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)

"royalmacro" trail short update - Auto Upvote List

Today I just included a few steemians in my auto upvote list -- All posts of the following accounts must be auto upvoted by the trail after 30 minutes of publishing @gyanibilli @gamerveda @arnob @indiantraveller @nadira @libert @mindfreak @sujoy1990 @chotto @jznsamuel @munmunbiswas  [Plz activate on trail] @leohira123 @ragini00 @simaroy @atkins @drsupriya18 @jimmyrai28  [Plz activate on trail] @ronald0 @jerremie @jsantana @blacks  [Plz activate on trail] @artists @steemmeets @firepower @pharesim @steampty @rahul.stan @looftee @richman @vaibhavshah @terrycraft @slowwalker @trafalgar @ericvancewalton @papa-pepper @gavvet @benjojo @crowdfundedwhale @curie @abdullar @jlufer  [Plz activate on trail] @mgibson @funnyman  [Plz activate on trail] @elyaque  [Plz activate on trail] However, some users are delisted now but, they must be listed in the near future if they enable their account on trail. I request now the following members to enab

South Africa is participating in largest and most advanced HIV vaccine trial program; makes its own history

image credit A big step for mankind -  South Africa is participating in  HIV  (Human Immunodeficiency Virus) vaccine program. This vaccine could prevent HIV infection. The drug trial began last month. This program is called  HVTN 702 . About 5400 adults are participating in this  HIV  vaccine trial. Scientists say that this  HIV  vaccine program is the largest and most advanced trial program in South Africa.   “If deployed alongside our current armoury of proven HIV prevention tools, a safe and effective vaccine could be the final nail in the coffin for HIV,” said Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases (NIAID), which falls under the American National Institutes of Health (NIH), a co-funder of the trial.   “Even a moderately effective vaccine would significantly decrease the burden of HIV disease over time in countries and populations with high rates of HIV infection, such as South Africa.”  image credit Dr Glenda Gray  is

What I Learnt Today : 10 Unknown Amazing Facts About Animals - Part CXXXIII

  image credit (1) Japanese Macaques make snowballs for fun. (2) The chevrotain is an animal that looks like a tiny deer with fangs. (3) Turritopsis nutricula Immortal jellyfish is the only species known to live forever. (4) One million stray dogs and 500,000 stray cats live in New York City metropolitan area. Turritopsis nutricula Immortal jellyfish   image credit (5) Nine-banded armadillos always give birth to identical quadruplets. (6) The flying frog uses flaps of skin between its toes to glide. (7) It takes a sloth two weeks to digest its food.   Nine-banded armadillo   flying frogs   image credit (8) A narwhal tusk is actually an exaggerated front left tooth, and unlike most teeth, it's soft and sensitive on the outside with a tough interior. (9) Humpback whales create the loudest sound of any living creature. (10) The slowest mammal on earth is the tree sloth. It only moves at a speed of 6 feet (1.83 meters) per minute. sloth narwhal tusk   i

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

Before A Heavy Rainfall

I clicked at the exact time ; after about 5 minutes rain started Location : Dakshineswar, Kolkata Snap taken : 02 August 2016 Camera : Xiaomi ; model - 2014818 Tags : Photography, Nature, Landscape photography, Flowers & Plants photography, Sky,  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

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 , 

Deadliest Ancient Indian Weapons

Today here I introduce some ancient destructive weapons which were used in India during 100 to 700 A.D.   My visit : Collections of ancient Indian weapons, Chennai Museum     10. Bhuj, Or Kirpan (Dagger)   image credit     image credit     image credit This kind of dagger were mostly used in India during duels. These daggers are small in shape & size, 6-10 inches long and 2-4 inches wide. Weight is up to 500 grams. This dagger is made of steel, jade, gold, diamond, emerald, ruby, agate etc. These daggers were not popular in the wars, only popular for hand-to-hand fighting.  09. Valla Or, Shul (Spear)   image credit     image credit     image credit Valla were very popular in the wars, because, attackers could use it in keeping themselves from safe distances. It has a long sharp steel bladed head. Length is up to 40 inches & weight is up to 5 kilograms.  08. Trishul (Triple bladed spear)   image credit     image credit    

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

The Real Face Of India - Episode 118

The Real Face Of India - Episode#118 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 : 22 Jan 2018   Camera : SONY, Model : DSC-W710 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 ,  Epi

Amazing arts by unknown artists - Series #31

I captured all these art photographs in the Kolkata Book Fair, 2018. I tried to know the original artists of these awesome arts, but, failed. Enjoy this awesome arts. All credits goes to the unknown artists :) To Be Continued.. Previous 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 Tags : Art, Drawing, Fine arts, Painting, 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
Back to Top