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Bitcoin is a form of digital money that you can acquire or exchange outside of normal markets and regulations. You can install special software on your system to take Bitcoins out of a shared mining pool or access a blockchain. If you are looking for mining equipment and accessories, eBay has everything you might need to get started in this financial market. ASIC hardware is designed to work with a single process such as bitcoin mining.
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- Bitcoin Energy Consumption Index
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- Mining crypto made accessible to everyone
- How much electricity does bitcoin mining use?
- How to Increase Your Bitcoin Mining Profit
- What Does Hashrate Mean and Why Does It Matter?
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- 15 BEST Cloud Mining Sites (Bitcoin, Ethereum Mining)
Bitcoin Energy Consumption Index
Donate Login Sign up Search for courses, skills, and videos. Economics Finance and capital markets Money, banking and central banks Bitcoin. Bitcoin: Cryptographic hash functions. Bitcoin: Digital signatures. Bitcoin: Transaction records. Bitcoin: Proof of work. Bitcoin: Transaction block chains. Bitcoin: The money supply. Bitcoin: The security of transaction block chains. Current timeTotal duration Google Classroom Facebook Twitter. Video transcript A proof of work protocol is a vehicle really by which somebody can effectively prove to you that they've engaged in a significant amount of computational effort.
Proof of work protocols often amount to puzzles. And these puzzles that can, on the one hand, be challenging to solve-- and by that I mean they require some serious computational effort and really can't be short circuited-- but on the other hand, that effort can actually be easily verified, and it can be verified in far less time than it took to conduct that effort in the first place. And there are a number of applications of such protocols. So for example, if you've heard of the Bitcoin, the Bitcoin electronic payment system, that system actually leverages a proof of work scheme within the context of creating what are known as transaction block chains.
Now aside from Bitcoin, which is a very recent user of these types of proof of work schemes, these schemes have been proposed in the past for other applications. For example, proof of work schemes have been proposed for doing things like deterring denial-of-service attacks, or DoS attacks. And here the idea is that the requester of a particular service would have to solve a very specific computational problem, a proof of work puzzle, before being allowed to use a service.
And the idea here is that the computational effort exerted is effectively a way to throttle the requester. The responder can, in turn, easily check if the requester carried out the requisite work, and only if that work was carried out will the responder respond to that request for service. Now the original application for these types of proof of work protocols, the first place that I've seen it proposed, is in the context of being able to deter spam email.
And then obviously, we all know what spam email is hopefully. These are messages that you don't want in your inbox that maybe come to you in an unsolicited fashion.
And the idea here is that a proof of work protocol, it turns out it can be tied to a particular email message. And this is conceptually like affixing a postage stamp to a message, but rather than paying for that stamp using money, you're basically paying for that stamp via CPU cycles.
So for a legitimate sender who is only sending out a small number of messages, this type of proof of work protocol will not amount to very much. It's going to be a minor deterrent since it's only executed a very small number of times. It's kind of an impediment, but it's not something that's so unreasonable. Now for a spammer, who might be sending out a lot of messages, maybe hundreds of thousands, or millions of messages, it might be prohibitively expensive to repeatedly expend so many CPU cycles for each message and each sender to whom that message is being sent.
So hopefully this gives you a flavor for some of the applications of these proof of work protocols. Let me actually dive in to how they work in practice. So first of all, the way that I like to think of these protocols is that typically, they work relative to a given challenge string.
And I'm going to call this challenge string-- we'll label it with the letter c. So c's going to be kind of a challenge string. And what the person trying to engage in the protocol will do, the prover of the work, will basically try to come up with a corresponding proof that is tied to this challenge string. It's going to be kind of a response associated with this challenge.
It has a very specific mathematical property in relation to this challenge. And as you point out, maybe when I talk about a challenge string here, for example in the context of spam, this challenge string might actually represent an email message.
So it's going to be something very specific to the task at hand. Now what the prover will do is come up with a response string, and let's call the response string r. Actually, let's use the term p for it, since maybe we can think of it as a proof, a proof or a response. And the idea is that the prover will come up with this proof or response string, and he has to come up with a string such that, when you concatenate the challenge and the response, and you take the two together, and you apply a cryptographic hash function-- so let's say I come up with a cryptographic hash function, like SHA, or anything of that nature.
If I take the challenge string and the proof string and concatenate together and apply the cryptographic hash function, apply these mathematical transformations that represent the cryptographic hash function, I want to come up with a proof string such that the output under this hash function will have a very specific property.
The prefix of the output, the first large number of bits will all be 0. So let's say the first 40 bits, or first 30 bits, or some number of bits will be 0.
And then the other bits can be whatever they would normally be. So obviously, what you're trying to do here is come up with a proof string that has a relationship with the challenge string. And that relationship happens to be one that is taken with respect to a particular hash function, and really incorporates or considers what the output of the hash function will be when the proof string is concatenated with the challenge string. And if you, let's say, have a good cryptographic hash function, then the only known way to find this type of a proof string is to effectively try a lot of different possibilities, effectively doing brute force, by trying a lot of different proof strings until you find one that works.
Now if you, let's say, needed to find an output that contained about 40 consecutive 0's in it, that would require you to perform about 2 to the power 40 steps, 2 to the power 40 different hash function indications. You'd have to try 2 to the 40 different strings, and one of them what would likely work if you tried 2 to the 40 such strings. That actually requires you to try about, and 2 to the 40 just to give you a sense, is approximately 1 trillion. So if you tried a trillion different strings out, and you hashed them each, you would likely come up with one string that had the first 40 bits being 0.
Now sometimes it might take you a lot less than a trillion steps. Sometimes it might take you a little bit more. You may get very lucky. You might get very unlucky. But on average, it will take you about 1 trillion steps to find a string where the first 40 bits are equal to 0. So this is something that's not easy, but it's also not outside the realm of possibility.
Now to understand why it's really hard to solve these types of proof of work schemes more efficiently than maybe simply doing brute force, I think it's helpful to recall that the output of a cryptographic hash function looks more or less random.
In fact, each output bit looks like a series of coin flips. So it's kind of like flipping the coin, and if it comes up heads, you would have a 0, and if it comes up tails, you can think of it as a 1. And so what you're really doing is saying, if I flipped 40 coins, what are the odds that you would have 40 consecutive heads on those 40 coin flips? Now obviously that likelihood is very small, but it's not outside the realm of possibility. If you flipped 40 coins and you flipped those 40 coins about a trillion times, you would actually expect to see one instance in which all 40 coins came up as heads out of a trillion tries.
Now one interesting thing with these proof of work schemes, is they can be ratcheted up or ratcheted down. So for example, let's say you want to require even more computational heavy lifting to come up with a correct proof string.
Let's say you want to increase the work that's going to be proved here. What you can effectively do, in that case, is you could just increase the requirement on a number of leading 0's.
So every time you add an additional 0, you effectively double the computational horsepower needed on average. And that's because you effectively requiring one more coin flip to come up heads, and that entails doubling the number of coin flips. So if I had 41 coin flips and I required 41 straight heads, that would require about twice as much effort as just requiring 40 straight heads. And likewise, every time you remove a 0 from consideration, or the requirement, that will reduce the computational horsepower needed to about half of what it was previously.
So for example, if I only required the first 39 bits to be 0, that would require about half as many coin flips as requiring the first 40 bits to be 0. Now the neat thing is that once you come up with a solution-- let's say that somebody tries a trillion times and they finally come up with a proof string that works-- it's very easy to validate that this proof string is in fact a correct proof of work. All you have to do is, you take the challenge and you take the proof string and you hash them together.
So for example, if somebody proposes this one string, let's call it p prime, all you do is you take the challenge and you take p prime, and you input them into a hash function, and you see if the first 40 bits are all 0.
So all this requires you to do is apply a hash function once to the concatenation of c and p prime, and you can verify that the output indeed has the requisite number of 0's in front of it. And if you see that the output has the requisite number of 0's, then you can consider the proof of work valid, because you know it must have taken somebody a lot of time, a lot of tries really, to provide or come up with the string p prime, such that the concatenation of c and p prime gives you a number of 0's under the application of this cryptographic hash function.
So as you can see, these schemes are quite simple, but quite clever at the same time. They really amount to coming up with a proof string that has a very specific, mathematical relationship with the original challenge string. So hopefully this video gave you a flavor for the mechanics of how these proof of work protocols work. Up Next.
magtayo ng 1th s mining rig
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Mining crypto made accessible to everyone
Crypto projects use a variety of different hashing algorithms to create different types of hash code — think of them like random word generators where each algorithm is a different system for generating random words. Before new transactional data can be added to the next block in the chain, miners must compete using their machines to guess a number. Each time the nonce is changed, an entirely new hash is created. This is effectively like a lottery ticket system, where each new hash is a unique ticket with its own set of numbers. Each time that happens, a block reward of newly minted coins is given to the successful miner along with any fee payments attached to the transactions they store in the new block. For Bitcoin, block rewards are cut in half every , blocks or approximately every four years. As of , miners receive 6. The next Bitcoin halving is expected to occur in and will see BTC block rewards drop to 3. Dash is another mineable cryptocurrency that reduces its block rewards by 7. The hashrate is an important metric for assessing the strength of a blockchain network — more specifically, its security.
How much electricity does bitcoin mining use?
Hashrate refers to how much computing power is being used by a network for example, the Bitcoin network to process transactions. A sudden decrease in hashrate could lead to crypto platforms halting trading or delisting a coin in order to protect their customers. A hashrate is a measure of how many calculations can be performed per second and can be measured in billions, trillions, quadrillions, and quintillions. These calculations that are being measured have to do with mining. Mining is the process of verifying and adding transactions to a blockchain network, such as Bitcoin.
How to Increase Your Bitcoin Mining Profit
In response to an overwhelming number of requests for information regarding the acquisition. The company is providing an update for the timing of the filing of the Form 8K. Contained in the language of the acquisition agreement, is an effective date clause which provides for a stipulation to the closing, at the company's option , until after the successful launch of the companies BTCMINING POOL due to be launched May 1, subject to server availability. Brett Everett. The company will be operating this cyber currency mining center in an open pool configuration allowing other miners to join the pool for a proportional percentage share of the mining pool production.
What Does Hashrate Mean and Why Does It Matter?
Make the most out of it. What Makes Bitcoin Mining Profitable? This rise in Bitcoin activity and price bodes well for overall mining operations. A higher price for Bitcoin means higher earnings for the miners who discover the blocks that they need to get in order to profit. But aside from price , Bitcoin miners need to consider computing power and electricity costs when it comes to their operations. Electricity costs can vary for each miner depending on their location, devices, and other factors. Meanwhile, computing power is more or less universally measurable, as shown in a metric called the hashrate. As of October 17, the average hashrate for Bitcoin mining reached
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If you prefer to always view the website in English, please click here. Bitcoins are the most famous virtual currency. Anyone can participate in bitcoin transactions and receive compensation in exchange. However, to do so, you need to use electricity.
15 BEST Cloud Mining Sites (Bitcoin, Ethereum Mining)RELATED VIDEO: How To Mine Bitcoin - Easy \u0026 Simple
This means that like many other cryptocurrencies, a network of cryptocurrency miners is used to discover blocks and add pending transactions to them, to render them irreversible. The block discovery process, which takes approximately 10 minutes per block, also results in the minting of a fixed number of new Bitcoin per block. This is currently set at 6. This BTC is provided as an incentive to the miner or miners if using a mining pool that discovered the block. Although it takes 10 minutes to discover each block and each block yields a 6.
Bitcoin enthusiasts around the world can obtain it in three primary ways. They can buy Bitcoins on a cryptocurrency exchange; accept Bitcoins as payment for goods and services, and through mining new Bitcoins. The Bitcoin Mining process signifies the discovery of new Bitcoins by solving complex mathematical problems. The process is very hard just like digging the ground to find gold. In fact, miners need to set up a node network of high powered computers to simply find out the verification key of Bitcoin transactions. However, miners do not just verify one Bitcoin transaction; they constantly try to verify many of them at the same time. A ledger network called Blockchain keeps all these transactions virtually locked after gathering them into boxes known as hashes.
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