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The bitcoin community would have to decide that they don't particularly care about having significant security anymore. ASIC-resistance weakens the security of proof of work chains because it eliminates the need to invest in a chain in order to attack it. Someone who owns lots of expensive ASICs will not want to let them be used to attack the chain they are ...


3

Miners don't receive rewards from anyone else - they give the reward to themselves as the output of the coinbase transaction, which includes the block subsidy and any fees from the txs in that block. They then broadcast this block to everyone else. Each node that receives the block independently validates it to ensure it meets consensus rules (has a valid ...


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When miners build valid blocks with transactions, they put in significant amount of compute work to generate a hash of the block header that meets the difficulty requirement. Blockchain is a chain of blocks where each block header references the hash of the header of the previous block. The hash of the block header is calculated using all the elements of the ...


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he is inputting any arbitrary values, in order to get a value that can be hashed into something with certain preceding zeros. When he got that value, he put that value into the blockchain and generate a new block. It happens in reverse. First the miner builds the new block itself. Then builds its header, then hashes that header. Also what the miner looks ...


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There is no "consensus algorithm" that starts and stops as you are asking. There isn't a timer and there isn't anything that nodes communicate other than blocks. The process of updating the blockchain (i.e. the consensus algorithm) is always running and "wakes up" whenever a new block is received. It is run by nodes by themselves as there is no need to ...


2

From my understanding, the difficulty of the network will still keep increasing when the "target" block is mined, regardless of the number of miners (yes?) No. The difficulty readjusts every 2016 blocks, based on the average time taken to mine the previous 2016 blocks. If the average is less than 10 minutes, the difficulty goes up. If greater than 10 ...


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Considering that a block is mined on average every 10 minutes and that the average time to propagate to all nodes is 12.6 seconds, I think it is pretty fair. We could also guess that the big miner have incentives to get the newly mined hash very fast so it must be lower than 12.6 for them.


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Historically, block template generation has been very slow. It was faster to send an empty template with no transactions, then wait for the mining pool to create a block template with transactions, then send the result to the miners when it was ready (in the order of ten seconds occasionally). This is no longer the case in modern versions of bitcoin core.


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1- how do miners in a network learn that there is a new transction added in one block? When a node recognizes a new block, it sends it to all the other nodes directly connected to it. It is very important for miners to build on top of the newest blocks they possibly can and to get their own blocks to as many other miners as quickly as they can (or they lose ...


0

The mining is done on ASICs that do nothing but mine. As each miner finishes a work unit, it is given another one that has already been computed and is ready to go. The computation of the work units and the selection of what to put in the block to be mined is done by a general purpose computer and does not compete for resources with mining. So, in general, ...


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Hi and welcome to Bitcoin stack I will try to give an order to your question. how do miners in a network learn that there is a new transaction added in one block? is there some party responsible for notifications or something? after getting this information, must a miner re-copy the whole blockchain to his local computer? I think don't is wrong if I ...


1

I understand a hash function is only one way function. You have an Input which produces a unique hash. This means that if multiple different parties are hashing the same input then their hash results must be identical, right? Multiple parties will never be hashing the same information. Either the parties are coordinating or they're not. If they're ...


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At least X number of leading zeroes. More leading zeroes are harder. Fewer is not hard enough! Note that any arbitrary list of digits would be equally hard. A list of all zeroes is just a convenient choice used by Bitcoin. Miners are finding a hash whose first n digits matches some arbitrary number. They do it by generating huge numbers of hashes (varying ...


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The timestamp is set by the miner and is part of the data hashed for the Proof of Work. So it is set at the time the miner begins hashing a particular header and searching for a nonce for it.


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