February 20, 2018

Actually, What Is The Function of Bitcoin Mining?

Bitcoin mining process is similar to mining of precious metals such as gold. It’s just the difference when Bitcoin mining is done through digital in order to solve the puzzle. Meanwhile, gold mining is done through gold mining process. Likewise, as being a miner, then we must be connected to the Bitcoin network. Once connected, then we will be a “node”. The term node describes all devices connected to the Bitcoin network. So what are the miners doing? When someone connects to a Bitcoin network using a device such as best pcie risers for bitcoin mining, therefore the node will perform a series of tasks. Here are the tasks performed!

Listening to deals
All nodes that are connected to the Bitcoin network must listen to all transactions that occur, followed by validating the audited transaction and checking the digital signature. It is related to the truth of digital signatures and the output included in the transaction must be completely un-spent (not yet issued in other transactions-ensuring no double spending).

Keep Blockchain and listen to the new block created.
A miner actually serves to keep the blockchain, related to handling all transactions that occur. Miners too will retain Blockchain which has kept all transactions. Miner can request all history of the block to another node that has entered before it entered into the network. Listen to new blocks that are broadcasted within the network, and then validate the received blocks.

Create a new block candidate
Once we have a full copy of the blockchain, then we can start building blocks. To do so, by grouping all the transactions we hear into the new block, which can later expand on the block we know. However, we must also ensure that all transactions within the block are valid.

Finding Nonce to be a valid block
After we validate all transactions in the candidate block, then is looking for the nonce in order to make the block become valid.

Hope Blocks are accepted
So if we find a new block, there is no guarantee that the block will be part of the blockchain consensus. In this step, miners are decided by his own luck. So we can start mining above the block, so not on other miners’ blocks.

Steven D Lawson

Steven D Lawson