Bitcoin: A deeper immersion in the proof of the work
As a newcomer to the world of cryptocurrency, it is of course to have questions about Bitcoin’s interior life. One aspect that can be particularly confusing is the concept of proof of work (Pow). In this article we will break down the minimal requirements for Pow on Bitcoin blockchain.
What is evidence of work?
Evidence of the work is a mechanism used by cryptocurrencies such as Bitcoin to secure transactions and control the creation of new units. It is referred to as the “work program” because miners have to prove that their solution (or “hash”) is correct, similar to proof of work in mathematics.
How does the work work?
In Bitcoin, each block contains a clear code that is referred to as the “Block -Hash” and is linked to the previous block. To create a new block, miners have to solve a complex mathematical puzzle with a special computer. The puzzle requires considerable computing power and energy consumption, which makes it extremely difficult to solve it.
This is how it works:
- Hash function : A miner creates a clear “hash” for each block by combining the previous hash of the block with some random data.
- Energy-intensive calculation
: Miners use powerful computers to carry out complex mathematical calculations through special software (referred to as the “GPU cluster”). These calculations require considerable time and energy resources.
- The proof of the miners : As soon as a miner has solved the riddle, add a new block to the blockchain, update the block -hash and transfer it to the network.
- Check : Other nodes in the network check the new block with complex mathematical algorithms. If everything is checked, the block of the blockchain is added.
Minimal requirements for proof of work
To understand what makes Bitcoin’s Pow process minimal, we examine some important requirements:
- Computing power : Miners need powerful computers that can carry out millions of calculations per second.
- Energy consumption : Mining requires a considerable amount of energy that is estimated at around 10-15 GW per year (according to the US energy information gaining plunacy).
- Network security
: The decentralized nature of Bitcoin ensures that no single company can control the network or manipulate transactions.
Diploma
In summary, the proof-of-work mechanism used in Bitcoin blockchain is a complex system with which transactions in the network are secured and checked. While it initially appears to be discouraging, it can help you to understand the minimal requirements behind Pow, who appreciate the remarkable achievements of the Bitcoin community.
If we continue to learn more about cryptocurrency and blockchain technology, it is important that these basic concepts have a solid understanding of these basic concepts. If you have special questions or want further clarification on this topic, please feel free to ask yourself!
