Bitcoin mining is not complicated by issues related to computational math
It is defined using an example of a game of dice. Bitcoin mining and difficulty modifications are illustrated using a basic analogy of rolling a six-sided die.
Author:Gordon DickersonReviewer:James PierceApr 21, 2021111.3K Shares1.8M Views
Since the majority of people don't know what miners really do, they fail to properly comprehend the extent of protection offered by the network. If long as you don't take our word for it, we're hoping to prove that supercomputers and quantum computers won't be able to cripple Bitcoin in the future in a non-technical manner.
Mining Is Basically A Game To Play In Order To Obtain Bitcoins
- To make money and
- To extend the asset base.
A transaction on the blockchain may be indefinitely recorded without approval by either body. To equally disperse the 21 million bitcoin, assign new bitcoins to those who engage in resource-demanding computations to ensure the security of the whole system. Gambling in bitcoin is similar to a gamble, where any transaction is a roll of the dice.
Everybody in the Bitcoin network's a miner is thinking like a little poker player at a casino Each of these gamblers has 1000 dice on his side of a possibility. They roll the dice as soon as possible, in order to minimize the number of times they have to lose. The larger the pool of players becomes, the shorter the odds would be. That being said, more money spent on gambling results in more frequent betting rounds.
When anyone bets less than 10 and wins, all the other players at the table are required to check the result. The woman with the winning ticket claims her reward and the next round starts.
Method Of Obtaining Bitcoin
Basically, the method of obtaining bitcoin is identical to the process of mining. ASICs are used to compute hashes across the entire mining networks. To "compute a hash" means to apply any mathematical functions to a random input and get a random result.
The aigher hash rate is equal to a higher number of rolls of the dice, and hence, more success. Miners give a block transaction as input and take the outputs. Sha256 (one of the methods of hashing) is applied to the cube, producing a fixed-sized output called a hash value. A single hash is simple arithmetic, requiring the CPU to do less than a millionth of a second of time, but can process huge amounts of data.
If the hash value for a miner submits is smaller than the network complexity, they're the winner. If this does not succeed, the miner attempts to compute further hashes. The next “block” is then formed, and the good miner is rewarded with freshly minted bitcoin.
Setting the most effective supercomputer to play chess grandmaster strength for my bitcoin is similar to getting someone to lift a whole bunch of heavy stones by side. His work would be finished finally, but the person doing it would tire long before the bricks had to be moved.
ASICs are the most efficient computers in the universe, and doing the same thing for them will be redundant when placed in parallel with supercomputers. the purpose of an ASIC is to work on only one thing, while supercomputers can perform complex tasks Though Bitcoin mining is a random trial and error-based, hardware forgers (ASICs) do it better than random supercomputers (GS).
Speed Network And 10-minute Block Duration
Once you've grasped the concept of miners discovering a rock, it is imperative that you comprehend block times and complexity should be comprehended. Imagine the situation in which everybody can start playing or leaving whenever they want. It might take ten minutes to get to number 1000 to roll 1000 before someone gets less than 10 on a die. Generally, it could take them anywhere from a minute to an hour, but on a good day, they would be ready in 30 minutes.
If a new participants join in, it will take 5 minutes on average for a new individual to complete the task. There would be a considerable delay if 20 people per walk up to the table at the same time. We need to have a winner every 10 minutes to make the game exciting. We will do this by increasing the desired number of dice on the target. Thus, if new gamblers take their seats, the number of rounds of gambling will decrease (e.g. the probability of winning will go down) such that the overall length of the game remains the same. With the increased number of gamblers, winning becomes rarer. Problems arise as gamblers depart.
This is how the Bitcoin network ensures a steady supply of new BTC gets created by mining. On average, miners complete an attempt to find a block every 10 minutes. Once, 2016 blocks (~2 weeks) is formed, the average block time is re-based to return the times to 10 minutes. If more miners join the network in this ~2 week period, the hash rate and difficulty will increase as a result.
Note: Nobody knows exactly why these arbitrary numbers were chosen. That said, it’s important that 10 minutes is long enough for miners and nodes to pass information around the world without internet speeds causing significant issues, and 2016 blocks is long enough to get a statistically accurate block time needed for the difficulty adjustment.
Gordon Dickerson
Author
Gordon Dickerson, a visionary in Crypto, NFT, and Web3, brings over 10 years of expertise in blockchain technology.
With a Bachelor's in Computer Science from MIT and a Master's from Stanford, Gordon's strategic leadership has been instrumental in shaping global blockchain adoption. His commitment to inclusivity fosters a diverse ecosystem.
In his spare time, Gordon enjoys gourmet cooking, cycling, stargazing as an amateur astronomer, and exploring non-fiction literature.
His blend of expertise, credibility, and genuine passion for innovation makes him a trusted authority in decentralized technologies, driving impactful change with a personal touch.
James Pierce
Reviewer
James Pierce, a Finance and Crypto expert, brings over 15 years of experience to his writing. With a Master's degree in Finance from Harvard University, James's insightful articles and research papers have earned him recognition in the industry.
His expertise spans financial markets and digital currencies, making him a trusted source for analysis and commentary. James seamlessly integrates his passion for travel into his work, providing readers with a unique perspective on global finance and the digital economy.
Outside of writing, James enjoys photography, hiking, and exploring local cuisines during his travels.
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