Mining Difficulty - Simply Explained
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- เผยแพร่เมื่อ 10 มิ.ย. 2024
- Mining Bitcoin or Ethereum is a hard task for your computer. But why? And what does the difficulty have to do with the security of blockchains? Learn all about blockchains, consensus algorithms and why difficulty adjustment is crucial to keep everything operating at an optimal (and safe) level.
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Mining summed up in first 10 seconds, wow how easy was that and yet I dint come across such short and accurate definition in so many years!!!!!!!
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Outstandingly good explanation!!
thank you !!! great explanation
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Great Explanation!!
Thanks this explained a lot of queries
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Great explanation.
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Nicely explained. Thanks ;)
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Thank you for the explanation. Could you please explain how miner hashrate will correlate to probability of get a coin. Do we need to upgrade our miner hashrate following bitcoin network hashrate?
awesome!
Thanks
can you please explain how does proof of work works
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So the next change in mining difficulty is in 1 day 14 hours. And it will be reduced from 23 to 20. From 11,6 min average targeting 10mins block time. Do you think the price of the bitcoin because of this will go up or down?
Satoshi: that mistake is due to for loop and zero based indexing.
love the explanation but i feel i still have question. maybe i missed it in the video as i am still new. I am looking at mining 3 different coins when eth stops mining. One has a mining difficulty of 335.67 G, 78.08 M and 55.6m So i should mine the 55.56 M because it is less difficult?
Does the 2016th block get accounted for in the next block?
PLease explain eth gas limit, gas supply etc
Wait. Satoshi really made an off-by-one error in the bitcoin core system?
Is there a reason it just looks at 2015 blocks, or is it an array indexing oversight?
Hy I have a question.
Is it better for a miner to drive with normal diff or is a higher diff better?
I understood that it depends on more ( coin, time, global diff, global hashrate, poolhashrate, my hashrate and more )
What I have not understood is how I find my best diff.
For example :
Currently mine me with a scrypt Asic about 400Mh/s
Wiki says the best diff is 32678
If I do this for an hour I get one or two small wins, but I set the miner to 8192
I get 20 - 25 finds in one hour with a very small reward Al's before but much more often and all in all it makes a difference.
But then again miningrigrentals and some others say that the diff should be at least 10x higher but then I don't find anything.
I would be very grateful for any useful information about this.
Lg and happy Mining
What happens to difficulty adjustment in a free energy environment? More miners, mining cheaper. I assume adjustment goes up and makes 10 min average block time still. But could an attack be easier in this environment?
How is the tuning accomplished or what/how are they simply generating heat to waste time? How did China's decision to bull out change the difficulty? Who benefited? for how long? For how much?
Satoshi Nakamoto and 6 other bitcoin developers disliked this video (because it criticizes the mining process and exposes a bug 😂)
Thanks for the great explanation as always. I thought I knew everything about mining reward, but I was wrong. Thanks for adding the rookie mistake detail in the end. Turns out everyone can add bugs. 😜 By the way, could that bug be fixed after the fact? Who or what sets the difficulty? And how? Does it create a new block that defines the difficulty?
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have u figured it out already if it can be fixed and if so how and who decided it
@@disrael2101 No I haven’t, unfortunately.
big mining setups pretty much killed most mining in my eyes !
Scrypt proof of work resolves the issue of centralization
I don't understand the bug part. 2016 100 days? Can someone enlighten me
dont you think this a waste of electrical energy .....when some already checked a possibility that update is unknown to other....and they are just spending computational power blindly
please correct me if i am wrong
that's why ethereum going from PoW to Proof of Stake :)
But how will last blacok take 100 days? You said no matter what one block will always take 10 mins irrespective of no of miners. Please reply.
Imagine this: After block 2015 was created something happened where a huge number of miners suddenly disappeared from the network. This would leave a much smaller number of miners to mine block 2016. Now there are fewer miners but the mining difficulty remains the same as it was for the previous 2015 blocks, so this means it will take this smaller number of miners much longer to solve the hash
@@dizzyrocket2000 what about the bug, can it be fixed and if so how one do it like where the source code files are stored and who owns it?
The longest chain is not the criteria anymore. It's been changed to the chain with the highest cumulative work.
explain more pls?
@@guitarheroprince123 If the client has to choose between two chains. It will choose the chain with the highest cumulative difficulty. So for example if there is a chain with three blocks, each having 200 of difficulty, and another chain with five blocks having each 30 of difficulty, the first one will be picked.
It can prevent attackers to mine a longer chain with artificially lower difficulty in order to get the longest one and to be accepted by the network as the "true" chain.
Also, it's very unlikely that two concurrent chains have the same cumulative difficulty. It's so unlikely that the problem will probably never happen. Having two chains of the same length though, is much more likely.
what about the bug, can it be fixed and if so how one do it like where the source code files are stored and who owns it?
U don't have a video strictly explaining a node
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Please share the link of the solution video talked at 4:28
I dont see the point in changing the difficulty... why does it have to be 10 minutes. What advantage does that give? Why make it more difficult and wasteful if there is nothing to gain from it. And what IS difficulty? More numbers? Bigger numbers?
If everyone is running RANDOM calculations then that is horribly inefficient. The blockchain is not random right...? Each key is mathematically related to the next? Meaning that all keys are related to eachother and that there is an equation that can be used to figure them out?
If somebody could solve the whole blockchain instantly or faster then why should they be barred from doing so? As long as the answer is correct, then what is the harm, it would save insane amounts of electricity and time for the computers to do something more useful
It allows for better syncing of nodes as the blocks can relayed better and reduce bandwidth requirements.
Since bitcoin is more full nodes heavy smaller blocks and 10 minute block time makes it easier to run.. Maybe 10 minutes is to much but it does allow a much more secure environment.
@@sameekhan7239 what about the bug, can it be fixed and if so how one do it like where the source code files are stored and who owns it?
Well, miners are incentivise to stay honest and not attack the network. If they do, all the capital they invested in their operations along with the Bitcoin they produce will become worthless.
Bitcoin is currently at $777,567.89
Unbelievable bitcoin could be cracked only on that block every 2weeks 😅 but it can be used to manipulate I mean , I see the first official possible problem of bitcoin here my god.. every 2016th block could happen something bad idk what but I see one possible knife
Always mining always making huge amounts of money.
I am really shocked how many people don't know this. This is the reason why a hardware investment will hardly be profitable and the energy consumption is skyrocketing. As brilliant bitcoin is but people are just greedy and stupid.
I'm on hunt to find out who Satoshi Nakamoto is.
A lot of people are too lol
Good luck
1 off error is done by almost every programmer
Dude this shit still makes zero sense to me
I think I do. I mine ethereum and some days I notice I can mine as low as .002 and as high as .007 coins a day. That is my profit. So basically some days I can mine more coins than other days. The difficulty can cause this fluctuating in profits.
Shut up! This is insane!
Why would anyone invest in this crap. It’s a game