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Thus, cryptographic hashing becomes a good way to implement the Bitcoin "proof-of-work". But once you find an input that gives the value you want, it's easy for anyone to verify the hash. With a cryptographic hash, there's no way to get a hash value you want without trying a whole lot of inputs. A hash takes a chunk of data as input and shrinks it down into a smaller hash value (in this case 256 bits). Mining requires a task that is very difficult to perform, but easy to verify.īitcoin mining uses cryptography, with a hash function called double SHA-256. With the possibility of receiving $15,000 every 10 minutes, there is a lot of money in mining. For each block mined, miners currently get 25 new bitcoins (currently worth about $15,000), which encourages miners to do the hard work of mining blocks. Īs long as nobody has more than half the computational resources, mining remains competitive and nobody can control the blockchain.Īs a side-effect, mining adds new bitcoins to the system. It also ensures that nobody can tamper with blocks in the chain since re-mining all the following blocks would be computationally infeasible.
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This blockchain ensures that everyone agrees on the transaction record. Įach mined block references the previous block, forming an unbroken chain back to the first Bitcoin block. It takes an insanely huge amount of computational effort to mine a block, but it is easy for peers on the network to verify that a block has been successfully mined. Mining is made very, very difficult, a technique called proof-of-work. Solving those problems is the key innovation of Bitcoin: Conflicting or invalid transactions aren't allowed into a block, so the double spend problem is avoided.Īlthough mining transactions into blocks avoid double-spending, it raises new problems: What stops people from randomly mining blocks? How do you decide who gets to mine a block? How does the network agree on which blocks are valid? The solution in Bitcoin is to mine the outstanding transactions into a block of transactions approximately every 10 minutes, which makes them official.
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The main problem with a distributed transaction log is how to avoid inconsistencies that could allow someone to spend the same bitcoins twice. Instead, the log of all transactions is distributed across the network. The primary importance of mining is to ensure that all participants have a consistent view of the Bitcoin data.īecause Bitcoin is a distributed peer-to-peer system, there is no central database that keeps track of who owns bitcoins. But that's really just a secondary purpose. In this article, I show what happens next: how a transaction gets mined into a block.īitcoin mining is often thought of as the way to create new bitcoins. My previous article, Bitcoins the hard way described how I manually created a Bitcoin transaction and sent it into the system. If you've ever wondered what really happens in Bitcoin mining, you've come to the right place. This article explains Bitcoin mining in details, right down to the hex data and network traffic.