Minage bitcoin explication of a poem
I just had a thought of writing a haiku to bitcoin but you have captured everything here. This should be read each time someone transacts with bitcoin. It should be a requirement to read it especially before selling bitcoin. This is a work of art! Beautiful, accurate and complete - bitcoin in poetry.
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Popular US Stocks Traded on POEMS in April 2021
Nowadays, to have a serious chance of winning the prize you need a specialised computer system — ideally, hundreds or thousands of computers, linked together in a network. Bitcoin mining uses a lot of electricity. Each individual machine consumes about two kilowatts, around the same as a domestic electric heater.
A paper in the energy research magazine Joule in May estimated that bitcoin mining globally was consuming at least 2. The way it is usually solved is by keeping a centralised record of transactions, with tight controls over who can amend or add to the record. That, for example, is how your bank does it.
It is a software system. Satoshi seems to have done all the initial programming. The system was then refined by other programmers, many of whom worked on the same voluntary basis as, for example, those who contribute to and police Wikipedia. A decade later, the central features of the bitcoin system remain almost entirely unchanged.
The attractiveness of a peer-to-peer configuration had been boosted by the failure, in , of an earlier form of electronic money, eCash, developed by the computer scientist David Chaum. How, then, does a decentralised, peer-to-peer network of computers build a single, agreed record of transactions? After all, anyone can join bitcoin, and it is to be expected that some participants will be thieves or fraudsters. With an agreed record — a single version of history — in place, checking the validity of a transaction is straightforward.
You can generate as many different anonymous addresses as you like, each with its own equally anonymous digital key. If you want to send an amount of bitcoin from one of these addresses, the blockchain must contain an earlier transaction in which the address received at least that amount, and no transaction in which it has already been spent.
A bitcoin is not a discrete thing — not even an electronic thing — that you own. When a bitcoin user initiates a transaction, their computer system dispatches a message embodying the transaction to other computers in the bitcoin network. Those systems retransmit the message, and eventually it reaches all or nearly all of the network.
As far as I can see, though, there are no grounds for worrying that the NSA has built a subtle flaw into the software so that it can decrypt messages scrambled using SHA It would in any case have been foolish to insert a back door into cryptographic techniques that were going to be used widely in the civilian world. Those techniques are central to everyday electronic commerce and to the global financial system. If the bad guys discovered the back door, chaos would ensue.
The standard written form of an SHA hash is not a long string of binary digits but a sequence of 64 characters, each of them either a decimal digit or one of the first six letters of the alphabet. For a modern digital computer SHA hashing is a very straightforward operation. Hashing has another important property. In this case, it becomes:.
That extreme sensitivity to the tiniest detail of the input makes hashing an excellent technique for building a permanent record of transactions.
Suppose just one aspect of a single transaction is altered perhaps several years ago someone received one bitcoin and now tries to alter that to ten bitcoins. The hash of every subsequent block would too, making it clear that the blockchain had been tampered with. Bitcoin would work perfectly well, technically speaking, with just a single miner doing all this hashing.
The miner would need only a standard computer; the electricity consumption would be minimal. The miner would have the power, for example, to exclude transactions from the blockchain, to demand excessive payments for including them, or to alter their details.
Hence the need for multiple miners, each acting as a check on the others. Originally, the requirement was for only a small number of zeros, but as more and more computer power gets devoted to mining, the bitcoin software automatically increases the difficulty of the computation by requiring a greater number of zeros.
Here, to pluck an example at random, is the successful hash of block , mined at 4. UK time on 5 September If you translate that hash back into a string of binary digits, it begins with 75 zeros. You have to try a gigantic number of hashes before you can expect to find one like that, which is why mining consumes so much electricity.
If a miner ran just the block through the hash algorithm, they would always get the same result and therefore rarely get a hash below the threshold — the nonce is the varying factor. Since there are more than four billion such numbers, there are a lot of nonces to try. The person who is first recorded as taking this approach to mining is a Hungarian-American programmer called Laszlo Hanyecz.
With his graphics chip, Hanyecz overpowered the original bitcoin miners, who were using standard computers, and soon he was winning a disproportionate number of newly created bitcoins. What finally turned mining from an amateur into a predominantly professional activity was the introduction, from onwards, of ASICs, or application-specific integrated circuits. Because SHA hashing is such a simple operation, it is possible though far from cheap to design and have someone build a chip that has many separate processor circuits, each of which hashes independently of the others.
The most prominent of the firms that does this is Bitmain. There is no hope of your laptop successfully competing against an Antminer. Before you buy, note that Bitmain has been earning more money selling Antminers than it does by mining with them.
As the saying goes: in a gold rush, sell shovels. Each S9 Hydro gobbles up 1. The reason is that the cheaper and more efficient hashing becomes, the more of it miners in the aggregate do in their efforts to win the prize.
The rationale seems to be that in the absence of a centralised form of broadcasting, the messages containing transactions and successfully hashed blocks of transactions percolate only relatively slowly through a globally distributed network of computers. If mining were too fast a process, different segments of the network might start to treat different blocks as the one most recently mined, and so get out of sync with each other. The bitcoin system is therefore designed to ensure that it takes an average of around ten minutes before any miner anywhere manages to discover a nonce, or a pair of nonces, that generates a hash with the right number of zeros.
That makes mining a treadmill. Suppose the computing power devoted to mining increases. Blocks will then start to be successfully hashed in less than ten minutes. These adjustments happen every blocks, or roughly every fortnight. Conversely, if the aggregate computer power devoted globally to mining falls this has been much less common , the system keeps to the ten-minute target by making mining a little easier, in other words requiring slightly fewer zeros.
However, many miners found that what they were earning was insufficient to pay their very large electricity bills, so they had to switch off their Antminers. By the start of December, the aggregate hash rate had halved. The townspeople of St Albans stormed its imposing Benedictine monastery, whose abbot was their feudal overlord.
They burned the rolls, the records of the manorial courts. Throughout the Middle Ages in Europe, feudal lords such as the abbot had sought to suppress handmilling and replace it with windmills or watermills, because they were easier to police.
If peasants or townspeople could mill in private, it was harder for their lords to exact what they regarded as their dues.
Even as wind and water were joined by steam power, handmilling continued. But material political economy is what it is. The defence of the egalitarian, hobbyist mining of ethereum, for instance, has been only partly successful. Efforts to change bitcoin itself have to contend with a strongly entrenched status quo.
If you have more than half the total computing power, you can mine blocks faster than others can, which gives you the capacity to create a version of the blockchain that includes more hashing work and more blocks than alternative versions. Your version could, for example, exclude transactions in which you have spent bitcoin, and this could enable you to do precisely what Satoshi wanted to stop users doing: spend the same unit of currency more than once.
To prevent the mounting of a majority attack becoming an attractive proposition, the rewards of honest mining need to be kept high, and what you can earn by manipulation kept low. That, as the economist Eric Budish showed in a paper released in June last year, places real constraints on the ways in which bitcoin can safely evolve. Even what seems on the face of it to be a minor technical change to the bitcoin system can spark fierce controversy among miners and core programmers.
Yet all proposals to change the bitcoin system in order to increase its capacity have foundered — even the apparently very modest proposal to increase the maximum size of a block from one megabyte to two megabytes. Those who design and mine cryptocurrencies are intelligent people. But, as in politics generally, recognising a problem is not the same as agreeing what to do about it. There would, though, still be a worry that the user who gets selected in proof-of-stake might try to manipulate the evolving blockchain.
There remain some who doubt that measures such as this would be enough to keep proof-of-stake secure, and more than a few who think it is inherently plutocratic. There are further aspects of bitcoin that are, in a broad sense of the word, political. You might think, for example, that each bitcoin would be worth the same as every other bitcoin — that, after all, is how money is supposed to work. But the history of a particular bitcoin matters.
A dollar bill can bear traces of its history cocaine, explosives etc , but a bitcoin is its history. Although bitcoin transactions are anonymous, they are recorded, publicly and indelibly, in the blockchain. Sometimes, the chain that constitutes a particular amount of bitcoin includes a bitcoin address which, it transpires, has been used in, say, theft, money laundering, or the sale of weapons or illicit drugs.
The fear of taint — of, for example, a legal demand for the return of allegedly stolen coins — has deterred some mainstream financial organisations, such as institutional investors, from getting involved in bitcoin.
Others, it is reported, have been paying a premium of around 20 per cent to buy, direct from miners, new coins, because they are free of history and therefore of the risk of taint. Governments are good at cutting off the heads of … centrally controlled networks like Napster, but pure P2P [peer-to-peer] networks like Gnutella and Tor seem to be holding their own.
Politics saturates bitcoin and the numerous rival cryptocurrencies it has inspired, and the question of whether and how their political problems can be solved remains open. It was an adaptation of an earlier proposal by, among others, the British programmer Adam Back.
Nathaniel Popper tells the story in his history of bitcoin, Digital Gold Read More. For highlights from the latest issue, our archive and the blog, as well as news, events and exclusive promotions.
Newsletter Preferences. This site requires the use of Javascript to provide the best possible experience. Please change your browser settings to allow Javascript content to run. In the latest issue:. African European History Imaobong Umoren. Pick a nonce and try a hash Donald MacKenzie.
How to buy Bitcoin (BTC) in Singapore
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Text Mining Crypto Art
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Bitcoin Mining Giant Bitmain Raked in $3 to 4 Billion in Profits Last Year
I give you a slip of paper or, more likely these days, a piece of plastic. You hand me eggs or butter or a White Chocolate Mocha Frappuccino, and we both walk away satisfied. With cryptocurrency, the arrangement is more like a shared metafiction, and the instability of the genre is, presumably, part of the thrill. Dogecoin, a cryptocurrency that was created as a spoof, has risen in value by eight thousand per cent since January, owing to a combination of GameStop-style pumping and boosterish tweets from Elon Musk. On Tuesday, which backers proclaimed DogeDay, the cryptocurrency was valued at more than fifty billion dollars, which is more than the market cap of Ford. Coinbase, a cryptocurrency exchange, went public last Wednesday; almost immediately, it became worth more than G.
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Proof of elapsed time PoET is a blockchain network consensus mechanism that prevents high resource utilization and energy consumption; it keeps the process more efficient by following a fair lottery system. The algorithm uses a randomly generated elapsed time to decide mining rights and block winners on a blockchain network. By running a trusted code within a secure environment, the PoET algorithm also enhances transparency by ensuring lottery results are verifiable by external participants. A consensus mechanism is a method used by blockchain networks to verify transactions and create more blocks.
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It is possible to tell, this :) exception to the rules
Thank you, left to read.
We need to try everything