You are viewing a single comment's thread from:
RE: A simple conceptual introduction to Blockchain.
Thank you so much for explaining blockchain. I have more understanding. Miners are constantly solving a promblem. You would need a very good computer and software. Does it ever come a time when the miners cannot find the key?
Theoretically yes, but it's unlikely. It's a bit like the lotto. It keeps going until somebody hits the jackpot.
The laws of probability show that an acceptable result will be found approximately every 10 minutes.
It's not a difficult sum, it's a very simple process, but it has an incredibly low chance of finding an acceptable result. You need a powerful computer in order to do this simple process over and over with slightly different inputs, as quickly as possible, to be the first to find a very rare, acceptable result.
Thank you for the reply. Would I be right in saying therefore it is a competive game with rewards.
Yes, your computers are competing with other people's computers.
The quicker they can check possibilities, the sooner they'll find a very very rare one.
If they're first to find it, they tell everyone else's computers.
When all the computers check it, and agree it's result is acceptable, then they all accept your computer's record of transactions as the new block, and they start working on the next block, using your answer as one of the inputs.
Because your answer is one of the inputs, they can't start on a block until the last one is complete.
This is all fascinating, can you see looking forward that the community of minors is ready to grow, because more and more companies around the world will be doing financial transaction through the blockchain, and maybe promblem will become more complex. There are hundreds of crypto on the market so they need the best of the best in mining to stay in front. You need the best mathematician in your community.
Basic programming skill is all you need to mine, but doing it well requires lots of electricity, and ASICs, Application Specific Integrated Circuits, specifically designed for bitcoin mining.
Most of it is done in China and Iceland, as China has hydroelectric dams, and Iceland has free magma electricity, and snow to cool their rigs.
The more miners, the rarer the required result, so it definitely gets more difficult, but again, it's not a complex problem, just something you need to do trillions of times a second, to hope to stumble on a sufficiently rare outcome.
Can you post me that video
I don't have a specific video, I'm just talking :)