Bitcoin mining is analogous to the mining of gold, but its digital form. The process involves specialized computers solving algorithmic equations or hash functions. These problems help miners to confirm blocks of transactions held within the network. Bitcoin mining provides a reward for miners by paying out in Bitcoin in turn the miners confirm transactions on the blockchain. Miners introduce new Bitcoin into the network and also secure the system with transaction confirmation.
@binance: What Is #⃣Hashing? There are many steps in #Bitcoin mining that involves hash functions, such as checking balances, linking transactions inputs/outputs, & hashing transactions within a block to form a Merkle 🌳 Learn why it matters with @BinanceAcademy👇 https://t.co/VJnAGFkBku
/r/btc hypocrites refuse to put Bitcoin SV on the sidebar even though it is one of the most popular node implementations and has the vast majority of miner support, and a hard fork hash battle is coming next week. This is negligent and exactly what /r/bitcoin did to BitcoinXT and Gavin Andresen.
If the security of the network is determined by amount of hashing power, and amount of hashing power is a function of profits, which is a function of total net fees per block, what will happen to network after all coins have been mined and layer 2 solutions (lightning) drastically re /r/Bitcoin
People say bitcoin's security is backed by the hashing power of the miners, and if the miners are not incentivized then they will not mine to secure the chain. What if everyone has a miner that gives a little mining power to this chain in all of their appliances?
09-20 20:42 - '[quote] Bitcoin Cash was a minority fork and thus felt responsible to implement the replay protection on its side. / From what it looks like SegWit2x is the majority chain (based on hashing power) and thus does not feel obliga...' by /u/torusJKL removed from /r/Bitcoin within 59-69min
Bcash originally was on the path that s2x is on but responded to outrage by users and adopted a prudent approach and deployed actual replay protection.
Bitcoin Cash was a minority fork and thus felt responsible to implement the replay protection on its side. From what it looks like SegWit2x is the majority chain (based on hashing power) and thus does not feel obligated.
Their 'opt-in' doesn't work because to make use of it requires replacing all existing software-- including signing code baked into hardware security modules
07-08 01:02 - 'I suspect he's talking about creating a very large (1MB?) hard to verify transaction.. the [quadratic hashing bug] and [here] / maybe $30 is his estimate of what it would cost to get a miner to include it. or perhaps someone...' by /u/dsfgasdg22 removed from /r/Bitcoin within 3-13min
''' I suspect he's talking about creating a very large (1MB?) hard to verify transaction.. the [quadratic hashing bug]1 and [here]2 maybe $30 is his estimate of what it would cost to get a miner to include it. or perhaps someone has come up with a novel way to make pathological transactions more cheaply. ''' Context Link Go1dfish undelete link unreddit undelete link Author: dsfgasdg22 1: bi**oi**stackexc*ange.co*/que*tions*5*2*5/qua*ra*ic-h*shing*pr*blem*w*y-*ot-j*st-cr**te-*ew-op-co*e-c**c*sig2-*o-*i* 2: bit*oin*l*ssic.com/devel****dra*ic%*0H*sh**g.html Unknown links are censored to prevent spreading illicit content.
03-13 19:22 - '[quote][quote] How do miners steal coins without the private key? / [quote] Whats a time window and timewarp? / [quote] Fair enough. That makes sense - using a hash is a known entity.' by /u/steb2k removed from /r/Bitcoin within 2-7min
steal old preexisting coins which steal coins
How do miners steal coins without the private key?
a simple majority of hashpower opens up the time window via timewarp
02-04 22:32 - 'Oh sweet child. Do you think 80% of mining hash power will have problem validating the longest chain? Did your mom drop you on your head more than twice? Tell me genius. What is required for a chain to be valid? I'll wait f...' by /u/TulipsNHoes removed from /r/Bitcoin within 58-63min
''' Oh sweet child. Do you think 80% of mining hash power will have problem validating the longest chain? Did your mom drop you on your head more than twice? Tell me genius. What is required for a chain to be valid? I'll wait for your brilliant insight. Jesus. The quality of this community is terrifyingly bad. ''' Context Link Go1dfish undelete link unreddit undelete link Author: TulipsNHoes
02-04 20:53 - 'There is no need to "attack" a minority chain. No one will care about it. It will have almost zero hash power, will take months to propagate a single block and will die out when no one supports it. / You do realize what happ...' by /u/TulipsNHoes removed from /r/Bitcoin within 5-10min
''' There is no need to "attack" a minority chain. No one will care about it. It will have almost zero hash power, will take months to propagate a single block and will die out when no one supports it. You do realize what happens when you fork a chain and dump it at current diff onto 5% or so of the hash power, right? How about them 5 hour blocks with max diff drop at current? Yeah. That chain won't recover. Ever. This isn't Ethereum classic, where a few GPU miners can keep pushing the chain. This is Bitcoin. When 90% of hash power fork it, the minority chain is irreparably screwed. Unless you plan on investing $200 million in ASIC over the weekend. ''' Context Link Go1dfish undelete link unreddit undelete link Author: TulipsNHoes
11-16 16:42 - 'what lack of hash power? it is a harder algorithm / Monero is very well decentralized, the biggest pool I see having 6 megahashes, while the whole network has 60 megahashes' by /u/cqm removed from /r/Bitcoin within 1-6min
10-26 17:47 - 'Centralization in crypto refers to what degree hash power is owned by a single entity, or even how centralized it is geographically. / Authority is the issue of a group or person exerting influence on the network. / Befo...' by /u/_-Wintermute-_ removed from /r/Bitcoin within 50-55min
''' Centralization in crypto refers to what degree hash power is owned by a single entity, or even how centralized it is geographically. Authority is the issue of a group or person exerting influence on the network. Before Ethereum moves to POS, in which case a highly centralized ownership of tokens could become an actual issue, Ethereum is less centralized than Bitcoin THOUGH more Authoritarian I would agree. Bitcoin is by far the most centralized crypto of all already, so if that scares you it's a bad choice. ''' Context Link Go1dfish undelete link unreddit undelete link Author: _-Wintermute-_
A hash algorithm takes data of any arbitrary size (numbers, alphabets, media files) and transforms it into a fixed alphanumeric string. The fixed bit size can vary (like 64-bit or 128-bit or 256-bit) depending on what hash function is being used.. And this fixed size output is what is called a hash.In other words, a hash is the cryptographic byproduct of a hash algorithm. A hash algorithm turns an arbitrarily-large amount of data into a fixed-length hash. The same hash will always result from the same data, but modifying the data by even one bit will completely change the hash. Like all computer data, hashes are large numbers, and are usually written as hexadecimal. Bitcoin transaction hash in wallet . Transaction hash (txid) is an identifier used to uniquely identify a particular transaction. All on-chain transactions (the transactions from or to external addresses) have a unique txid that can be seen in transaction details. A transaction hash usually looks like a random set of letters and numbers. Hash functions in bitcoin. In the bitcoin protocol, hash functions are part of the block hashing algorithm which is used to write new transactions into the blockchain through the mining process. OK, but what does hashing actually mean? Underneath the hood, Bitcoin mining is a bit like playing the lottery. Roughly every 10 minutes the Bitcoin code creates a ‘target’ number that the mining machines try to guess.
Blockchain Basics Explained - Hashes with Mining and Merkle trees
BITCOIN BREAKTHROUGH Series Join us Wecoa.org. Technical Interview: Part 7 (Q&A): Linked List - Find the middle of a given Linked List - Duration: 17:17. Technical Interview Recommended for you What the Hash? - How Bitcoin and Blockchains use Hash Functions - Duration: 5:55. Blockmatics 16,981 views. 5:55. How Bitcoin Works in 5 Minutes (Technical) - Duration: 5:26. A brief and simple introduction to the hash function and how blockchain solutions use it for proof of work (mining) and data integrity (Merkle Trees). ... Bitcoin Coding and Software - The Block ... Produced by https://CryptoCousins.com: On this episode we answer the question "What is and how does a Bitcoin Hash work?" Subscribe now and follow Tony Cecala and Gary Leland as they explore the ...