solve math problems for bitcoins mining

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Solve math problems for bitcoins mining president betting lines

Solve math problems for bitcoins mining

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How "mining" works is at the very heart of Bitcoin. It is often brushed over and simply referred to as "complicated math" in the media , but it's actually quite simple to understand even if it is computationally intensive to solve. Most of the content in this post comes from a post on Reddit that I have edited, reformatted, and elaborated on.

Feel free to read the original post if you prefer. Understanding hashes is the first step in understanding mining. A hash will take an input of any length, and generate is seemingly randomised output of a specific length. The same input will always generate the same output, but changing just one character will drastically change the output. For example, af2f0fb8fbb0d2ed1c1cd2a1ec0fb85daa is the hash of hello world , and 30ede9ea08ff1adb8aa6be05fdf84aeacabb5 is the hash of hello worle. This behaviour makes it very difficult to predict what input gives a particular output.

For example, what input gives aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa as a hash? It's effectively impossible to work it out. People will often build lookup tables that map these inputs to outputs in order to perform quick reversals later.

These tables are called rainbow tables and rely on the input already having been hashed. The second step is to get the idea of a proof of work. It might be impossible to find a hash specifically with a string consisting of nothing but the letter "a" but what if we asked for a hash with a single zero at the front?

Altering the last letter of hello world took 26 attempts to finally get hello worlC which equates to 0d7eae0fab3abc2cccc0bb4aabb24ffaf8c. Why is this useful? Because it creates a puzzle whose difficulty is measurable and which it's impossible to perform better than blind guessing.

That second property is important because it's the only way to create a fair "mining" system. Miners solve such puzzles as above but which are far more difficult. For example, find a hash that looks like this: xxxx Each hash is can be considered to be just a number. For example, the hash ab3abc2cccc0bb4aabb24ffaf8c has a numeric value of So in mining, the miners have to achieve a hash with a numeric value lower than a specified number.

This number is called the target. If your hash attempt gives you a number less than the target, which is the same thing as having a bunch of zeros at the front of the hash, then you win and you get to "mine the block". No, no-one is paying for the solutions to the math problems.

In fact, they are only math problems in the same sense that watching a Youtube video is doing a computation. Miners are checking transactions of other users. The Bitcoin protocol is built in such a way that this process sometimes creates new bitcoins. The creation of new bitcoins is also regulated by the protocol - only 21 million can be created, and the last Bitcoin will be created around The creation of coins is distinct from the value of the coins, which come from their usefulness, supply and demand.

There is another cryptocurrency, Primecoin XPM , which uses calculation of prime numbers in the "proof of work" process of the currency. These prime numbers do have potential scientific value, but the value of Primecoin is not linked to the value of the prime numbers.

The prime numbers are publicly available, and value again comes from supply, demand and usefulness. The goal is that the computation involved in "proof of work", which must be done anyway, should have a side-benefit. Mining essentially tries to brute force decrypt an encryption. This is not so much a complex mathematical problem as rather systematically trying a multitude of potential solutions until one fits the current prerequisites context and difficulty.

The purpose of mining is to validate the transactions of the network. The more computational effort is applied to mining, the more resilient is the network against attacks. Therefore the Bitcoin protocol has been designed to dispense rewards among the miners to incentivize behavior that is beneficial to the network — whoever finds the winning solution is allowed to transmit a number of newly created coins to an address of his choice.

Sign up to join this community. The best answers are voted up and rise to the top. How does solving math problems create bitcoins? Asked 7 years, 4 months ago. Active 4 years, 11 months ago. Viewed 65k times. Improve this question.

Add a comment. Active Oldest Votes. Improve this answer. David Schwartz David Schwartz Stephen Gornick Stephen Gornick Chinthamani Chinthamani 5 5 bronze badges. There are two mistakes in your answer: 1 There will be only 21M Bitcoin 2 The last Bitcoin will be created whenever block 6,, is found. This would be if the network actually found one block every ten minutes, but our average time is much quicker, we will be way ahead schedule.

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Solving problems takes a number of steps and a certain amount of time, with the amount of time required increasing as the problem grows larger. If a problem is solvable in n 2 time and you double the size of the input, then the amount of time it would take to solve would go up by four.

Yet there are plenty of problems where one can determine that a given answer is correct in polynomial time, but actually getting to that answer may or may not be possible in polynomial time. Sudoku is an NP problem—hard to solve, easy to check. Another important example today is factoring large numbers into prime numbers. Indeed, this exact idea is the basis of modern encryption, which relies on generating security keys that are easy to verify but hard to crack.

Newer mathematical proofs have found, and might continue to find, P solutions to some of these NP problems. It seems like it should be obvious that P does not equal NP, but it is not rigorously mathematically proven. And if you happen to prove that P does equal NP, you will have also demonstrated that there are polynomial-time algorithms for a whole lot of very important computer problems. You could make yourself very rich—bitcoin mining and security keys rely on hard-to-solve, easy-to-check NP problems.

Quantum computers , which are based on different mathematics than classical computers, do not promise P solutions to every NP problem. It was once thought that they might be able to solve the hardest class of NP problems, called NP-complete problems. If computational power is taken off of the network, the difficulty adjusts downward to make mining easier.

Say I tell three friends that I'm thinking of a number between 1 and , and I write that number on a piece of paper and seal it in an envelope. My friends don't have to guess the exact number, they just have to be the first person to guess any number that is less than or equal to the number I am thinking of.

And there is no limit to how many guesses they get. Let's say I'm thinking of the number There is no 'extra credit' for Friend B, even though B's answer was closer to the target answer of Now imagine that I pose the 'guess what number I'm thinking of' question, but I'm not asking just three friends, and I'm not thinking of a number between 1 and Rather, I'm asking millions of would-be miners and I'm thinking of a digit hexadecimal number.

Now you see that it's going to be extremely hard to guess the right answer. Not only do bitcoin miners have to come up with the right hash, but they also have to be the first to do it. Because bitcoin mining is essentially guesswork, arriving at the right answer before another miner has almost everything to do with how fast your computer can produce hashes.

Just a decade ago, bitcoin mining could be performed competitively on normal desktop computers. Over time, however, miners realized that graphics cards commonly used for video games were more effective and they began to dominate the game. In , bitcoin miners started to use computers designed specifically for mining cryptocurrency as efficiently as possible, called Application-Specific Integrated Circuits ASIC.

These can run from several hundred dollars to tens of thousands but their efficiency in mining Bitcoin is superior. Today, bitcoin mining is so competitive that it can only be done profitably with the most up-to-date ASICs. Even with the newest unit at your disposal, one computer is rarely enough to compete with what miners call "mining pools.

A mining pool is a group of miners who combine their computing power and split the mined bitcoin between participants. A disproportionately large number of blocks are mined by pools rather than by individual miners. Mining pools and companies have represented large percentages of bitcoin's computing power. Consumers tend to trust printed currencies. In addition to a host of other responsibilities, the Federal Reserve regulates the production of new money, and the federal government prosecutes the use of counterfeit currency.

Even digital payments using the U. When you make an online purchase using your debit or credit card, for example, that transaction is processed by a payment processing company such as Mastercard or Visa. In addition to recording your transaction history, those companies verify that transactions are not fraudulent, which is one reason your debit or credit card may be suspended while traveling.

Bitcoin, on the other hand, is not regulated by a central authority. Nodes store information about prior transactions and help to verify their authenticity. Unlike those central authorities, however, bitcoin nodes are spread out across the world and record transaction data in a public list that can be accessed by anyone. Between 1 in 16 trillion odds, scaling difficulty levels, and the massive network of users verifying transactions, one block of transactions is verified roughly every 10 minutes.

The bitcoin network is currently processing just under four transactions per second as of August , with transactions being logged in the blockchain every 10 minutes. At that point, waiting times for transactions will begin and continue to get longer, unless a change is made to the bitcoin protocol.

There have been two major solutions proposed to address the scaling problem. Developers have suggested either 1 creating a secondary "off-chain" layer to Bitcoin that would allow for faster transactions that can be verified by the blockchain later, or 2 increasing the number of transactions that each block can store. With less data to verify per block, the Solution 1 would make transactions faster and cheaper for miners.

Solution 2 would deal with scaling by allowing for more information to be processed every 10 minutes by increasing block size. The program that miners voted to add to the bitcoin protocol is called a segregated witness , or SegWit. Less than a month later in August , a group of miners and developers initiated a hard fork , leaving the bitcoin network to create a new currency using the same codebase as bitcoin.

Although this group agreed with the need for a solution to scaling, they worried that adopting segregated witness technology would not fully address the scaling problem. Instead, they went with Solution 2. Bitcoin Block Half. Board of Governors of the Federal Reserve System. Coin Desk. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Bitcoin Basics. Bitcoin Mining. How to Store Bitcoin. Bitcoin Exchanges. Bitcoin Advantages and Disadvantages.

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In order for bitcoin miners to actually earn bitcoin from verifying transactions, two things have to occur. First, they must verify one megabyte MB worth of transactions, which can theoretically be as small as one transaction but are more often several thousand, depending on how much data each transaction stores. Second, in order to add a block of transactions to the blockchain, miners must solve a complex computational math problem, also called a "proof of work.

In other words, it's a gamble. The difficulty level of the most recent block as of August is more than 16 trillion. That is, the chance of a computer producing a hash below the target is 1 in 16 trillion. To put that in perspective, you are about 44, times more likely to win the Powerball jackpot with a single lottery ticket than you are to pick the correct hash on a single try. Fortunately, mining computer systems spit out many hash possibilities.

Nonetheless, mining for bitcoin requires massive amounts of energy and sophisticated computing operations. The difficulty level is adjusted every blocks, or roughly every 2 weeks, with the goal of keeping rates of mining constant.

The opposite is also true. If computational power is taken off of the network, the difficulty adjusts downward to make mining easier. Say I tell three friends that I'm thinking of a number between 1 and , and I write that number on a piece of paper and seal it in an envelope. My friends don't have to guess the exact number, they just have to be the first person to guess any number that is less than or equal to the number I am thinking of. And there is no limit to how many guesses they get.

Let's say I'm thinking of the number There is no 'extra credit' for Friend B, even though B's answer was closer to the target answer of Now imagine that I pose the 'guess what number I'm thinking of' question, but I'm not asking just three friends, and I'm not thinking of a number between 1 and Rather, I'm asking millions of would-be miners and I'm thinking of a digit hexadecimal number. Now you see that it's going to be extremely hard to guess the right answer. Not only do bitcoin miners have to come up with the right hash, but they also have to be the first to do it.

Because bitcoin mining is essentially guesswork, arriving at the right answer before another miner has almost everything to do with how fast your computer can produce hashes. Just a decade ago, bitcoin mining could be performed competitively on normal desktop computers.

Over time, however, miners realized that graphics cards commonly used for video games were more effective and they began to dominate the game. In , bitcoin miners started to use computers designed specifically for mining cryptocurrency as efficiently as possible, called Application-Specific Integrated Circuits ASIC. These can run from several hundred dollars to tens of thousands but their efficiency in mining Bitcoin is superior.

Today, bitcoin mining is so competitive that it can only be done profitably with the most up-to-date ASICs. Even with the newest unit at your disposal, one computer is rarely enough to compete with what miners call "mining pools. A mining pool is a group of miners who combine their computing power and split the mined bitcoin between participants. A disproportionately large number of blocks are mined by pools rather than by individual miners.

Mining pools and companies have represented large percentages of bitcoin's computing power. Consumers tend to trust printed currencies. In addition to a host of other responsibilities, the Federal Reserve regulates the production of new money, and the federal government prosecutes the use of counterfeit currency.

Even digital payments using the U. When you make an online purchase using your debit or credit card, for example, that transaction is processed by a payment processing company such as Mastercard or Visa. In addition to recording your transaction history, those companies verify that transactions are not fraudulent, which is one reason your debit or credit card may be suspended while traveling. Bitcoin, on the other hand, is not regulated by a central authority. Nodes store information about prior transactions and help to verify their authenticity.

Unlike those central authorities, however, bitcoin nodes are spread out across the world and record transaction data in a public list that can be accessed by anyone. Between 1 in 16 trillion odds, scaling difficulty levels, and the massive network of users verifying transactions, one block of transactions is verified roughly every 10 minutes.

The bitcoin network is currently processing just under four transactions per second as of August , with transactions being logged in the blockchain every 10 minutes. At that point, waiting times for transactions will begin and continue to get longer, unless a change is made to the bitcoin protocol. There have been two major solutions proposed to address the scaling problem.

Developers have suggested either 1 creating a secondary "off-chain" layer to Bitcoin that would allow for faster transactions that can be verified by the blockchain later, or 2 increasing the number of transactions that each block can store. With less data to verify per block, the Solution 1 would make transactions faster and cheaper for miners. Solution 2 would deal with scaling by allowing for more information to be processed every 10 minutes by increasing block size.

The program that miners voted to add to the bitcoin protocol is called a segregated witness , or SegWit. Less than a month later in August , a group of miners and developers initiated a hard fork , leaving the bitcoin network to create a new currency using the same codebase as bitcoin.

Although this group agreed with the need for a solution to scaling, they worried that adopting segregated witness technology would not fully address the scaling problem. Instead, they went with Solution 2. Bitcoin Block Half. Board of Governors of the Federal Reserve System.

Coin Desk. Your Money. Personal Finance. It only takes a minute to sign up. If I understand correctly, Bitcoin mining software "creates" bitcoins by solving complex mathematical equations. Is there a need for these problems to be solved, is there a value to solving these equations? If not, where does the solving of the math problems fit into the whole Bitcoin scenario? The problem that mining solves is the problem of providing secure transactions without a central authority.

There is value to solving these problems because otherwise, there would be no way to securely exchange Bitcoins. Bitcoin uses proof of work as its means of solving the double spend problem without a central authority. If I try to send the same Bitcoin to two different accounts, the miners choose one transaction or the other and use it as the basis of the computations they do. Because nobody else can outcompute all the Bitcoin miners, this makes it possible for others to determine which transaction "wins".

Without this mechanism, there would be no way to resolve conflicting transactions. Because this proof of work costs money to do, it's not likely that it could be accomplished without some incentive. Mining rewards provide this incentive. Miners are essentially putting a notary stamp on a batch of transactions. That's all they are needed for. But how do you prevent from having a corrupt notary?

Bitcoin does this by having tens of thousands of potential notaries and one of them will happen to be the lucky one that gets to do the stamp. The lucky one is the one who happens to solve the problem. All the potential notaries try to solve the puzzle over and over, but it will take about ten minutes for one to become successful.

Others will see the solution, and if it is valid, will continue on to the next puzzle. This builds a chain of batches. So to go back in history to change the batches of transactions requires having to redo all the problem solving attempts that occurred previously. The further back you want to go, the more problem solving work you need to perform.

So the problem being solved is a system that makes it enormously expensive to change history. That's the job that miners are paid to provide. No, no-one is paying for the solutions to the math problems. In fact, they are only math problems in the same sense that watching a Youtube video is doing a computation. Miners are checking transactions of other users. The Bitcoin protocol is built in such a way that this process sometimes creates new bitcoins.

The creation of new bitcoins is also regulated by the protocol - only 21 million can be created, and the last Bitcoin will be created around The creation of coins is distinct from the value of the coins, which come from their usefulness, supply and demand. There is another cryptocurrency, Primecoin XPM , which uses calculation of prime numbers in the "proof of work" process of the currency. These prime numbers do have potential scientific value, but the value of Primecoin is not linked to the value of the prime numbers.

The prime numbers are publicly available, and value again comes from supply, demand and usefulness.