What Is Cryptocurrency Mining?
Even the paper compares miners to gold miners, but here the work is calculation.
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1.What is mining, in the video's words?
Even the paper compares miners to gold miners, but here the work is calculation.
2.Who decides the size of the block reward?
The first entry in a block starts a new coin for its builder, by a published rule.
3.The software aims for one block every 10 minutes. How many blocks a day?
Sixty divided by 10 is 6 blocks an hour, and 6 times 24 is 144 a day.
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Sources (5)
- Nakamoto, S.: Bitcoin: A Peer-to-Peer Electronic Cash System (Whitepaper, PDF)
- Bitcoin Core Quellcode: src/validation.cpp (GetBlockSubsidy)
- Eigene Rechnung: Rechenspiel
- International Energy Agency: Electricity 2024: Analysis and forecast to 2026 (January 2024), Abschnitt zu Rechenzentren, KI
- Bank for International Settlements: Annual Economic Report 2018, Chapter V: Cryptocurrencies: looking beyond the hype (24 June 2018)
Education only. Not financial advice.