Let's Talk Bitcoin episode 10 - A Brave, New World! (transcript)
Bitcoin Mining · Why does bitcoin exist? Intro-10 +10 Ledger. Why does bitcoin exist? Intro-10...
231
Bitcoin Mining An Introduction
Transcript of Bitcoin Mining · Why does bitcoin exist? Intro-10 +10 Ledger. Why does bitcoin exist? Intro-10...
Bitcoin MiningAn Introduction
About Intro
IntroAbout
IntroAbout
IntroAbout
Why does bitcoin exist? Intro
Why does bitcoin exist? Intro
Why does bitcoin exist? Intro
Why does bitcoin exist? Intro
Why does bitcoin exist? Intro
Why does bitcoin exist? Intro
Why does bitcoin exist? Intro
Why does bitcoin exist? Intro
-10 +10
Why does bitcoin exist? Intro
-10 +10
Ledger
Why does bitcoin exist? Intro
-10 +10
Why does bitcoin exist? Intro
-10 +10
What is Bitcoin? Intro
-10 +10
What is Bitcoin? Intro
What is Bitcoin? Intro
What is Bitcoin? Intro
What is Bitcoin? Intro
What is Bitcoin? Intro
What is Bitcoin? Intro
What is Bitcoin? Intro
-10 +10
What is Bitcoin? Intro
What is Bitcoin? Intro
What is Bitcoin? Intro
What is Bitcoin? Intro
What is Bitcoin? Intro
What is Bitcoin? Intro
What is Bitcoin? Intro
What is Bitcoin? Intro
Problem
What is Bitcoin? Intro
Problem
What is Bitcoin? Intro
Problem
What is Bitcoin? Intro
Problem
What is Bitcoin? Intro
Problem
What is Bitcoin? Intro
Problem
What is Bitcoin? Intro
Problem
What is Bitcoin? Intro
Problem
What is Bitcoin? Intro
Problem
What is Bitcoin? Intro
Problem
What is Bitcoin? Intro
Problem
What is Bitcoin? Intro
Problem
What is Bitcoin? Intro
ProblemWhich Transaction?
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
Memory Pool
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
random
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
What is Bitcoin? Intro
Solution
Hash Function Mining
Hash Function Mining
Hash Function Mining
Small computer program
Hash Function Mining
Hash Function Mining
a1
Hash Function Mining
a1
Hash Function Mining
a1
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
1. Same data produces same result.
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
1. Same data produces same result.
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
1. Same data produces same result.
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
1. Same data produces same result.
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
1. Same data produces same result.2. Fixed-length result.
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
1. Same data produces same result.2. Fixed-length result.
32 bytes (64 characters)
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
a2
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
a2
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
a2
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
a2
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
a2 2c3a4249d77070058649dbd822dcaf7957586fce428cfb2ca88b94741eda8b07
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
a2 2c3a4249d77070058649dbd822dcaf7957586fce428cfb2ca88b94741eda8b07
Completely Different
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
a2 2c3a4249d77070058649dbd822dcaf7957586fce428cfb2ca88b94741eda8b07
a3 f46dd28a5499d8efef0b8fb8ee1ec1c5a5e407c9381741d576ba8deb4f59ec3f
Hash Function Mining
a1 110986164698320180327942133831752629430491002266485370052238869825166557303060
a2 20004699973444259106832769305100157129890497967822946728731731367322388695815
a3 110558374480492830394381912301702732669425904788263259158895862965223613393983
Hash Function Mining
a1 110986164698320180327942133831752629430491002266485370052238869825166557303060
a2 20004699973444259106832769305100157129890497967822946728731731367322388695815
a3 110558374480492830394381912301702732669425904788263259158895862965223613393983
9876543210
Decimal
Hash Function Mining
a1 110986164698320180327942133831752629430491002266485370052238869825166557303060
a2 20004699973444259106832769305100157129890497967822946728731731367322388695815
a3 110558374480492830394381912301702732669425904788263259158895862965223613393983
Hexadecimal
9876543210
fedcba9876543210
Decimal
Hash Function Mining
a1 110986164698320180327942133831752629430491002266485370052238869825166557303060
a2 20004699973444259106832769305100157129890497967822946728731731367322388695815
a3 110558374480492830394381912301702732669425904788263259158895862965223613393983
Hexadecimal
151413121110
9876543210
fedcba9876543210
Decimal
Hash Function Mining
a1 110986164698320180327942133831752629430491002266485370052238869825166557303060
a2 20004699973444259106832769305100157129890497967822946728731731367322388695815
a3 110558374480492830394381912301702732669425904788263259158895862965223613393983
Decimal
Hash Function Mining
a1 110986164698320180327942133831752629430491002266485370052238869825166557303060
a2 20004699973444259106832769305100157129890497967822946728731731367322388695815
a3 110558374480492830394381912301702732669425904788263259158895862965223613393983
data
Decimal
Hash Function Mining
a1 110986164698320180327942133831752629430491002266485370052238869825166557303060
a2 20004699973444259106832769305100157129890497967822946728731731367322388695815
a3 110558374480492830394381912301702732669425904788263259158895862965223613393983
random numberdata
Decimal
Hash Function Mining
a1 f55ff16f66f43360266b95db6f8fec01d76031054306ae4a4b380598f6cfd114
a2 2c3a4249d77070058649dbd822dcaf7957586fce428cfb2ca88b94741eda8b07
a3 f46dd28a5499d8efef0b8fb8ee1ec1c5a5e407c9381741d576ba8deb4f59ec3f
data random number
Hexadecimal
Miner Mining
Miner Mining
Miner Mining
random
Miner Mining
Miner Mining
Miner Mining
Miner Mining
Miner Mining
Miner - Canditate Block Mining
Miner - Canditate Block Mining
Miner - Canditate Block Mining
Miner - Canditate Block Mining
Miner - Canditate Block Mining
Miner - Canditate Block Mining
Miner - Canditate Block Mining
Miner - Canditate Block Mining
Miner - Canditate Block Mining
Miner - Canditate Block Mining
Block Header
Miner - Canditate Block Mining
Block Header
Version:
Miner - Canditate Block Mining
Block Header
Version: 4
Miner - Canditate Block Mining
Block Header
Version: 4Time:
Miner - Canditate Block Mining
Block Header
Version: 4Time: 01 Oct 17, 3:15 PM
Miner - Canditate Block Mining
Block Header
Version: 4Time: 01 Oct 17, 3:15 PM
Miner - Canditate Block Mining
Block Header
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root:
Miner - Canditate Block Mining
Block Header
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root:
Miner - Canditate Block Mining
Block Header
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...
66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...
66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7
Block Hash
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...
66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7
Target
Block Hash
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...
66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7
Target
Block Hash
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...
66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...
66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7
0000000000006a93b30000000000000000000000000000000000000000000000
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...
66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7
0000000000006a93b30000000000000000000000000000000000000000000000
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...
66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7
0000000000006a93b30000000000000000000000000000000000000000000000
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce:
0000000000006a93b30000000000000000000000000000000000000000000000
66637f4d9166fb477548a67f5f05d9bde2b7f30fd57b21661ca537723422dbc7
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 1
0000000000006a93b30000000000000000000000000000000000000000000000
57cf53d815f3cf4d8025fbc4c495f65c2463fb7a06b5ea28b786a508b5208604
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 2
0000000000006a93b30000000000000000000000000000000000000000000000
f6ce3fd0ad29de9ece621662dc6e9e9f71195adc51735e75b1d64ab5063781f9
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 3
0000000000006a93b30000000000000000000000000000000000000000000000
d9e7a9627a292844470a9e881093c7f6407e9a97f298cca5bbdb97841d3179ce
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 4
0000000000006a93b30000000000000000000000000000000000000000000000
bd0a01da6cd0910a1b6dcd0c43a06091fbbb0845552d018b0c79e31e0f1e9796
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 5
0000000000006a93b30000000000000000000000000000000000000000000000
d342413bdb80f801ff6cfd442dc50fe21637563d8c891b3a1c0835e95e9384a2
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 5...
0000000000006a93b30000000000000000000000000000000000000000000000
d342413bdb80f801ff6cfd442dc50fe21637563d8c891b3a1c0835e95e9384a2
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 2436437219
0000000000006a93b30000000000000000000000000000000000000000000000
0000000000002917ed80650c6174aac8dfc46f5fe36480aaef682ff6cd83c3ca
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 2436437219
0000000000006a93b30000000000000000000000000000000000000000000000
0000000000002917ed80650c6174aac8dfc46f5fe36480aaef682ff6cd83c3ca
Miner - Canditate Block Mining
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a…Nonce: 2436437219
0000000000002917ed80650c6174aac8dfc46f5fe36480aaef682ff6cd83c3ca
Miner - Canditate Block Mining
0000000000002917ed8065...
Miner - Canditate Block Mining
Miner Mining
Miner Mining
Miner Mining
Miner Mining
Miner Mining
Miner Mining
Miner Mining
Miner Mining
Miner Mining
Miner Mining
Miner - Blockchain Mining
Miner - Blockchain Mining
Miner - Blockchain Mining
Miner - Blockchain Mining
Miner - Blockchain Mining
Blockchain
Miner - Blockchain Mining
Blockchain
Miner - Blockchain Mining
Blockchain
Miner - Blockchain Mining
Miner – Block RewardMining
Miner – Block RewardMining
Miner – Block RewardMining
+50
Miner – Block RewardMining
+50Block Reward
Miner – Block RewardMining
+50Block Reward
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...
Miner – Block RewardMining
+50Block Reward
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...
Miner – Block RewardMining
+50Block Reward
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...
Coinbase Transaction
Miner – Block RewardMining
+50Block Reward
Version: 4Time: 01 Oct 17, 3:15 PMMerkle Root: 558ad18828f6da6d471cdb1a...
Coinbase Transaction
50
Miner – Block RewardMining
+50Block Reward
Miner – Block RewardMining
+50Block Reward
0
Miner – Block RewardMining
+50Block Reward
0+50
Miner – Block RewardMining
+50Block Reward
0
210,000
+50
Miner – Block RewardMining
+50Block Reward
0
210,000
+50
+25
Miner – Block RewardMining
+50Block Reward
0
210,000
+50
+25
420,000+12.5
Miner – Block RewardMining
+50Block Reward
0
210,000
+50
+25
420,000+12.5
488,000
Miner – Block RewardMining
+50Block Reward
0
210,000
+50
+25
420,000+12.5
630,000+6.25
488,000
Miner – Block RewardMining
+50Block Reward
0
210,000
+50
+25
420,000+12.5
630,000+6.25
488,000
4 years
4 years
4 years
Miner – Block RewardMining
+50Block Reward
0
210,000
+50
+25
420,000+12.5
630,000+6.25
488,000
03 Jan 2009
4 years
4 years
4 years
Miner – Block RewardMining
+50Block Reward
0
210,000
+50
+25
420,000+12.5
630,000+6.25
488,000
03 Jan 2009
28 Nov 2012
4 years
4 years
4 years
Miner – Block RewardMining
+50Block Reward
0
210,000
+50
+25
420,000+12.5
630,000+6.25
488,000
03 Jan 2009
28 Nov 2012
09 Jul 2016
4 years
4 years
4 years
Miner – Block RewardMining
+50Block Reward
0
210,000
+50
+25
420,000+12.5
630,000+6.25
488,000
03 Jan 2009
28 Nov 2012
09 Jul 2016
4 years
4 years
4 years
early/mid 2020
Miner – Block RewardMining
+12.5Block Reward
Miner – TargetMining
Miner – TargetMining
Miner – TargetMining
Miner – TargetMining
MiningMiner – Target
Mining
.Miner – Target
Mining
..Miner – Target
Mining
...Miner – Target
Mining
...Miner – Target
10 minutes
Mining
...Miner – Target
10 minutes
Mining
...Miner – Target
10 minutes
MiningMiner – Target
MiningMiner – Target
MiningMiner – Target
.
MiningMiner – Target
..
MiningMiner – Target
..8 minutes
MiningMiner – Target
MiningMiner – Target
MiningMiner – Target
MiningMiner – Target
takes 10 minutes
MiningMiner – Target
takes 10 minutes
MiningMiner – Target
takes 10 minutes
MiningMiner – Target
takes 10 minutes
0
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
time
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
time 20160 mins
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
time 20160 mins18144 mins20160 mins
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
time 20160 mins18144 mins20160 mins
= 0.9
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
time 20160 mins18144 mins20160 mins
= 0.9x
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
time 20160 mins18144 mins20160 mins
= 0.9
00000000e6658000000000000000000000000000000000000000000000000000
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
00000000e6658000000000000000000000000000000000000000000000000000
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
00000000e6658000000000000000000000000000000000000000000000000000
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
00000000e6658000000000000000000000000000000000000000000000000000
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
00000000e6658000000000000000000000000000000000000000000000000000
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
00000000e6658000000000000000000000000000000000000000000000000000
4,032
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
00000000e6658000000000000000000000000000000000000000000000000000
4,032
time19152 mins
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
00000000e6658000000000000000000000000000000000000000000000000000
4,032
time19152 mins20160 mins
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
00000000e6658000000000000000000000000000000000000000000000000000
4,032
time19152 mins20160 mins
= 0.95
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
00000000e6658000000000000000000000000000000000000000000000000000
4,032
time19152 mins20160 mins
= 0.95x
MiningMiner – Target
takes 10 minutes
0
00000000ffff0000000000000000000000000000000000000000000000000000
2,016
00000000e6658000000000000000000000000000000000000000000000000000
4,032
time19152 mins20160 mins
= 0.95
00000000cf5b5999999998000000000000000000000000000000000000000000
MiningMiner – Target
Thanks
Thanks
http://learnmeabitcoin.com
Thanks
http://learnmeabitcoin.com/workshops
