New answers tagged

1

Agree with David's answer, but the security detriments of ASIC resistance (of which there are many) is somewhat besides the point. The entire value proposition of bitcoin, and what makes it so valuable above all other coins, is that it cannot be controlled by humans. If such a large change were to be made, the chain would not be considered "bitcoin"...


0

I essentially disagree with David Schwartz here. The aim of bitcoin was decentralisation, and never high prices. And to say commodity hardware promotes the idea of attacking the chain is simply ridiculous. Why will anyone who has the ability to bring so much malicious hardware together, will ever use it to make all his bitcoin useless? Since compound ...


3

We need more than one miner because ... We must avoid centralisation as a goal of Bitcoin is to avoid the need for trusted third parties. We need miners to invest sufficient work to make the Blockchain effectively immutable. Otherwise we lose any agreement about who has money. This requires a competitive set of participants who undertake mining. It requires ...


2

One way to think about bitcoin mining is to phrase it in terms of a lottery. The bitcoin network essentially hosts a sequence of lotteries, and the protocol is designed (and enforced by nodes) such that, on average, the time between one lottery and the next is ten minutes. Those who are interested in buying tickets for these lotteries (miners or prospective ...


1

Because there's a new block every 10 mins in Bitcoin and even less time in other cryptocurrencies, ie ur a miner probability of winning increases with the number of blocks. Also, many miners join mining pools where the pool divides the reward bet participants according to the no of hash Trials they performed (how much did they pay or work) not according to ...


7

The time to produce the next block is completely unaffected by the number of unconfirmed transactions. The time is generally expected to follow a Poisson distribution as explained in answers to a related question. I'm no statistician so what follows may be nonsense: A Poisson distribution with a lambda of 6 shown as a probability mass looks like this So in ...


1

To generate the proof of work your program first creates a block template from a set of transactions. The first transaction is normally called a coinbase transaction and it is invented by the miner, it has outputs of the miner's choosing, typically it pays the miner. It has no explicit inputs, the sum of outputs is no more than sum of transaction fees from ...


2

If you want to mine bitcoin then you should buy a bitcoin ASIC miner and run it yourself. Do the necessary research first. Almost all cloud mining services are scams. But there have been a (very) few that were not - although they were not profitable for customers. So there are two possibilities: You pay someone 1.0 BTC and they run off with your bitcoin. ...


2

Alice has 1 bitcoin. Alice sends that same bitcoin to both Bob and Charlie, forming two different transactions, both valid. The next day, Bob sends a transaction sending his bitcoin to Ed while Charlie sends a transaction sending his bitcoin to Felix. How do we guarantee that George, Heather, Ilene, and John eventually agree who has which bitcoins even if ...


1

See What is the meaning of difficulty in Bitcoin mining? Proof-of-Work mining facilitates the creation of an ordering of transactions that is the same ordering in every part of the world. Without some such mechanism, due to the properties of network propagation, a node in L.A. would receive transactions in a different order than one in Auckland. Each would ...


0

You need miners so the network is not centralized. Who can write to the ledger is the key question. The Bitcoin is a synergy of ideas, all the ideas together make it work. Mining itself doesn't solve double-spend. Look at your bank they don't have miners. Mining helps solve the problem of security of who gets to write to the ledger. So mining is part of ...


-2

Once upon a time a golden dragon arose from its 12-year slumber gazing across the mortal realm. Its booming declaration in fiery breath through pursed lips and laser eyes like slits echoed from sea to sea: "Ridiculousness," roared the dragon! The People in unison wondered, "WTF?" Think, People. There is an amobinable snowman's chance in ...


5

Miners have complete perogative over what transactions to include. They may include random transactions, the highest fee paying transactions, just their own transactions, or no transactions at all. If a miner doesn't include a particular transaction from their mempool, it stays there. It will be available for later miners to pick it up and include in their ...


0

Block time was determined by Satoshi Nakamoto as a tradeoff between 2 factors 1.Network latency: After a block is mined, it takes some time for other miners to find out about that node and during that time, actually other miners are still competing (which means mining) against that block instead of adding that block to the chain. This leads to the waste of ...


Top 50 recent answers are included