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Every hash attempt, regardless of who does it, or what difficulty it occurs at, is an independent evaluation of a hash function, resulting in a number uniformly distributed between 0 and 2256 - 1. Now consider the distribution of the minimum of N independent samples. See this question for a derivation, but the result is that the average of that distribution ...


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Proof-of-work as used in Bitcoin relies on finding low hashes, in other words finding hashes that begin with a certain number of zeros. To find a hash whose binary representation starts with 30 zeros, you would need to do, on average, 2^30 attempts. When you find this hash and present it, it is a proof that you have actually done about as much work. And it ...


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This post is old, but I got redirected here and read many comments. Many arguments about why the algoritm shoulndt do nothing outside the system have a workarround. Some say that the solution having an extrincic value could desestabilize the system because of usefull solutions having intrinsic value. I mean houmans are specialized in tasks and grouped by ...


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