5572eca4dd4-db7d0c0b845-916d849af76--208" | md5sum 

0055e55df5758517c9bed0981b52ce4a

Continue like this… If you finally find a hash that has 13 leading  zeroes… you're a winner! Other miners will now build upon your block,  you've just got 25BTC. But you'll have to be fast! Back to step 1… If someone manages to build a block before you do, you'll have to  start again from the beginning with the new block's hash (the one of the  winner).  

Tags : Bitcoin, Cryptocurrency, Money, Mathematics, Facts

This Post Was Published On My Steemit Blog
Earned : $00.00 SBD Converted to USD @0.7867$ Rate = $00.00 USD
First Time heard about Steemit ? Click Here To Know...


Comments

Popular Posts (Last 7 Days)

The Real Face Of India - Episode 133

The Real Face Of India - Episode#133 I believe that India is the most beautiful country in the world. In this series I show the real face of beautiful India. Half Dozen Photos of Natural Beauties Snap taken : 21 Mar 2018   Camera : SAMSUNG, Model : SM-A310N0 Other Episodes :  Episode#01 ,  Episode#02 ,  Episode#03 ,  Episode#04 ,  Episode#05 ,  Episode#06 ,  Episode#07 ,  Episode#08 ,  Episode#09 ,  Episode#10 ,  Episode#11 ,  Episode#12 ,  Episode#13 ,  Episode#14 ,  Episode#15 ,  Episode#16 ,  Episode#17 ,  Episode#18 ,  Episode#19 ,  Episode#20 ,  Episode#21 ,  Episode#22 ,  Episode#23 ,  Episode#24 ,  Episode#25 ,  Episode#26 ,  Episode#27 ,  Episode#28 ,  Episode#29 ,  Episode#30 ,  Episode#31 ,  Episode#32 ,  Episode#33 ,  Episode#34 ,  Episode#35 ,  Episode#36 ,  Episode#37 ,  Episode#38 ,  Episode#39 ,  Episode#40 ,  Episode#41 ,  Episode#42 ,  Episode#43 ,  Episode#44 ,  Episode#45 ,  Episode#46 ,  Episode#47 ,  Episode#48 ,  Episode#49 ,  Episode#50 , 

Untitled 3

Tags : Life, Photography, Flood, This Post Was Published On My Steemit Blog . Please, navigate to steemit and cast a free upvote to help me if you like my post. First Time heard about Steemit ? Click Here To Know Everything About Steemit  $3 Donation [Fixed] Donate $Any Amount

Earn Bitcoin by playing free fun games (non gambling)

To earn bitcoin by playing free games is very exciting. Here I give a list of all games I searched on Google. 1.  SatoshiQuiz  :SatoshiQuiz is a quiz website where users win bitcoin for correctly answering questions from various categories.. You can earn 100 to 1000 satoshi per winning quiz.  Try the new android app and get 5000 satoshis.  Download   Min withdrawal amount is 11000 satoshis & Processed once every week on Sunday.1000 satoshi fees deducted per withdrawal to prevent abuse. Premium account fees is 100000 satoshis per month.   2.  Bitcoin Riddles  :Solve riddles presented in YouTube videos and if you are the first to get the correct answer you win a prize in BTC! Minimum withdrawal is 100 bits. After signup you will get free 10 bits.  3.  Sparkprofit  : Spark Profit aims to be the world's most rewarding app! It teaches you how to profitably trade on the financial markets, and pays you cash rewards when you do well. Platform : Windows, Mac, Android &

Fine Arts Tips : How to Draw a Leopard With Pencil - by Leonardo Pereznieto

This video tutorial was made by Leonardo Pereznieto on youtube. For more tutorials please, visit :   https://www.youtube.com/channel/UCaapxaQKJFJ6XC56CHgeTzw Visit his more works on : Facebook :  https://www.facebook.com/LeonardoPereznieto Website:  http://www.ArtistLeonardo.com/         How to Draw a Leopard With Pencil - Big Cat     Thanks :D Tags : Art, Drawing, Tutorials, Video, Youtube, Sketch,  This Post Was Published On My Steemit Blog . Please, navigate to steemit and cast a free upvote to help me if you like my post. First Time heard about Steemit ? Click Here To Know Everything About Steemit  $3 Donation [Fixed] Donate $Any Amount

My original abstract art is here "terrorism and violence on the earth"

Today here I share one of my abstract art "terrorism and violence on the earth" Hope you may enjoy :D Tags : Abstract, Art, Drawing, Painting,  This Post Was Published On My Steemit Blog . Please, navigate to steemit and cast a free upvote to help me if you like my post. First Time heard about Steemit ? Click Here To Know Everything About Steemit  $3 Donation [Fixed] Donate $Any Amount

Steemit bug found in “TAG”

Steemit bug found in “TAG” image credit I just found a serious bug on steemit TAG. Today I published a news cum TIL post with 5 tags - wilt news newslink til steemitnews https://steemit.com/wilt/@royalmacro/what-i-learnt-today-darkweb-raises-funds-for-assassinating-both-donald-trump-and-mike-pence But, my post is visible in only one section in “wilt”. Other tags are not working anymore. I searched frequently in the following sections which I tagged – https://steemit.com/created/news https://steemit.com/created/newslink https://steemit.com/created/til https://steemit.com/created/steemitnews My post is invisible in the above sections. It’s only visible in - https://steemit.com/created/wilt Update : I just found a solution. I used 4 tags instead of 5. Now, my post is visible to all 4 sections. Tags : Blockchain, Bugs, Cryptocurrency, Steemit,  This Post Was Published On My Steemit Blog . Please, navigate to steemit and cast a free upvote to hel

One Black & White Photograph Daily for 30 days - Day #25

green yard - behind of my village home Camera : Xiaomi Model : 2014818 Location : Bongaon, West Bengal, India Snap Taken : 14 March 2016 Tags : Black & White Photography, Flowers & Plants photography, Landscape photography, Nature, Photography,  This Post Was Published On My Steemit Blog . Please, navigate to steemit and cast a free upvote to help me if you like my post. First Time heard about Steemit ? Click Here To Know Everything About Steemit  $3 Donation [Fixed] Donate $Any Amount

mathematics behind chess

Is there any relationship between supposing numerically and supposing in the round of Chess? At the end of the day, should a man having a dynamic personality in Mathematics turned out to be essentially a decent Chess player have aptitudes in Mathematics?  It is important to call attention to that because of the subject intricacy, our endeavors will be to clarify essential attributes of both  Science and Chess which have been postured by surely understood Mathematicians and Chess players. In like manner, we are not keen on uncovering truths, for instance, from the Theory of Knowledge, Psychology, Epistemology or going further into the specialized and complex parts of Chess.  In the first place, let us analyze a few characteristics of Mathernatics.  Individuals having poor involvement in Mathematics trust that knowing how to include, subtract, increase or separation empowers them to say that they could ace Mathematics. Others having some aptitude in performing fa

Exotic Foods That Can Actually Kill You

Tags :   Food, Fruits, Video, Youtube, Facts This Post Was Published On My Steemit Blog .  Earned : $04.76 SBD Converted to USD @0.9108$ Rate = $4.3354 USD .  First Time heard about Steemit ? Click Here To Know...

Visiting deep inside the Sundarbans & spent days with Bawali - Episode #16

In the last October-November I visited Sundarbans, the world's one of the largest mangrove forest. It was also declared as world heritage site by UNESCO in 1997. In this forest a numerous wildlife species exist - birds, reptiles, fishes, amphibians and also the king of the forest "Royal Bengal Tiger". The ganges dolphins & crocodiles are also living in the canals of Sundarbans. Chital is a one kind of spotted deer living in this forest. The rural life in the area of this coastal forest is also very attractive. They basically maintain their lives by collecting honey, woods and fishes. In the native language they are called as Bawali. I spent some days with them. Here I share some of my tour photographs of Sundarbans and Bawali -- Kewra, one kind of mangrove tree grows in Sunderbans Main Mangrove trees in Sundarbans (from left)- Gewa (Excoecaria agallocha L.) , Kewra (Pandanus odoratissimus), Sundori (Heritiera littoralis) and Golpata (Nypa fruticans) Camera :
Back to Top