Timeline for What are bitcoin miners really solving?
Current License: CC BY-SA 3.0
16 events
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| Apr 21, 2016 at 15:31 | history | edited | Stéphane Gimenez | CC BY-SA 3.0 |
deleted 1 character in body
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| Jun 4, 2014 at 17:07 | vote | accept | Patoshi パトシ | ||
| Apr 29, 2016 at 3:30 | |||||
| May 1, 2014 at 12:39 | comment | added | keremispirli | 2) The transaction to be added to current block, the one that caused me and all(?) others to restart the calculation. How does it come to me? And also, 3) Why would I accept it for 0.001 btc if I am to find a new block and get 25 btc? Thanks Stephane! | |
| Apr 30, 2014 at 10:47 | comment | added | Stéphane Gimenez | 1) Yes everyone starts over, if you build on top of an old block there's little chance your blocks will be part of the longer chain and they will be disregarded by the rest of the network. There is no guaranty that a block is find within 10 minutes, it's just an average statistical outcome. 2) What transaction? Blocks are broadcast by whoever mined them and relayed by other nodes. 3) Nothing forces you to include all pending transactions, but the more transactions you include the more fees you can collect. | |
| Apr 28, 2014 at 17:24 | comment | added | keremispirli | Wow, great answer! There're a couple of things I still couldn't get my head around though: Let's say you've been searching for a solution for 6 minutes and there comes a new transaction. 1) what happens now? if I have to start over, then that sounds like everyone has to start over. Then how can blockchain guarantee to find a block in ~10 minutes? 2) How does that transaction come to me anyway? 3) What if I find a solution for this block and then a new transaction comes to me from some other node who accepted it for the block I just closed? | |
| Dec 2, 2013 at 9:13 | comment | added | Tobias Kienzler | This basically sounds like a nice (simplified) summary, but at what point does the bitcoin network accept this as the next valid block, and what happens in the (unlikely) event that two different miners managed to submit a valid block almost simultaneously? | |
| Jul 1, 2013 at 20:39 | comment | added | Stéphane Gimenez | @Reonarudo, not exactly, this is a very simplified sketch of what is actally done. Transactions are made with scripts which are often made from adresses, you can find more info on the Bitcoin wiki. | |
| Jul 1, 2013 at 20:35 | comment | added | Leonardo Marques | So normally I would just append my wallet address in the end between - and --? | |
| Jul 1, 2013 at 20:33 | comment | added | Stéphane Gimenez | @Reonarudo: the simplest is to use one of your addresses to produce a single standard output to be spent, but you can forge any kind of custom transaction with custom scripts as well if it pleases you (you are allowed a +25 BTC total balance for this transaction, additionnal inputs were not allowed some time ago, but maybe they are now). | |
| Jul 1, 2013 at 17:05 | comment | added | Leonardo Marques | "And this the hash of one special transaction that you just crafted and which gives 25BTC (the current reward) to yourself: 916d849af76" How is this transaction crafted? | |
| Apr 4, 2013 at 8:59 | history | edited | Stéphane Gimenez | CC BY-SA 3.0 |
fixing little glitches
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| Mar 6, 2013 at 23:54 | vote | accept | Patoshi パトシ | ||
| Dec 24, 2013 at 16:23 | |||||
| Mar 1, 2013 at 18:54 | comment | added | makerofthings7 |
Also your example is conceptually heading in the right direction, but the real success is when the sha256 hash of the header is less than the target. Example target: 00000000000001ae00000000000000 is greater than 00000000000001adf44c7d69767585 <-- this would be a valid hash.
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| Mar 1, 2013 at 18:50 | comment | added | makerofthings7 | Note that you're not actually "counting zeroes". In reality approximately the first four non zero numbers are being compared with something called a "target". This is stored in compact form in each block in a field called "bits". | |
| Feb 28, 2013 at 18:52 | history | edited | Stéphane Gimenez | CC BY-SA 3.0 |
deleted 3 characters in body
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| Feb 28, 2013 at 18:46 | history | answered | Stéphane Gimenez | CC BY-SA 3.0 |