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Mining Pools - What Are Bitcoin Miners Really Solving? - Bitcoin Stack Exchange
Trading Futures Bitcoin. Expand your choices for managing cryptocurrency risk with new CME Ether futures developed by the leading, most diverse, and regulated derivatives marketplace, home to Bitcoin futures and trading futures on bitcoin options. Bitcoin Monster is a new decentralized and anonymous cryptocurrency. Bitcoin Monster was developed and created by a solid developers that have a same vision. Our main goal is to make instant and private payments and with Masternode System that will ensure stable return on. You signed in with another tab or window. Reload to refresh your session. You signed out in another tab or window. Reload to refresh your session. To refresh your session. IF Wall Street embraces Bitcoin, there will be monster BTC rallies. Total Bitcoin is limited to 21 million. At $20k per coin, total market cap (after all coins have been mined) is $410 billion. That's tiny in comparison to other markets such as currencies, bonds and equities.
As with mining, what are the bitcoin miners really solving? I read they are solving hashes, but what does that really mean. Can we see what they are solving? Can someone give an example of what a bitcoin mining machine sees to solve? Related: bitcoin.stackexchange.com/q/148/153 Stephen Gornick Feb 28 '13 at 23:52 Ok but WHAT data are we mining! Nobody seems to know. I don't care how it works I want to know where the data is coming from that bit mining is decryption or encrypting. user10225 Dec 5 '13 at 20:18 They try to find a random nonce (a little random data) that goes into a block and makes the block have a (SHA256) hash that (in binary) starts with a certain amount of 0's. The more zeroes the more rare hash is. A good hash' outcome is not predictable, and so you have to try a lot of times to find a good nonce. The amount of zeroes are based on how difficult it is supposed to be to find a block. In Bitcoin it adjusts to have a new block every 10 minutes (on average, given the rate at which previous blocks are found). Interesting: because the hashes are unpredictable it doesn't matter how the nonce changes! Most of the time it's just a number counting upwards from 0! Here is an extremely simplified sketch of the problem, but it should give a pretty good idea of what the problem is. This is the hash of the lastest block (shortened to 30 characters): These are the hashes of a few valid transactions waiting for inclusion (shortened). And this the hash of one special transaction that you just crafted, which gives 25BTC (the current reward) to yourself: 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: 00000000000001adf44c7d69767585Continue reading >>
The Hard Math Behind Bitcoin's Global Warming Problem
The Hard Math Behind Bitcoin's Global Warming Problem The Hard Math Behind Bitcoin's Global Warming Problem The Hard Math Behind Bitcoin's Global Warming Problem Let me freak you out for a second. You know what bitcoin is, right? I mean, no, but quickly, its a cryptocurrency thats basically secret computer money. One bitcoin, which doesnt actually have a real, physical form, is worth at this moment upwards of $16,000 . But to get one, you either have to buy them from online exchanges or use specialized computing hardware to mine it. That last bit is where the freak-out comes in. In a report last week, the cryptocurrency website Digiconomics said that worldwide bitcoin mining was using more electricity than Serbia. The country. Writing for Grist, Eric Holthaus calculated that by July 2019, the Bitcoin peer-to-peer networkremember BitTorrent? Like thatwould require more electricity than all of the United States. And by November of 2020, itd use more electricity than the entire world does today. Thats bad. It means Bitcoin emits the equivalent of 17.7 million tons of carbon dioxide every year, a big middle finger to Earths climate and anyone who enjoys things like coastlines, forests, and not dying of mosquito-borne diseases. Refracted through a different metaphor, the Bitcoin P2P network is essentially a distributed superintelligence utterly dedicated to generating bitcoins, so of course it wants to convert all the energy (and therefore matter) in the universe into bitcoin. That is literally its job. And if it has to recruit greedy nerds by paying them phantom value, well, OK. Unleash the hypnocurrency! The idea of bitcoin still has the whiff of geniusa digital currency as untraceable and trustworthy as cash, unfettered from nationality and physicality, with egalitarianiContinue reading >>
Bitcoin And Blockchain: What Math Puzzle Do Miners Actually Solve? Example With Real Transactions
I would recommend Antonopoulos' book to anyone aspiring to learn about technical nitty gritty of bitcoin. And the following is a great video lecture series taught by Princeton professor and PhDs. It consists of 12 sessions (combined duration: 15-16 hours). An individual will ask these two basic questions to justify a currency' value: Can I trust the money is authentic and not counterfeit? Can I be sure that no one else can claim that this money belongs to them and not In order to maintain integrity and prevent double spending, bitcoin implements consisting of: A decentralized peer-to-peer network (the bitcoin protocol) A public transaction ledger (the blockchain) A decentralized mathematical and deterministic currency issuance (distributed A decentralized transaction verification system (transaction script) We'll briefly discuss point 2 (blockchain) and 3 (mining) to answer our question regarding bitcoin creation. The below image illustrates the bitcoin peer-to-peer network and connected participants, a transaction issued and relayed by a bitcoin user with his private key and validation of that transaction by miners. Below is an extended illustration of connected participants in bitcoin network: Figure: The extended bitcoin network showing various node types, gateways, and Suppose that Alice transfers 1 BTC to Bob in exchange for a high-end gaming laptop, Pete transfers 0.001 BTC for a pizza and there are many more such transactions. Currently a block consists of around 1000-2500 transaction. Now let's see how miners validate the transactions. In other words, miners check if the issuer is the rightful owner (holder of private key) of coins to associated bitcoin address. A miner verifies all such transactions and includes in a block. If the miner can add this block to eContinue reading >>
Cryptography - Which Hard Mathematical Problems Do You Have To Solve To Earn Bitcoins ? - Mathoverflow
Which hard mathematical problems do you have to solve to earn bitcoins ? A virtual currency called bitcoins has been in the news recently. It is said that in order to 'mine' bitcoins, you have to solve hard mathematical problems. Now, there are two kinds of mathematical problems. The difference is best explained by the following beautiful quotation from Langlands : [T]here is an appealing fable that I learned from the mathematician Harish-Chandra, and that he claimed to have heard from the French mathematician Claude Chevalley. When God created the world, and therefore mathematics, he called upon the Devil for help. He instructed the Devil that there were certain principles, presumably simple, by which the Devil must abide in carrying out his task but that apart from them, he had free rein. Both Chevalley and Harish-Chandra were, I believe, persuaded that their vocation as mathematicians was to reveal those principles that God had declared inviolable, at least those of mathematics for they were the source of its beauty and its truths. They certainly strived to achieve this. If I had the courage to broach in this paper genuine aesthetic questions, I would try to address the implications of their standpoint. It is implicit in their conviction that the Devil, being both mischievous and extremely clever, was able, in spite of the constraining principles, to create a very great deal that was meant only to obscure Gods truths, but that was frequently taken for the truths themselves. Certainly the work of Harish-Chandra, whom I knew well, was informed almost to the end by the eort to seize divine truths. Question Which kind of mathematical problems do you have to solve in order to mine bitcoins ? Let me clarify that I'm not interested in mining, only in knowing whether the prContinue reading >>
The Insanity Of Bitcoin, Explained
If youve been paying attention to the news, you might have heard that digital currency Bitcoin is currently the talk of Wall Street after skyrocketing in value to trade at over $1,000 . Thats no mean feat for a virtual currency with no real-world representation that is, in effect, the collective hallucination of the worlds hackerspace. But if Bitcoin isnt real, how does it work? There are some incredibly thorough write-ups about Bitcoin on the web, but if you want to learn about the worlds first all-digital currency, there are few ways more enjoyable than this beautifully animated three-minute short. It makes learning about Bitcoin as fun as dropping a tab and hitting the planetarium for a Pink Floyd laser show. This video makes learning about Bitcoin as fun as dropping a tab and hitting the planetarium for a Pink Floyd laser show. That Bitcoin Explained is so beautiful should be no surprise. Created by director Duncan Elms, recipient of an Honorable Mention at the 2013 Kantar Information is Beautiful Awards, the films design pedigree is top-notch, with a cyberpunk visual style that looks like Neuromancer come to life. Thats a wholly appropriate aesthetic, as the idea behind Bitcoin itself is something that seems like it came out of a William Gibson novel. So what is Bitcoin? Essentially, Bitcoin is a digital currency created by a decentralized network of millions of computers. In this network, setting your computer to the task of solving increasingly complicated mathematical problems creates Bitcoins. Every time a computer solves the algorithm, its owners are awarded a certain number of Bitcoins. But theres a rub: the math problems Bitcoin asks computers to solve become more complicated roughly every 10 minutes, while the rewards for successfully solving those problem Continue reading >>
Bitcoin Demystified: Math Vs. Government
12/02/2013 05:22 pm ETUpdatedDec 06, 2017 This article is part 2 of a 3 part series that becomes progressively more technical. For necessary background on Bitcoin, see part 1 . The author will be holding a Q&A call-in session this Thursday, December 5th. You can submit a question at the bottom of this article. Selected questions will be published in a podcast. Bitcoins success as a currency is a feat of mathematics and cooperation of the individuals that have lent their machines as nodes to the Bitcoin network. The United States Government maintains the circulation of Dollars, but no central government or agency regulates Bitcoin. Yet there is no Bitcoin inflation, no theft, no fraud, and no lasting discrepancy over the public ledger of transactions made. This article begins to explain how Bitcoin functions so seamlessly. First of all, there is a network of nodes. Individuals have incentives (such as mining rewards or collecting transaction fees) to contribute their computing resources and join as nodes on the network. These nodes are really just servers - computers plugged into the Internet - which are running Bitcoin software. A node might be a teenager keeping her computer on running Bitcoin software in her basement while shes at school, or someone running software in the cloud. Anyone can be a node. Every time a new transaction is made with Bitcoin, all of the nodes in the network record the transaction in their ledgers. The nodes are in constant communication and work to share each transaction with each other so that they can come to a consensus and prevent their transaction ledgers from differing. This ledger is a database of every Bitcoin transaction that has ever been executed. It is constantly growing with new transactions and is broken into units called blockContinue reading >>
Everything You Need To Know About Bitcoin Mining
Where do bitcoins come from? With paper money, a government decides when to print and distribute money. Bitcoin doesn't have a central government. With Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine. Bitcoin miners help keep the Bitcoin network secure by approving transactions. Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure. Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere. Visualize and Download High-Resolution Infographic Bitcoin mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. Individual blocks must contain a proof of work to be considered valid. This proof of work is verified by other Bitcoin nodes each time they receive a block. Bitcoin uses the hashcash proof-of-work function. The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a 'subsidy' of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner as weContinue reading >>
8 Answers - What Are Bitcoin Miners Actually Solving? What Kind Of Math Problems Are They Solving And What Do They Achieve By Solving Them?
What are Bitcoin miners actually solving? What kind of math problems are they solving and what do they achieve by solving them? Earn a master's in 18 months entirely online. No admission exam. Advance your career with software design and programming courses offered entirely online. Okay. Bear with me. This may get technical. Every miner or mining pool puts together a block which is a basket of verified transactions that they want to publish to the public blockchain. Once they have that block they then have a unique 'puzzle' to solve. Unique because it depends on the specific block they are trying to build (and everyone's is more or less unique). Okay. Still with me? The have to run that block data through a hash algorithm. Think of it as a trash compactor. Like the one on the Death Star, detention level. Let's say that each time the compactor is activated, the contents are mashed into a random mess of metal, water sewage, Luke, Han, Leia, 3PO and Wookie parts. The puzzle challenge is what composition of garbage after compacted will result in a Wookie head at the top of the compressed cube of garbage. There is no way to analytically calculate what original arrangement of metal, waste, sewage, serpent monster, Heros and Chewie will result in a Wookie head surfacing to the top of the compressed output so the only way to see is to continually try different initial conditions until you find one that works, IE you keep repeating the experiment dropping the heroes into the trash in different order, rearranging the composition of the existing garbage, amount of sewage etc, until you get one that has Chewie staring at you with those doggie eyes. When they get a Wookie head at the top they have found a solution to the block and they win the block reward and broadcast their solutContinue reading >>
What Is Bitcoin Mining? A Step-by-step Guide
What is Bitcoin Mining? A Step-by-Step Guide Bitcoin may be the next big thing in finance, but it can be difficult for most people to understand how it works. There is a whole lot of maths and numbers involved, things which normally make a lot of people run in fear. Well, it's one of the most complex parts of Bitcoin, but it is also the most critical to its success. As you know, Bitcoin is a digital currency . Currencies need checks and balances, validation and verification. Normally central governments and banks are the ones who perform these tasks, making their currencies difficult to forge while also keeping track of them. The big difference with Bitcoin is that it is decentralized. If there is no central government regulating it, then how do we know that the transactions are accurate? How do we know that person A has sent 1 bitcoin to person B? How do we stop person A from also sending that bitcoin to person C? What is Bitcoin Mining? In Some Ways, Bitcoin Is Like Gold One of the most common analogies that people use for Bitcoin is that it's like mining gold. Just like the precious metal, there is only a limited amount (there will only ever be 21 million bitcoin) and the more that you take out, the more difficult and resource intensive it is to find. Apart from that, Bitcoin actually works quite differently and it's actually quite genius once you can get your head around it. One of the major differences is that mining doesn't necessarily create the bitcoin. Bitcoin is given to miners as a reward for validating the previous transactions. So how do they do it? Bitcoin mining requires a computer and a special program. Miners will use this program and a lot of computer resources to compete with other miners in solving complicated mathematical problems. About every tenContinue reading >>
The Math Behind Bitcoin - Coindesk
Eric Rykwalder is a software engineer and one of Chain.com s founders. Here, he gives an overview of the mathematical foundations of the bitcoin protocol. One reason bitcoin can be confusing for beginners is that the technology behind it redefines the concept of ownership. To own something in the traditional sense, be it a house or a sum of money, means either having personal custody of the thing or granting custody to a trusted entity such as a bank. With bitcoin the case is different. Bitcoins themselves are not stored either centrally or locally and so no one entity is their custodian. They exist as records on a distributed ledger called the block chain, copies of which are shared by a volunteer network of connected computers. To own a bitcoin simply means having the ability to transfer control of it to someone else by creating a record of the transfer in the block chain. What grants this ability? Access to an ECDSA private and public key pair. What does that mean and how does that secure bitcoin? ECDSA is short for Elliptic Curve Digital Signature Algorithm. Its a process that uses an elliptic curve and a finite field to sign data in such a way that third parties can verify the authenticity of the signature while the signer retains the exclusive ability to create the signature. With bitcoin, the data that is signed is the transaction that transfers ownership. ECDSA has separate procedures for signing and verification. Each procedure is an algorithm composed of a few arithmetic operations. The signing algorithm makes use of the private key, and the verification process makes use of the public key. We will show an example of this later. But first, a crash course on elliptic curves and finite fields. An elliptic curve is represented algebraically as an equation of theContinue reading >>
What Is This 'mathematical Problem' That Mining Computers Have To Solve To Enter A Block In The Blockchain? : Bitcoin
Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. News articles that do not contain the word 'Bitcoin' are usually off-topic. This subreddit is not about general financial news. Submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/CryptoCurrency is a good place to discuss all cryptocurrencies. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. Trades should usually not be advertised here. For example, submissions like 'Buying 100 BTC' or 'Selling my computer for bitcoins' do not belong here. /r/Bitcoin is primarily for news and discussion. Please avoid repetition /r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit's self-serve advertising system . Do not post your Bitcoin address unless someone explicitly asks you to. Be aware that Twitter, etc. is full of impersonation.Continue reading >>
Block - Bitcoin Wiki
Transaction data is permanently recorded in files called blocks. They can be thought of as the individual pages of a city recorder's recordbook (where changes to title to real estate are recorded) or a stock transaction ledger. Blocks are organized into a linear sequence over time (also known as the block chain ). New transactions are constantly being processes by miners into new blocks which are added to the end of the chain and can never be changed or removed once accepted by the network (although some software will remove orphaned blocks). number of bytes following up to end of block Each block contains, among other things, a record of some or all recent transactions , and a reference to the block that came immediately before it. It also contains an answer to a difficult-to-solve mathematical puzzle - the answer to which is unique to each block. New blocks cannot be submitted to the network without the correct answer - the process of ' mining ' is essentially the process of competing to be the next to find the answer that 'solves' the current block. The mathematical problem in each block is extremely difficult to solve, but once a valid solution is found, it is very easy for the rest of the network to confirm that the solution is correct. There are multiple valid solutions for any given block - only one of the solutions needs to be found for the block to be solved. Because there is a reward of brand new bitcoins for solving each block, every block also contains a record of which Bitcoin addresses or scripts are entitled to receive the reward. This record is known as a generation transaction, or a coinbase transaction, and is always the first transaction appearing in every block. The number of Bitcoins generated per block starts at 50 and is halved every 210,000 blocContinue reading >>
Bitcoin's Mathematical Problem
Tutorials focusing on Linux, programming, and open-source How 'mining' works is at the very heart of Bitcoin. It is often brushed over and simply referred to as 'complicated math' in the media , but it's actually quite simple to understand even if it is computationally intensive to solve. Most of the content in this post comes from a post on Reddit that I have edited, reformatted, and elaborated on. Feel free to read the original post if you prefer. Understanding hashes is the first step in understanding mining. A hash will take an input of any length, and generate is seemingly randomised output of a specific length. The same input will always generate the same output, but changing just one character will drastically change the output. For example, a948904f2f0f479b8f8197694b30184b0d2ed1c1cd2a1ec0fb85d299a192a447 is the hash of hello world, and 30e731839774de9ea08ff1adb8aa6b638e05f64900d005f84aea563cab0092b5 is the hash of hello worle. This behaviour makes it very difficult to predict what input gives a particular output. For example, what input gives aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa as a hash? It's effectively impossible to work it out. People will often build lookup tables that map these inputs to outputs in order to perform quick reversals later. These tables are called rainbow tables and rely on the input already having been hashed. The second step is to get the idea of a proof of work. It might be impossible to find a hash specifically with a string consisting of nothing but the letter 'a' but what if we asked for a hash with a single zero at the front? Altering the last letter of hello world took 26 attempts to finally get hello worlC which equates to 0d7eae0f646102a05716b3ab0309c2ccc2952c0b3420b4aabb24ff969a320f8c Why is this usefuContinue reading >>
Bitcoin Mining Explained Like Youre Five: Part 2 Mechanics
Bitcoin Mining Explained Like Youre Five: Part 2 Mechanics In Part 1 we took a look at the incentives involved in Bitcoin mining and how they are used guarantee a single transaction history needed to prevent bitcoins from being double spent. In this post we will take more a technical look at the cryptography involved and how it is used to secure the network. As I said previously, Bitcoin is very accessible. While we will be discussing cryptographic concepts, it shouldnt discourage you from continuing further. Before moving forward we should take a moment to learn about hash functions since they are used all throughout the Bitcoin protocol. To put it simply, a hash function is just a mathematical algorithm that takes an input and turns it into an output. For example, suppose we have an algorithm which just adds all the digits in the input string together. If our input is 1234 we would get an output of 10. Simple enough. However, there are certain properties of really good hash functions that make them suitable to use in cryptography. Keep these properties in mind as they are vital to the operation of the Bitcoin protocol. It should be very easy to compute an output for any given input, however it should be impossible (given current knowledge of mathematics and the state of computers) to compute the input for a given output even while knowing the mathematical algorithm. Consider, in the above example we can easily compute an output of 10 given the input of 1234, however going in reverse isnt as easy. In this case there are many possible inputs that could add up to 10 (55, 136, 7111, etc). However, given the simplicity of our function one could still figure out the input relatively easily. Some cryptographic hash functions, on the other hand, are said to be unbreakable byContinue reading >>
By Reading This Page, You Are Mining Bitcoins Quartz
If you clicked the button above, then you are currently mining bitcoin, the math-based digital currency that recently topped $1,000 on exchanges. Congratulations. (It wont do anything bad to your computer, we promise.) New bitcoins are created roughly every 10 minutes in batches of 25 coins, with each coin worth around $730 at current rates. Your computerin collaboration with those of everyone else reading this post who clicked the button aboveis racing thousands of others to unlock and claim the next batch. For as long as that counter above keeps climbing, your computer will keep running a bitcoin mining script and trying to get a piece of the action. (But dont worry: Its designed to shut off after 10 minutes if you are on a phone or a tablet, so your battery doesnt drain). Lets start with what its not doing. Your computer is not blasting through the cavernous depths of the internet in search of digital ore that can be fashioned into bitcoin bullion. There is no ore, and bitcoin mining doesnt involve extracting or smelting anything. Its called mining only because the people who do it are the ones who get new bitcoins, and because bitcoin is a finite resource liberated in small amounts over time, like gold, or anything else that is mined. (The size of each batch of coins drops by half roughly every four years, and around 2140, it will be cut to zero, capping the total number of bitcoins in circulation at 21 million.) But the analogy ends there. What bitcoin miners actually do could be better described as competitive bookkeeping. Miners build and maintain a gigantic public ledger containing a record of every bitcoin transaction in history. Every time somebody wants to send bitcoins to somebody else, the transfer has to be validated by miners: They check the ledger to maContinue reading >>
What is BC-MONSTER (BTC)?
BC-MONSTER (BTC) is an altcoin cryptocurrency mining pool that operates by forming a group of cooperating miners who agree to share a block rewards in propostion to their hashing power contributions. By doing so they increase their chances of getting a block reward compared to solo mining which has a much lower percentage chance.
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